<SEC-DOCUMENT>0001133228-25-010195.txt : 20250926
<SEC-HEADER>0001133228-25-010195.hdr.sgml : 20250926
<ACCEPTANCE-DATETIME>20250926140141
ACCESSION NUMBER:		0001133228-25-010195
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250731
FILED AS OF DATE:		20250926
DATE AS OF CHANGE:		20250926
EFFECTIVENESS DATE:		20250926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PREMIER INCOME TRUST
		CENTRAL INDEX KEY:			0000827773
		ORGANIZATION NAME:           	
		EIN:				042995046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1117

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		251349260

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ppit-efp17575_ncsr.htm
<DESCRIPTION>PUTNAM PREMIER INCOME TRUST - N-CSR
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">UNITED STATES</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<BR> MANAGEMENT
INVESTMENT COMPANIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Investment Company Act file number <B>811-05452</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Putnam Premier Income Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>100 Federal Street, Boston, Massachusetts 02110</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Stephen Tate, Vice President</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">100 Federal Street,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Copy to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Bryan Chegwidden, Esq.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ropes &amp; Gray LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1211 Avenue of the Americas</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">New York, NY 10036</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">James E. Thomas, Esq.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ropes &amp; Gray LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">800 Boylston Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02199</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Registrant&#8217;s telephone number, including area
code: <B>(617) 292-1000</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of fiscal year end: <B>July 31</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of reporting period: <B>July 31, 2025</B></P>

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    <TD STYLE="width: 50pt">ITEM 1.</TD>
    <TD>REPORT TO STOCKHOLDERS.</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(a) The Report to Shareholders is filed
herewith</P>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAfIAAAA8CAYAAACdBDigAAAACXBIWXMAABcRAAAXEQHKJvM/AAABJUlEQVR4Xu3YsQ0DMQwEQb3xhblnF+Dk+3ApdAlKtcBMfPmCvGZmAQBNr90AADjX/Xl+790IADjTvdb67kYAwJm81gEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASBMyAEgTMgBIEzIASDsmpndBgA4lIscAML++PYJyv3VRfUAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:29.00px;left:0px;position:absolute;top:0px;transform:translate(72.359px,97.820px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:239.04px">

<div style="width:4780.8px;height:540px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="color:#004a98;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:288px;letter-spacing:-0.4px;white-space:nowrap">Annual
</div>

<div style="color:#004a98;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:1022.77px;white-space:nowrap">Report</div></div>
</div>

<div style="height:248.39px;left:0px;position:absolute;top:0px;transform:translate(100.319px,139.611px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:334.92px">

<div style="width:6698.4px;height:4676.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,13.57px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:0px;white-space:nowrap">Putnam
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:2464.69px;white-space:nowrap">Premier
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:0px;white-space:nowrap">Income
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:2315.16px;white-space:nowrap">Trust</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:0px;white-space:nowrap">July
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:452.35px;white-space:nowrap">31,
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:819.31px;white-space:nowrap">2025</div></div>
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)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAg4AAAApCAYAAABdjaGeAAAACXBIWXMAABcRAAAXEQHKJvM/AAAA40lEQVR4Xu3WsWEDMQDEsFPiwb1aJpOr1M/eQM0BeO69AwAozjbnAAAkr227956nEAD4buec+/MUAQD8Mw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDMOAAAmXEAADLjAABkxgEAyIwDAJAZBwAgMw4AQGYcAIDstW3nnPdDBwCw323nKQIA2PZ37r1PEQDAtu0DMooMkyPnyacAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:19.50px;left:0px;position:absolute;top:0px;transform:translate(308.989px,734.620px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:252.50px">

<div style="width:5030px;height:350px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0.5px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:291.12px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:609.87px;white-space:nowrap">FDIC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:1038px;white-space:nowrap">Insured
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:1812.8px;white-space:nowrap">No
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:2076.96px;white-space:nowrap">Bank
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:2523.54px;white-space:nowrap">Guarantee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:3517.2px;white-space:nowrap">May
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:3881.85px;white-space:nowrap">Lose
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:75.44px;left:4310.26px;letter-spacing:-1.8px;white-space:nowrap">Value</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(395.920px,738.015px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(480.640px,738.015px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:13356px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,6.61px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:360px;position:absolute;top:-42.71px;left:0px;white-space:nowrap">Contents</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:595.69px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:595.69px;left:460.28px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:595.69px;left:4759.89px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:0px;white-space:nowrap">Performance </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:1080.44px;white-space:nowrap">Summary</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:4759.89px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:0px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:770.36px;white-space:nowrap">Highlights
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:1610.77px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:1961.1px;white-space:nowrap">Schedule </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:2761.7px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:2961.83px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:4759.89px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:0px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:770.36px;white-space:nowrap">Statements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:4659.79px;white-space:nowrap">39</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:0px;white-space:nowrap">Notes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:520.22px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:720.35px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:1490.71px;white-space:nowrap">Statements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:4659.79px;white-space:nowrap">42</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:0px;white-space:nowrap">Report </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:590.27px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:790.4px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1841.4px;white-space:nowrap">Registered
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:2761.88px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:0px;white-space:nowrap">Accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:940.61px;white-space:nowrap">Firm</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:4659.79px;white-space:nowrap">58</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:0px;letter-spacing:-4.99px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:330.12px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:4659.79px;white-space:nowrap">59</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:0px;white-space:nowrap">Important </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:810.35px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:1760.8px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:1960.93px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:4659.79px;white-space:nowrap">60</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:0px;white-space:nowrap">Annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:610.49px;white-space:nowrap">Meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1300.87px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1501px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:4659.79px;white-space:nowrap">68</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:0px;white-space:nowrap">Dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:750.41px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:1900.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:2251.23px;white-space:nowrap">Cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:2721.45px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:3531.88px;white-space:nowrap">Plan</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:4659.79px;white-space:nowrap">69</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:0px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:530.33px;white-space:nowrap">Members </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:1330.49px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:1680.82px;text-rendering:optimizeLegibility;white-space:nowrap">Officers</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:4659.79px;white-space:nowrap">71</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:0px;white-space:nowrap">Shareholder </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:1030.69px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:4659.79px;white-space:nowrap">75</div></div>
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:2984.14px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3292.26px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3766.55px;white-space:nowrap">updates,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:4643.93px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:180px;white-space:nowrap">access
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:903px;white-space:nowrap">your
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:1377.04px;white-space:nowrap">account,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2242.48px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2491.31px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2728.46px;text-rendering:optimizeLegibility;white-space:nowrap">find
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:3131.53px;white-space:nowrap">helpful
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:3819.11px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:180px;white-space:nowrap">planning
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:1045.44px;white-space:nowrap">tools.</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:513.00px">

<div style="width:10080px;height:13896px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,6.92px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:1415.17px;white-space:nowrap">Premier </div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:2850.93px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:4195.77px;letter-spacing:-2.82px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:0px;white-space:nowrap">Dear </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:440.16px;letter-spacing:-0.83px;white-space:nowrap">Shareholder,</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:0px;white-space:nowrap">This </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:390.06px;white-space:nowrap">annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:980.6px;white-space:nowrap">report </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:1500.82px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:1760.89px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:2431.23px;white-space:nowrap">Premier </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:3111.33px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:3748.36px;letter-spacing:-1.11px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:4201.7px;white-space:nowrap">covers </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:760.34px;white-space:nowrap">year </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:2081.16px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:2381.4px;white-space:nowrap">2025.</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1976.11px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1976.11px;left:664.85px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2601.45px;left:0px;white-space:nowrap">Q.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2601.45px;left:240.03px;white-space:nowrap">What
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2601.45px;left:1250.07px;letter-spacing:-0.95px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2601.45px;left:2883.6px;white-space:nowrap">strategy?</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12711.45px;left:2301.5px;text-rendering:optimizeLegibility;white-space:nowrap">finish.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3219.85px;left:7541.28px;white-space:nowrap">securities
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3219.85px;left:8351.54px;white-space:nowrap">(RMBS), </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3719.85px;left:6771.01px;white-space:nowrap">mortgage
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3719.85px;left:7581.45px;white-space:nowrap">(non-QM)
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4649.85px;left:6660.7px;white-space:nowrap">(CMBS), </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4649.85px;left:8611.35px;white-space:nowrap">our </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4649.85px;left:8921.51px;white-space:nowrap">view </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4649.85px;left:9331.61px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:5220px;white-space:nowrap">fundamentally
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:6390.7px;white-space:nowrap">strong </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:6940.99px;white-space:nowrap">commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:7911.12px;white-space:nowrap">real </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:8261.28px;white-space:nowrap">estate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:8801.63px;white-space:nowrap">(CRE) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4899.85px;left:9351.56px;white-space:nowrap">sectors </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:5220px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:5530.17px;white-space:nowrap">likely </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:5980.25px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:6180.38px;white-space:nowrap">receive </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:6810.64px;white-space:nowrap">support </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:7461.04px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:7871.04px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:8021.16px;white-space:nowrap">substantial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:8931.71px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5149.85px;left:9582.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:5220px;white-space:nowrap">investor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:5900.27px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:6470.6px;white-space:nowrap">sitting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:6990.82px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:7241.04px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:7541.28px;white-space:nowrap">sideline.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:8251.7px;white-space:nowrap">While </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:8751.8px;white-space:nowrap">some </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5399.85px;left:9241.96px;white-space:nowrap">parts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:5420.13px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:5720.36px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:6320.48px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:6630.64px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:6830.77px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:7130.83px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:7611.15px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:7811.28px;white-space:nowrap">slightly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:8411.48px;white-space:nowrap">rich, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5649.85px;left:8801.54px;white-space:nowrap">attractive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:5220px;white-space:nowrap">opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:6300.7px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:6560.77px;white-space:nowrap">security
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:7230.94px;white-space:nowrap">selection
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:7991.37px;white-space:nowrap">remain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:8591.57px;white-space:nowrap">available
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5899.85px;left:9352.09px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:5220px;white-space:nowrap">require </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:5830.31px;white-space:nowrap">rigorous
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:6530.63px;white-space:nowrap">loan-level
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:7351.08px;white-space:nowrap">analysis.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:8101.41px;letter-spacing:-1.48px;white-space:nowrap">Finally,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:8708.2px;white-space:nowrap">we </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:8988.31px;white-space:nowrap">found </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6149.85px;left:9488.76px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:5220px;white-space:nowrap">prepayment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:6220.55px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:6820.66px;white-space:nowrap">attractive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:7600.96px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:7951.29px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:8391.45px;white-space:nowrap">focused </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6399.85px;left:9071.89px;white-space:nowrap">primarily
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:5220px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:5470.22px;white-space:nowrap">seasoned
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:6300.88px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:7071.24px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:7441.35px;white-space:nowrap">minimal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:8111.43px;white-space:nowrap">prepayment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:9111.97px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:9441.91px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6649.85px;left:9682.03px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6899.85px;left:5220px;white-space:nowrap">underlying </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6899.85px;left:6100.58px;white-space:nowrap">borrowers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6899.85px;left:6950.83px;white-space:nowrap">remained
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6899.85px;left:7751.25px;white-space:nowrap">well </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6899.85px;left:8111.34px;white-space:nowrap">&#8220;out-of-the-money&#8221;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6899.85px;left:9651.88px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7149.85px;left:5220px;white-space:nowrap">elevated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7149.85px;left:5950.55px;white-space:nowrap">mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7149.85px;left:6760.99px;white-space:nowrap">rates.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7819.71px;left:5220px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7819.71px;left:6053.75px;white-space:nowrap">Composition</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8017.59px;left:5220px;white-space:nowrap">7/31/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8306.08px;left:9147.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8306.08px;left:9334.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8306.08px;left:9529.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8498.08px;left:8966.33px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8840.02px;left:5220px;white-space:nowrap">Corporate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8840.02px;left:5975.94px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8840.02px;left:9446.33px;white-space:nowrap">23.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9100.5px;left:5220px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9100.5px;left:6527.34px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9100.5px;left:9446.33px;white-space:nowrap">19.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9360.98px;left:5220px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9360.98px;left:5798.13px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9360.98px;left:6696.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9360.98px;left:8003.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9360.98px;left:9446.33px;white-space:nowrap">10.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9621.47px;left:5220px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9621.47px;left:6056.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9621.47px;left:7363.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9621.47px;left:9535.31px;white-space:nowrap">9.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.95px;left:5220px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.95px;left:5806.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.95px;left:6731.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.95px;left:7034.38px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.95px;left:7612.5px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.95px;left:9535.31px;white-space:nowrap">8.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10142.44px;left:5220px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10142.44px;left:6117.89px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10142.44px;left:7425.23px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10142.44px;left:9535.31px;white-space:nowrap">8.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10402.92px;left:5220px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10402.92px;left:5726.95px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10402.92px;left:6340.63px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10402.92px;left:6723.05px;white-space:nowrap">Interests</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10402.92px;left:9535.31px;white-space:nowrap">5.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10663.41px;left:5220px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10663.41px;left:6073.75px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10663.41px;left:9535.31px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10923.89px;left:5220px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10923.89px;left:6198.36px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10923.89px;left:7025.39px;white-space:nowrap">Companies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10923.89px;left:9535.31px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11184.38px;left:5220px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11184.38px;left:6251.56px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11187.59px;left:6954.06px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11184.38px;left:9535.31px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11444.86px;left:5220px;white-space:nowrap">Other</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11448.07px;left:5620.16px;white-space:nowrap">&#8224;&#8225;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11444.86px;left:9535.31px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11705.34px;left:5220px;letter-spacing:-1.61px;white-space:nowrap">Short-Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11705.34px;left:6055.7px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11705.34px;left:9535.31px;white-space:nowrap">9.5%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:12020.63px;left:5220px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:5249.74px;white-space:nowrap">Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:5774.98px;white-space:nowrap">non-agency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:6497.16px;white-space:nowrap">residential
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:7131.69px;white-space:nowrap">mortgage-backed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:8189.27px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:8816.46px;white-space:nowrap">collateralized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12016.41px;left:9618.73px;white-space:nowrap">loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12208.41px;left:5220px;white-space:nowrap">obligations
</div>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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</div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12960px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5180.41px;left:0px;white-space:nowrap">Performance </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5180.41px;left:1560.63px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:620.24px;white-space:nowrap">12 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:870.47px;white-space:nowrap">months </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:1510.75px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:2021.13px;letter-spacing:-1.24px;white-space:nowrap">review,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:2631.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:2931.59px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:3391.88px;white-space:nowrap">posted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5555.74px;left:3982.32px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:0px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:390.23px;white-space:nowrap">returns </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:1000.46px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:1200.59px;white-space:nowrap">+9.74% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:1866.09px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:2056.2px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:2656.32px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:3096.47px;white-space:nowrap">terms </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:3596.48px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5805.74px;left:3946.82px;white-space:nowrap">+7.14% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6055.74px;left:0px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6055.74px;left:190.11px;white-space:nowrap">net </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6055.74px;left:4312.09px;white-space:nowrap">U.S. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6555.74px;left:3948.75px;letter-spacing:-0.74px;white-space:nowrap">Treasury
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7305.74px;left:1394.91px;white-space:nowrap">performance
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7555.74px;left:0px;white-space:nowrap">Summary </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7985.74px;left:0px;white-space:nowrap">Performance
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7985.74px;left:1080.44px;white-space:nowrap">data
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:7985.74px;left:3791.95px;white-space:nowrap">which
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8235.74px;left:300.23px;white-space:nowrap">guarantee
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8235.74px;left:1671.24px;white-space:nowrap">results.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8235.74px;left:2301.42px;white-space:nowrap">Investment
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8235.74px;left:3231.83px;white-space:nowrap">return
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8485.74px;left:0px;white-space:nowrap">value
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8485.74px;left:3231.83px;white-space:nowrap">gain
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8485.74px;left:3622.15px;white-space:nowrap">or
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8485.74px;left:3832.21px;white-space:nowrap">loss
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8735.74px;left:340.22px;white-space:nowrap">sell
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8735.74px;left:1060.49px;white-space:nowrap">shares.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8735.74px;left:1700.77px;white-space:nowrap">Current
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8735.74px;left:2350.99px;white-space:nowrap">performance
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8735.74px;left:3801.53px;white-space:nowrap">differ
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8735.74px;left:4251.71px;white-space:nowrap">from
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8985.74px;left:590.27px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:0px;white-space:nowrap">Q.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:240.03px;white-space:nowrap">What
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:1190.21px;white-space:nowrap">the
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:1510.22px;white-space:nowrap">leading
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:2190.32px;white-space:nowrap">contributors
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:3300.29px;white-space:nowrap">to
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9415.74px;left:3520.2px;white-space:nowrap">performance?</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9665.74px;left:0px;white-space:nowrap">A.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9665.74px;left:230.01px;white-space:nowrap">Corporate
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9665.74px;left:2501.1px;white-space:nowrap">both </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9915.74px;left:1310.63px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9915.74px;left:3391.7px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:0px;white-space:nowrap">Spread </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:630.44px;white-space:nowrap">tightening
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:1461.09px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:1651.2px;white-space:nowrap">late </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:1991.43px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:2441.87px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:2792.2px;white-space:nowrap">mid-2025
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:3592.62px;white-space:nowrap">drove </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10165.74px;left:4092.89px;white-space:nowrap">gains, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:0px;white-space:nowrap">despite </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:630.44px;white-space:nowrap">early </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:1070.6px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:1521.04px;white-space:nowrap">volatility
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:2211.24px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:2621.25px;text-rendering:optimizeLegibility;white-space:nowrap">tariff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:3017.46px;white-space:nowrap">concerns.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10415.74px;left:3847.85px;white-space:nowrap">Improving
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:460.11px;white-space:nowrap">clarity </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:980.16px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:1330.49px;white-space:nowrap">delayed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:2011.03px;text-rendering:optimizeLegibility;white-space:nowrap">tariff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:2407.24px;white-space:nowrap">implementation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10665.74px;left:3677.87px;white-space:nowrap">helped </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10915.74px;left:0px;white-space:nowrap">spreads </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10915.74px;left:690.38px;letter-spacing:-1.1px;white-space:nowrap">recover.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10915.74px;left:1380.67px;white-space:nowrap">Investment-grade
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10915.74px;left:2831.4px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10915.74px;left:3321.56px;white-space:nowrap">fundamentals
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10915.74px;left:4452.28px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:0px;white-space:nowrap">remained </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:800.42px;white-space:nowrap">supportive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:1680.91px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:2031.24px;white-space:nowrap">continue
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:2761.79px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:2961.91px;text-rendering:optimizeLegibility;white-space:nowrap">offer
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:3368.23px;white-space:nowrap">relatively
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11165.74px;left:4128.49px;white-space:nowrap">attractive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11415.74px;left:0px;white-space:nowrap">yield.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6030.44px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6520.61px;white-space:nowrap">exposures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7401.09px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7841.25px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8221.46px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9071.89px;white-space:nowrap">contributors
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5420.13px;white-space:nowrap">performance,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6530.63px;white-space:nowrap">mainly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7100.77px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7451.1px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7651.23px;white-space:nowrap">CMBS </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8221.29px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8571.62px;white-space:nowrap">RMBS. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9191.69px;white-space:nowrap">CRE </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">showed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5890.43px;white-space:nowrap">signs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6360.64px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6560.77px;white-space:nowrap">optimism,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7380.88px;white-space:nowrap">including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8141.4px;text-rendering:optimizeLegibility;white-space:nowrap">payoff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8677.88px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9028.21px;text-rendering:optimizeLegibility;white-space:nowrap">refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">rates </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5670.18px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6020.42px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6851.07px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7051.2px;white-space:nowrap">surprise </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7741.41px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7941.53px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8241.77px;white-space:nowrap">upside </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8822.2px;white-space:nowrap">amongst </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9562.59px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">property </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5930.33px;white-space:nowrap">types, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6460.58px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6810.91px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7111.14px;white-space:nowrap">potential
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7841.69px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8101.76px;white-space:nowrap">higher </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8652.13px;white-space:nowrap">economic </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9472.5px;white-space:nowrap">growth </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5570.33px;white-space:nowrap">bank </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6010.66px;white-space:nowrap">deregulation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7051.46px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7561.85px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7862.08px;white-space:nowrap">new </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8242.29px;white-space:nowrap">administration.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9459.58px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">residential
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6090.47px;white-space:nowrap">mortgage-backed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7541.28px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8351.54px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8951.66px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9782.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">benefit
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5810.45px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6050.57px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6450.64px;white-space:nowrap">homeowner
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7441.17px;white-space:nowrap">balance </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8121.71px;white-space:nowrap">sheets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8702.05px;white-space:nowrap">remained
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9502.47px;white-space:nowrap">well </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">positioned,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6140.65px;white-space:nowrap">supported
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6991.26px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7231.38px;white-space:nowrap">locked </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7801.7px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7991.81px;white-space:nowrap">home </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8492.08px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8932.24px;white-space:nowrap">appreciation,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">lower </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5700.15px;white-space:nowrap">household
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6580.9px;white-space:nowrap">leverage,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7371.39px;white-space:nowrap">strong </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7921.67px;white-space:nowrap">underwriting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8952.19px;white-space:nowrap">standards,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5570.33px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5720.45px;white-space:nowrap">healthy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6350.89px;white-space:nowrap">labor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6801.15px;white-space:nowrap">market.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">Prepayment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6240.5px;white-space:nowrap">strategies,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7120.9px;white-space:nowrap">particularly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8041.2px;white-space:nowrap">agency </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8671.64px;white-space:nowrap">interest-only
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">(IO) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5579.91px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6440.19px;white-space:nowrap">contributed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7380.79px;letter-spacing:-1.11px;white-space:nowrap">positively.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8207.75px;letter-spacing:-1.1px;white-space:nowrap">However,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9008.09px;white-space:nowrap">tactical
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">positioning
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6130.63px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6320.74px;white-space:nowrap">agency </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6951.18px;white-space:nowrap">mortgages
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7851.62px;white-space:nowrap">partially
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8521.88px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9008.26px;white-space:nowrap">gains. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5870.3px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6230.48px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6580.81px;white-space:nowrap">yield </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7001.02px;white-space:nowrap">curve </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7491.18px;white-space:nowrap">strategies
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8321.57px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8701.79px;white-space:nowrap">added </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9252.33px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5460.12px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5760.35px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6347.37px;white-space:nowrap">positive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7007.7px;white-space:nowrap">structural
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7797.92px;white-space:nowrap">duration
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8498.41px;text-rendering:optimizeLegibility;white-space:nowrap">benefited
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9289.07px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">declining </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5976.97px;letter-spacing:-0.74px;white-space:nowrap">Treasury
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:9312.19px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:5220px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:5520.23px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:6280.66px;white-space:nowrap">period.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:5220px;white-space:nowrap">Q.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:5460.03px;white-space:nowrap">What
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:5949.93px;white-space:nowrap">were
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:6410.21px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:6730.22px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:7362.95px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:8502.89px;white-space:nowrap">during
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9448.64px;left:9112.76px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9698.64px;left:5220px;white-space:nowrap">period?</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9948.64px;left:5220px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:5450.01px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:5810.19px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:6394.83px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:7405.31px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:7715.48px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:8145.7px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:8345.83px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:8495.95px;white-space:nowrap">targeted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:9206.46px;white-space:nowrap">rate. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:9613.39px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:5220px;white-space:nowrap">targeted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:5930.51px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:6290.68px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:6470.68px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:6770.92px;white-space:nowrap">expected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:7551.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:7751.6px;white-space:nowrap">vary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:8141.66px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:8511.77px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:8952.1px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:5220px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:5520.23px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:5910.29px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:6550.84px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:6960.85px;white-space:nowrap">time </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:7350.91px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:7551.04px;white-space:nowrap">time. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:7991.1px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:8571.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:8871.59px;white-space:nowrap">last </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:9201.71px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:5220px;letter-spacing:-1.66px;white-space:nowrap">year,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:5660.24px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:5960.48px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:6420.76px;white-space:nowrap">made </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:6921.04px;white-space:nowrap">monthly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:7601.31px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:8611.79px;white-space:nowrap">totaling
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:9242.23px;white-space:nowrap">$0.312 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5220px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:5530.17px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:6030.44px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:6430.52px;white-space:nowrap">August </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7040.92px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7541.37px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:7741.49px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:8111.6px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:8612.05px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:9122.26px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:5220px;white-space:nowrap">characterized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:6350.54px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:6590.65px;white-space:nowrap">$0.203 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:7191.21px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:7501.38px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:8001.65px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:8201.78px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:8502.01px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:9022.24px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5220px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5570.33px;white-space:nowrap">$0.109 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6170.89px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6481.05px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6981.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7181.46px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7701.68px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7901.81px;white-space:nowrap">capital.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:8522.14px;white-space:nowrap">$0.109 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:9122.7px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:9322.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;left:0px;letter-spacing:-3.53px;white-space:nowrap">Top
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;left:386.87px;white-space:nowrap">10
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:17.46px;left:650.99px;white-space:nowrap">Holdings</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:215.34px;left:0px;white-space:nowrap">7/31/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:503.83px;left:0px;white-space:nowrap">Company</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:695.83px;left:0px;letter-spacing:-0.59px;white-space:nowrap">Industry,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:695.83px;left:714.14px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:503.83px;left:4143.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:503.83px;left:4330.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:503.83px;left:4525.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:695.83px;left:4074.91px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:695.83px;left:4371.23px;white-space:nowrap">Assets</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:940.92px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:940.92px;left:4884.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:0px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:604.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:1911.88px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1021.87px;left:4442.33px;white-space:nowrap">13.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1180.35px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1396.84px;left:0px;letter-spacing:-2.21px;white-space:nowrap">GNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1396.84px;left:4531.31px;white-space:nowrap">7.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1555.32px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1555.32px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1555.32px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1555.32px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1771.81px;left:0px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1771.81px;left:515.63px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1771.81px;left:693.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1771.81px;left:1686.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1771.81px;left:1905.86px;letter-spacing:-3.67px;white-space:nowrap">Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1771.81px;left:4531.31px;white-space:nowrap">7.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1930.29px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1930.29px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1930.29px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:1930.29px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.78px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.78px;left:613.52px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.78px;left:995.78px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.78px;left:1422.66px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.78px;left:1840.78px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.78px;left:4531.31px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2305.26px;left:0px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2305.26px;left:542.5px;white-space:nowrap">Markets,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2305.26px;left:1200.39px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2305.26px;left:1707.34px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2521.75px;left:0px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2521.75px;left:4531.31px;white-space:nowrap">2.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2680.23px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2680.23px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2680.23px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2680.23px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.71px;left:0px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.71px;left:488.91px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.71px;left:1369.45px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.71px;left:1953.67px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.71px;left:2697.73px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.71px;left:4531.31px;white-space:nowrap">2.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3055.2px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3055.2px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3055.2px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3055.2px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3271.68px;left:0px;letter-spacing:-2.21px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3271.68px;left:4531.31px;white-space:nowrap">1.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3430.17px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3430.17px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3430.17px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3430.17px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.65px;left:0px;white-space:nowrap">COMM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.65px;left:551.02px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.65px;left:1268.52px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.65px;left:4531.31px;white-space:nowrap">1.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3805.14px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3805.14px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3805.14px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3805.14px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4021.62px;left:0px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4021.62px;left:595.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4021.62px;left:1170.39px;white-space:nowrap">REMIC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4021.62px;left:1727.5px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4021.62px;left:4531.31px;white-space:nowrap">1.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4180.1px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4180.1px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4180.1px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4180.1px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4396.59px;left:0px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4396.59px;left:595.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4396.59px;left:1170.39px;white-space:nowrap">Debt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4396.59px;left:1552.81px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4396.59px;left:4531.31px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4555.07px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4555.07px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4555.07px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4555.07px;left:1894.14px;white-space:nowrap">States</div></div>
</div>

<div style="height:43.02px;left:0px;position:absolute;top:0px;transform:translate(54.000px,689.792px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:714.08px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:145.94px;white-space:nowrap">Source:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:634.61px;white-space:nowrap">FactSet.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:262.58px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:612.73px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:743.98px;white-space:nowrap">unmanaged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1473.52px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1728.91px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:2246.8px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3034.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3180.39px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3428.44px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3887.89px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4041.02px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4814.14px;white-space:nowrap">It
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4923.59px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5244.61px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5463.52px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5857.34px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6105.39px;white-space:nowrap">fees,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6426.41px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:7024.61px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:7177.73px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:7520.55px;white-space:nowrap">charges.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:8060.31px;white-space:nowrap">One
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:8344.84px;white-space:nowrap">cannot
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:8775.31px;white-space:nowrap">invest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:9154.61px;white-space:nowrap">directly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:9606.72px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:9745.31px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:0px;white-space:nowrap">index,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:386.64px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:642.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:824.45px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:1174.61px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:1305.86px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:1524.77px;white-space:nowrap">representative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:2392.73px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:2538.67px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:2757.58px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:3183.91px;white-space:nowrap">portfolio.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:590.78px;white-space:nowrap">data
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:882.66px;white-space:nowrap">provider
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:1393.13px;white-space:nowrap">notices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:1845.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:2100.78px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:2465.31px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:3019.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:3165.63px;letter-spacing:-0.2px;white-space:nowrap">www.franklintempletondatasources.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">4</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12960px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:584.65px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1104.87px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1305px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1875.32px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2245.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2545.66px;white-space:nowrap">result </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3035.83px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3235.96px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3536.19px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4120.84px;white-space:nowrap">targeted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">distribution </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:920.48px;letter-spacing:-1.91px;white-space:nowrap">policy.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1040.36px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1240.49px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1810.81px;white-space:nowrap">decrease </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2601.3px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2901.53px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3486.18px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3876.42px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4446.65px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:390.23px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:960.47px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1270.63px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1770.91px;white-space:nowrap">and, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2171.25px;white-space:nowrap">therefore,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2991.71px;white-space:nowrap">could </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3472.03px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3912.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4212.6px;text-rendering:optimizeLegibility;white-space:nowrap">effect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:200.13px;white-space:nowrap">increasing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1070.6px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8398.64px;left:3734.74px;white-space:nowrap">Statements
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</div>

<div style="height:13.14px;left:0px;position:absolute;top:0px;transform:translate(35.999px,719.672px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:0px;letter-spacing:-2.4px;white-space:nowrap">CFA</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1215.79px;white-space:nowrap">owned
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1813.92px;letter-spacing:-3.59px;white-space:nowrap">CFA
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2098.37px;white-space:nowrap">Institute.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:36.52px;left:0px;position:absolute;top:0px;transform:translate(53.999px,75.357px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

<div style="width:10085px;height:561.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1772.05px;white-space:nowrap">Summary
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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3839.41px;white-space:nowrap">July
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4446.56px;white-space:nowrap">31,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4939.1px;white-space:nowrap">2025</div></div>
</div>

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

<div style="width:10085px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7554.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8228.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8959.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9602.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">5</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

<div style="width:10085px;height:12398.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:430.22px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:950.45px;text-rendering:optimizeLegibility;white-space:nowrap">reflects
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1580.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2661.06px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:0px;white-space:nowrap">Performance </div>

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<div style="font-family:Arial, sans-serif;font-size:151.6px;position:absolute;top:1810.13px;left:3064.01px;white-space:nowrap">1</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:7613.79px;white-space:nowrap">may
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8003.85px;white-space:nowrap">differ
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8454.02px;white-space:nowrap">from
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8864.03px;text-rendering:optimizeLegibility;white-space:nowrap">figures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:9454.31px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4831.39px;left:0px;white-space:nowrap">Share </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4831.39px;left:766.04px;white-space:nowrap">Prices</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:4244.47px;white-space:nowrap">Cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:5151.34px;letter-spacing:-1.98px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:5566.11px;white-space:nowrap">Return</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2218.87px;left:6081.65px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:7384.55px;letter-spacing:-0.74px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:8048.62px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:8635.26px;letter-spacing:-1.98px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:9050.02px;white-space:nowrap">Return</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2218.87px;left:9565.57px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:4468.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:4993.53px;white-space:nowrap">on
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:4811.18px;letter-spacing:-3.96px;white-space:nowrap">NAV</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:5137.12px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:6052.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:6577.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:5769.48px;white-space:nowrap">market
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:6338.7px;white-space:nowrap">price</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:6721.12px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:7780.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:8305.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:8123.18px;letter-spacing:-3.96px;white-space:nowrap">NAV</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:8449.12px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:9364.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:9889.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:9081.48px;white-space:nowrap">market
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:9650.7px;white-space:nowrap">price</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:10033.12px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:0px;letter-spacing:-2.45px;white-space:nowrap">1-Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:4641.89px;white-space:nowrap">+7.14%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:6225.89px;white-space:nowrap">+9.74%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:7953.89px;white-space:nowrap">+7.14%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:9537.89px;white-space:nowrap">+9.74%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:0px;letter-spacing:-2.45px;white-space:nowrap">5-Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:4552.91px;white-space:nowrap">+16.67%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:6136.91px;white-space:nowrap">+15.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:7953.89px;white-space:nowrap">+3.13%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:9537.89px;white-space:nowrap">+2.97%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:0px;letter-spacing:-2.1px;white-space:nowrap">10-Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:4552.91px;white-space:nowrap">+35.53%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:6136.91px;white-space:nowrap">+51.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:7953.89px;white-space:nowrap">+3.09%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:9537.89px;white-space:nowrap">+4.22%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:0px;white-space:nowrap">Symbol:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:675.63px;white-space:nowrap">PPT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:6383.17px;white-space:nowrap">7/31/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:7967.17px;white-space:nowrap">7/31/24</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:9498.28px;white-space:nowrap">Change</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:284.61px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:729.22px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:1171.02px;letter-spacing:-2.37px;white-space:nowrap">(NAV)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:6516.61px;white-space:nowrap">$3.80</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:8100.61px;white-space:nowrap">$3.85</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:9631.33px;white-space:nowrap">-$0.05</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:533.44px;white-space:nowrap">Price </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:942.42px;white-space:nowrap">(NYSE)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:6516.61px;white-space:nowrap">$3.66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:8100.61px;white-space:nowrap">$3.63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:9591.17px;white-space:nowrap">+$0.03</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6336.18px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6336.18px;left:1502.74px;white-space:nowrap">Per </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6336.18px;left:1979.58px;white-space:nowrap">Share</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6420.85px;left:2717.83px;white-space:nowrap">(8/1/24&#8211;7/31/25)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:5770.05px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:6072.31px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:6356.84px;white-space:nowrap">Income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:7677.17px;letter-spacing:-2.97px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:7985.45px;white-space:nowrap">Return</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:7772.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:7967.56px;white-space:nowrap">Capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:9714.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:6338.64px;white-space:nowrap">$0.2029</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:7922.64px;white-space:nowrap">$0.1091</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:9506.64px;white-space:nowrap">$0.3120</div></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(53.999px,711.928px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

<div style="width:10085px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:0px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">7
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:933.44px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:1771.95px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:11px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1200.8px;letter-spacing:9.64px;white-space:nowrap">Summary</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">6</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:665.23px;left:0px;position:absolute;top:0px;transform:translate(36.000px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="height:288.00px;left:0px;position:absolute;top:0px;transform:translate(0.000px,1910.887px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:360.00px">

<div 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 Pb1q0I3fHyaHV2dja+CVkMADgU80m17GIFz5gtr7E2avQnFIgmhOi80O3by2Qk3SsqQt6OUNjb2aFB/fpwc3Nj3pglJyYiPiFBNOMMAJ4/f4a/jh0DwA66nz1/vsKYTNs2bZCQmFhh/GFxsWjWGK/Wu2M9BxQyjmjfKypCbFSUWgHZ/Qf+4Gah1a1TR29LmKjD0tKSeaN/S42bU3WxNlQAwENPs3Z++eVXZtY2AAwcHESZs0QjqH575cyeGYzv132LKwINDvMv5zN/l/fvj8Ta1avwbkAgunbrRt/vclzd3GFuZo6npWWDuRKJBF7t26t9Oq27v7/YEqXZWFszA+7KnMhjycpI5yYzODVqxByXEWqgampqyhzXBEsLC27AXd8C7TKO9dgnv5V5H1qBww35AAAgAElEQVQebxOE9zGiY+O4ddJ9fd9ijlelMaNGYuHX85GXl1tm3NW1BWW3a8n1a4XIy8vD9Rs3UVysfskqq5pWcG3hCncd2LghZcmakRLDpNM13GV69fDDju2/4s+oGEz4vGJW15bNGzF02AeMK7Vn+crV8oB/R59OGP8Z7UgRQnRfVk4Oc/xeURHSMzOx78ABLF26FJs3bUJsVBSyMtLx87Zt+CMqSqlgu8yz0lL8dewYInbtKjMesWsX9wakvqMj3u3dm1uPNP0Cvyb4sSNHuAHwjj4+3MfMUqNUVuj27dyvwdTMDL16Gkdmu4wVpxapWNabpiQzNmhkNBlcqSrRsXHYtTOUOeft5YMPP6za9zu6rmbNmszxa5w6yOSl1JRk5njX7pRAoqw333pbbAlX/uV8bFj/HYIGvwcf746YPGU6omPjxC4zGu/06lnmtdvU1BRdXuusdrBd0+zs7Jjj6jZOTUzk98Dx9vbizgHS5AZek3YTifZu97u+/XaFMYlEgqYuLggaNBDDR4xQKUCtC7r4+nLfM+bm5DLHWYTem/BOKyQksIPt3l4+6OHXjTlX1X7cvAX1Fer3N2nigu/XV33io6FLTU5CbEwMjhw9ity8PLWC7VY1rVC/niN833oLvQMCKNhOSDXQ+Qx3RbIM8nVrV2Pe14tw88YNrFu7GgAQuuM3tGzVGnPnzBJ6CI3YHhaOH75bK///L6ZMgdd/R0dJ5RyOi0Mxo5wEIUQznj9jB6UVlZSU4HJBAS4XFDBrlCrrWWkpzpw7h1u376Bho4YAgAvpGcy1piYmqO/oiAMHDqCmpSUePHhQYU3GxYvAgQOMq4H8S+xsYAsLC1wpLISdjS3u3K2YcX3t+nXsDAuDtY0N4+qK7t29g+xs9qYFADRs8ArSM7OQnqmZpqz6oKTkCXP89u3bOMD5eWnSrZs3meMWFhZV8vE1bf2Gjdzs9g7eXrhSkI8rBex5Y2Rmzn4re+7sGb38+VellCR2QMjSUj9/d6qDi4YanCUmJSAxKQGrVi5D506d0bJVa7Rq1RJt2rQWu9SgebZvj9u3buHZs2eo5+iIR0+e6vxzs6jovlqfY+6lS8xxOzs7pd5X1KtXj9mk08raSq3PR1nNmjZFwZUrKH36FDWtrODs5ARrGxulPmddxXsfmp6ZhRJOckd51wrZm75C701OnjjOHG/Q8BWt/gxVtXnzZvx97B8AwJtd3sCTx8U69fnpq+fPn+PJkxK1arLLSCQSmJqawdzcHJBIcP/hQyQIbOZVF8d6DvDpaBy9rohx06uAe3lrv12FNq+2xaefSGv4JXNuHDTpYHQs1qxYIW8gOu/rRWrXkLevVUtsCQCgWKEpoWLZmuq+XhuKHz1SaweXEKIcNUv+CZJIJIK1BK9cvYKnpU/x9OnTCsfDZWzt7FD6/BlKix+iZs2azBud4uJi7t+He/fuMcctLCxQXPwQ9rXsmQF3ALh0+TKaNHZmzpWXdykfzzhvhO3s7GBrZ2N8f8Mk7OHSZ8+q5HvBa2RmampaJR9fk/45fhL797Hro7755lvw695V774mbSvlBD9KS0vpeyXg3wvpOHOW3YeiUaOG9L1TkleH9mjn0Q6n006LLVXayVMncfKUdLPbyckJn4wdi5bubiJXGS7LmpYAoHPPSVMzdqmWp6VPcffuHdSoUYM5z3L//gNu35OaNWsq9bVLTCRwdHTEjRs35O/JLC0stf77bFnTEs2bNyszps2PVxXMOBnuDx48UPpru/+AXb/dzNyc+xhJnKx4R8d6Sn/cquLVoT0A/f9ZG5oXL16gtPQpSjn3W7ri8WNbsSWEGAS9DrgD0ppHRw4fRuiO3xC5d4/Y8ko5GB2LuV9+KW/cOuHziZXKqK/53zH8mzdviKyUatas7JuZ6r5eG1xdm+PpE91+gSBEX2VXokkoj0PdumjduhUKC68hQ6E2fHk3btyARMKOzNaoUQOdfHxgYyt98+VQ9zpu3Kj4d6m0tBQOdeuiXj3HCnPnz/9bYQwAmjdtimbNmwMAHty/z8z+evzoEZwbOck/Pk/8qVN48oSdzV2jRg281qmT6GMYogf37zNrGD958gStWrZiXKFZt2+xa97WrV27Sj6+Jm3cuIk71+udd/Tu66kKvLIOdnZ29P0ScCqeHdhp3649BvTrx5wjbL/++gsWLFyMtLTTMDM1Q926dXHk6F9ilynl8uXL2Lvnd/Tf+pPYUlINLl3KZ74vsLW2kb/3UMY///zDHK9Rowa6vPEGc45oj4V5DaQwNvMflzxW+nWFd/Kyjr098zEOHf4LV6+y+0H07t0bbq6uzDmin0pKHuPWrdsoenAfL9TMaJdIJLCxtkG9eg6wsLAUW65TbJU8WUyIvtP7gDsANG788jjnwehYrWRhlw+2jxr9CdZ+u0rkKmEODvUAAI+KiwXX3fzvuHzz5i3KjFf39dpAtcUI0Z6MdH4NdFXVd3RERx+fMg1WI3btwplz57jX8LLg3Vu0QOfXXy8zdio+gZntda3wGrp2615mLDYqqsI6mUCFwNHd27eZTcWePXuGjMxMDB8xosKcTGxUFPILCrjzb77+eoWvwZhExcQwxy0tami9fmtsbCxzvFatWmirR01TFy0JQWws+/s4fMRHmDVzBnPO2NnZsU/rmZnV0Kuff1W7cYNdismjvSd939QQFraDOZ6SmoakZGmt/IyMDGRmZCD9wr/4919+8/DykpKTcOXaDZ2p4Uxe+uuvv5iNTu/eu6fS79HvkeyTTY716qn0OEQz2r76KlJOs0+t3L19m1uDXdF+TomVxs7OzJ/pjp27GauBbt38MKB/f+Yc0T+pyUkouFqo9skAExMT2NvZw7mxM8VNCNEDOh1wl2VDTg+ehZCli7jrrKytuXOakJRyukywPbBvf2zeVPnmIA4ODgCAixf5WaHAywz0uv+tl6nu6wkh+uXBQ/abO4e6dWFpaYkbN29yjzTL2NvZoW3r1vDr2bPC3ICBAwEA59PTuQ1My7OwsJBfp6iegwMuMwLcrAz1vHx2FpF9uczXLr6+SExOZjY8vXT5coUxmeN//41TAs2vmrq4KHXzZcisrazwkLF5m5uTq/WA+wPOprGdHp02SElNw48b1jPnnJ2c8f4H1CiVpzWnxnUBpw4+kTp/9ixz3M1du7+vxsazvQc823tUGI+OjUPE7ggkJcQjMYndKFHRb7/+SgF3HWRnZ8cMuKvSODVi1y7ueybP9u2Z40T77O3smO8XWe9Ny8vKSOe+n3Zp6sIcT0tNYY630PJ7KKJ9ebk5OHvuPB49KhYswSnEztYO9R3roX0H4QbKhBDdotMB944+nRCfcAqXLuUJrtN2jfGZwcHyYLu/f0/s/T1C5ArltPOUvonKzs7G9rBwbi34s2ekO+yKmfxA9V9PCNEvvBtAW1tbeXZ3cmIiMjIykH+5AMWPXgYyJSYm8Pb0xLsBAczHkBkwcCAcjxzBX8eOKRV09/b0ZI43cHRk3tTcZXwNd+6wa7M3qF+/wljb1q2ZjWCflZYiYtcuefBf9n24XFDADCTLWFtZCWbGGwtevVOxDRxN4D3PWJtCuuqrOXOQl5fLnBs4OIgCbUSjwsIjuEHed995hzlONKuHXzf573VYeAQOx8UJBt9/3vYT3v/gA/pboGMaNmiAnNzcCuO8BAeWS5ykAWsrqzKnCEnVsrW1ZQbcWYkf5eXm5DLHLSwsuEkI+/ezTzl4+9BzQF/l5eQgMyuL20NKjLmZORo1aogmTZrAsX4DseWEEB1kIragOrX1aAcAiD91Akkp/GZEFy5Ia/cG9tX8cavP/zcJMTHScgUdfTphSUiIyBXKGzZkkLwu+umUVOaa5StXyxu0Dh4yuMxcdV9PCNEvvOaCDRu8fBPXwdsbQcOGYdr0aQgMCIB7ixbw9PDAV3PmiAbbZbr4+uLtLl1gygnCytjb2XGDou4t2Tckz0pLy5SQycpI5wbEnRo1qjDm17MnLCwsGKuB9MxMROzahdWrVmHfgQNIz8wUDLabmpmhW9eu3HljYsvJJr/F2QzRFF45IbHnni4JC4/g3mh38OyADz+k7HaiWWlpaczxbt38mNnYRLuGDBqA9T+sQ0JiPEKWreSui9itmYQfojm8bOWSkhJkZYiX8Tv+99/MoC4ANGvalDlOqkYDx4r9ggDlNlN4QXlLzvvPVWvWMccBYMyokdw5opvOnjmDqIMHEZ+YoHKwXSKRwMrKGm1atUa//v3h07ETBdsJ0WM6HXD36dQRgDQDe+tPW5lrlq9cLW+W2sFLszvAB6NjsW7tavn/fzFlCrw82wlcobqBg4IAALvCQ3EwumId2vDQUABA0ND3mR+7uq8nhOgP3k1dnbp1meOeXl4IGjYMgWrUjpQF3XnBbQDw7tCBO+fq5l6hJIzMlcJC+b/TL7BvaE3NzLhlXniNp548eYIz585xv0/luTZtStln/zE3N2eOF4v0CKmsovv3meM2/zUF1we//ryNO9fjnXcpAEo0LjP9AnOcShdUv+lTJyEgIJA598f+SKSksjdLSPVwdXPnvs/hZTkrSk7lJ5R5eFDt9urES/woKSlBskCZQUBaw5+lTp06zPH0C+y/yYMGDWGOE92UEH8KBw4cwL8X/kXRfeXuJWSsrKzh0qQJBg4chN69e6N127ZilxBC9IBOB9zHfTwaQUPfBwCsW7sao8eMLTM/f8FiTJsyCYC01MvcObMqPEZlhO8Ml/97evAsbsmVyhg8ZDA6+nRCdnY25n75Jdb/uBmANNjft98AeSmbESNH6uT1hBD9IHRzoK2gcRdfXwwc0J9ZbsTCwlK07jnvxuT69evyf/MamdbiBOsBadkboY0AZVjUqIGgYcPElhmNurVrM8cfP37MHNcUXqYZL+Ne18yeM4+b3d6kiQuWLFrAnCMveXE27njfVwKcPHGcOe7ekhqw6YK+nE3u/Mv5+OWXX5lzpPrYcHqJKSYH8PCCctZWVlrvf0KECW2mXL1yhTkuw3vvw3uvlMk5DdGCmmLqvLzcHMTFHcKePRHIzctTqRmqiYkJateqDQ8PD/Tu3Rs+HTuJXUII0TM6HXAHgB3bf5WXitmyeSPe6ekPAJj31WzM+2o2AGmwXZOlXmT+Ovwy4/ubkMWQSCSi/5U3f8HL62TBbEVenu3wxZQp8nr1n34yBhKJBO/09Jdn7s/7ehG3Nn11X08I0Q+3OcdbrbWcCezq5o53e/WChYWlfMzCwhI9/cX/pjRzcWGOPywulh/V5mURNXzlFea4svNCJCYm6Nmjh9gyo8K7KX2s5RruvL4EvIx7XRIdG4dftm7hzn8172vuHHmJTgCoJiw8AvmchrJv+77FHCdVa8yokdws9107QynLXcfYcTb4xRqnJicm4unTp8w5Vg8aUvVq2dszxwsVEj9YeCcl7RmPFx0bh7i4iqfMAcDDg17fdFVeTg5ioqMRn5CAW7ducct2spiYmMClSRO82aUL/Pz94U4bK4QYLL0ocrr39wjMX7AYF/49j9Adv8nHO/p0wtvduiNk6SKBq9VzMDpWXrtc24YNGQR3NzfsDNuJb0IWy8dHjf4E3f39RDPrq/t6Qoju49WT5DW71CRPLy94enmJLaugi68vt/lq+oV0FBXd5zbldOEE62Vef60zcvPy8OLFC8F1MqZmZrCzsYFL48ZqldgxdC5NXZjNaLXdNJWXRabYl0BXrV2zhhv4nDR5GkaN/JA5R0hlUP12/dC3f3/mKQ1Zlrtn+28YV5HqoG7j1LPnzjHHTUxM8MHw4cw5UrUc69XDNUZw/Y5Af5pjR45w51gnOxMS2I2SnZ2cMWTQAOYcqT5nz5xBQUGByiVjAMCqphUcHBzQqXNnsaWEEAOh/UiLhsjKxYwYORLv9PTHvK8XqV1CplcPP9EgizJrlDF3zizMnTOLmf2uyMuzHbw826m9eVDd1xNCdNsTThYVr2yLrqhlZ4dbt29XGM8vKEDJkyeMK6TZ1mJlclzd3GFpaYlHjx5x15iamcGhTh04N2qE3oHsbEMiJXT0PTkxkfvzSElKQnq69LSCu7u7yhszvKa2vL4EumLVmnXckifeXj5YuYKCaUQ70lJTmONUv123jBk1Env37GH+ndi1MxQffvgBbZDoCKEN56yMdO7r45WrV5njlTmBRzTLsV495jjvvQcA3OOcvOT1JcpIZ5eT6dpd/CQoqToJ8adQUHAFT0vZ91NCateqjRaurmhCjZAJMTp6E3DXZ9vDXtaCJ4SQ6nCbEbQGgBo6Xnqj4SuvMAPuvFIyAP8IcHn+3btj34EDZTZXTSQS1KtXj4LsarC2smLehPLKGUXu2YMUhWzb9MxMZGdn471Byp2qqo6+BJqQkpqGVcv5AfWx48dz5wibt5cPEpMqZgmGhUdQhmA53I0eH939nTFWQlnuu3ZHUMBdR8hqfbNOdOXm5DID7seOHOGeAHNv0YI5Tqqe0EnL2Kgo+PXsWWH8Fif73dLyZWlFRefPnmWOu7nTJmh1O3/2LAquXkVR0T08f/5cbHkZJiYmcKznCHd3NzjW1/1Tl4QQ7aCAexU4nZIKAPDR4QAAIcSw8WoLOuh4JrCLiwvOMI5dl5SUcMvkODdqxBwvT5ZN/c/xEygtfYratWphxEcfiVxFeHjliYru32eOnz3/b4Wxc//+i/cYa1l4gXxeFpmuWLJ4MbeUzNhxn2HMqJHMOcLXgJMRel+NI9+GbNOWrdw5et7pnjGjRmLD998zN5Oi//wDixbMq3gRqRY21tbMADqvcWp6ZiZz3MLCQrShPKlaNlZWzJrslwsKGKv5CS6sZJCw8Ajm7zcA+Pj4MMeJ9qUmJ+HS5QKUlLDLFgoxNTWFs5MTNUAlhADQw4C7pkq9VJXgGbPxTchiBA19H16e7cSWE0KIVvCOv7o0dWGO64oO3t6Ijo1l3sg+e/aMcQXg3lL5rCB168uTiurUqcO8KWXVsY3YtYt5LPfFixeCJWgU8QIZVdGXQF2btmxFeHgYc87ZyRljx37CnCNEE86fO88c5zXoJNWv33vvMQNyiUkJWLQkBLNnBjOuIlXNjlP+jtc49cbNm8zxeg4OzHFSfXjvbS4VFODYkSMVNkh4zeJZCS5CPTV6+HVjzhHtyMvJwaX8fNy6dUutsjFmZmao51APXd58U2wpIcSImIgtIJVjZW2NoKHvY+q0aWJLCSFEK4QaOAnV3tYVqtyAWltZ6cXXZEyKy232ZGWk4zynZikA5DKaz7E85fQlsNPRDPeU1DRs+P577vykqdOpRATRqswM9u8d1W/XXbNnBsPbi53p+vvu3cxxUvV4jbpZG85UTka/8H62L54/x1/HjiE2Kko+lpWRzv3ZshJcMtMvVBgD6G9yVUpNTkLUwYOIT0xA4bVClYPttWvVhoeHB/r3H0DBdkJIBbqbBmYg1G3sSgghmvL4MftIpK6X3pBp4OjIPbpbXu3atcWWEC1p2KABchjB8vLPv+MnTjLrocrcuXuXO6foPqdUTV0dfQ5s2LCRe3R80KAhmPTFBOYcEVezZk3m+LVr15jjxiglNY1bv711m9bMcaIbKMtd96nSOPXsefZJEyono5v8evZk/mwB4FlpKf45eRJF9+9jwMCByM3JZa6zsLBgJoPwTry5t2zJHCeaIavN/uDBfW7JTSHmZuaoW7cu1WcnhIiiDHdCCDFw+lh6Q5EqJWIaODqKLSFVTPF4dXJiIjMor+gOp+FYeQ84ZZIsLCyY49UpLDwCG9Z/x5xzdnLGzFm0OV8ZTs6NmeO3brLr/BujtWvXMscdHByofruOoyx33SdrnMpSPgh7k1Pj26Ux++8YqX68TV2ZM+fOYf0PP3Dfb1synhtCPTVoA1478nJy8MeB/Tj373ncvXtH5WC7VU0ruDRpgn79++PNt96iYDshRBQF3AkhxMDpW+mN8lzd3JXOxu8dSLWIq4tfz57MccXj1Uf//pu5RhGv30B5vCx53udRnTau/4E79+HIUVRKhmjVpi1b8dOWTcy5Vq0ou10f9HuP3U5aluVeVZatWIXZc+aJLTNKNtbWzHHFIOyByEjua5ebmxtznFS/6dOnw9rKSnDNtevXuacx69SpU2EsMSGRsZJ6amhDXk4OYmNiEJ+YoPR7TEXm5jXg1qIFegcEUDNUQohKKOBOCCEGjld6g3dzqItYNyvlKRuUJ1Xv2JEjOBAZyWw8xqJYE1WVeV3Kbk9JTcOqNevQvbs/4uJimWsCAgKxaME85hwhmhAdG4ev537FnW/wSkPuHNEds2cGw9nJmTl38vhx5rgmxRw6DBeXppg+dTIWL5wPiUSCqdNmiF1mVHhJDIqNU/M5AVlrKyulmoWT6jN12jQ0dXERXMNLcGGVuuP11PBo78kcJ6pTDLTfuavc6UkZczNzODVsBN+33kK/fv3Qjn4uhBA16Ec9AUIIIWp7zGngZGdryxzXRc1cXERLkSgTlCfaZW9nxwyqP378GGc4dWtZbt4SLgVSxNlEYh3brkrRsXFISEjA6ZQUbm1WGWcnZ3z+xReCa0jllG/Ya2xSUtMQsmQJ8i/nM+dtbWzx8SefMOeI7hk4OAirVi6rML5/fyQ2bdmq1dJAM6ZNRV5ebpmxFctDULtObaoh/x9eHxPFxqm8cjJOjRoxx4luGT5iBCJ27cL59HTBXjTlvdKw7MZmSmoadyPew4NOvFVWXk4OMrOyVA6yA9ImqA0aNEDbV18VW0oIIaIo4E4IIQauhBNw18XSGzxdfH3x17Fjgjc4zUQyj0j1OX/hAvd5yCIWcFcMYCiyrYZNpJ279yAhPh7JiYncG2iWgYOD0MOvm9gyogRe088CTqDZWKxevZr7nKxVqzZWrFoD/+5dmfNE93z44QfYtTOUuYGy7ts1Wgu4L1oSguSUZObcl7NmICM9Hdu2bmHOGxOxxqnpF/hBWionoz8GDBwIxyNHRN+TKip/euGPP/9krnN2csaQQQOYc0Tc+bNncTEnG48fPxZbWoaZmRkaONZHc9fmVJedEKJRVFKGEEIMGK/0hqmeNExVVEugZIypmRm6+Ppy50nV4J0yuMspJWNqasoc5wXUZYo4jydWY1WTwnf/DheXphgycACWf7NUpWB7q1atsXLFN2LLCFHb7Dnz8PO2n7jzU6cHY9TID7nzRPd4tvfAwMFBzLnTp1Px+f8mMecqIzo2Dhu+Zzd8lvl5208YPDgIKalpgusMnVjj1Jy8POacvZ0dlZPRM118fRE0aKBS7zlsbWwqjGWks8vJdH7tdeY4EXb9WiH+OnwY5/49r1Kw3dzMHI2dG6N//wF47Y03KNhOCNE4CrgTQogB42UV2yhxk6BrGr7yCndOKBhPqt+L58+Z426urszxkpISJCeyG4oB4N5QOdStyxzXtLDwCAz/YGiFEgvKGj/hf2JLCFHbpi1bsXjhfO782HGfURkQPfXhhx+gVq2K9aABYN3a1RpvoLp2zRpuSSJF4eFhmDplitEH3Xm9cS4XFOAWp5xMY2d2bX6i21zd3NGvbyDqOzqKLa3g/NmzzPF2nlQnXFV/Hz2Kv48dw42bN8SWyllZWaNVy1bo178/OnXuLLacEELURgF3QggxYLfusOsXWlpaMsd1mYtAyRh9qkdvyBo2UD47yNrKCoODgrgZgVevXGGOA8BDTm3uOlUQcA8Lj8C0yRNVyqKSadOmLWZ9ORcTxo8VW0qIWsSapAYEBGL9D+u480S3ebb3wNtd+aWovpw1Q2NB98lTpmP//kixZXJxcbHo2ycAYeERYksNFq9xqlCZNA8PqhWtr1zd3DHu008Fm6nWqFH2PU50bBwSkxKYa318fJjjpKKE+FP4fc8eFF4rxHNOUkd5tWvVhoeHB3r37k012gkhVYIC7oQQYsB4TQOt9DDDvYO3NyQm7JetRtRwTCeospHT/r/GYLXs7ZnzvM2iY0eOMMeBinVSNW3Tlq2YNnmiUhmfMoMGDcHCxUuRnHIaZ8+ewaIF88QuISry6tCBOa5KsNAQiDVJ9fbywdcLFjDniP4Y/9lngvNfzppR6aB3WHgEs0GrmPzL+Zg2eSJWrTHOTR3epvMjzgZt3Tp14Ormzpwj+mP4iBHcE3tvvP5amf+PiYlhrvP28qG+Lko4e+YM9u2LRG5eHp6WPhVbDkAaaO/o7QM/f3+4u7cUW04IIRqjf0V8CSGEKI2XhVu3NvtIuq6zs7HBvXL1u03NzNDd359zBalKXXx9ceivv8SWob6jo7xpby17e1y7fr3Cmtuc4/e857S9lssKLVoSgi9nzRBbBmcnZ3Tt7of2nh0w6YsJYsuJBni29xBbotdmz5mHmzeuo5GTE9zdW3Kb6gk1SXV2csbU4BkG/70yBv7du2Ltd+sxK3ga7j+4z1wzbfJEAFCrAWNKahqWhyzlzo8YOQr5ly5xn2v5l/MxeeLnKC5+aHSli3iNU3kZuEKl8oh+Gfr++4jcswdn//0Xz1+8gIlEgratWsHTy6vMuriYaOb1Xj4dmeNE6tTJkyi8dg1PnrBLZbJY1bRC2zZt0KRpU7GlhBCiFRRwJ4QQA/aAk+Fuz8kq1nUTJ03CyhUrcP/BAwCAubk53vkvcEt0g6mZGZ6VlgrO+3V/mcXlULcu0jMzK6wrv7Eic6WwkDlupsVGwMoE233fehufTvhcrQAXISzfrvsBC+Z/hZs3b5YZl7XNDAgIBAC0cHPH5cv5CN8ZCp6x4z+j56YBmTB+LOrVq8c9cSPLNAdUD7qvXr2aW/KiWzc/bP1pM1JS07Bk8WKEh4cx1wHSTPv9e/di8NBhRrP5KGucyuufo8jUzIzKyRiYwP79Edi/v+Ca5JRk5rh7S8q8ZsnLycG58+e4pQRZLC0s4dzYGe3bU018Qkj10t7dKSGEkGqVlZHODXx28fVljuuDyVOmiC0h1cjGyoobLAeAxk5OZY7Q+y5D9zgAACAASURBVPXsycwIBKTlY8o/V3llkni1cytr8pTpoqUVJk2ehpUrvhFcQ4iyomPjsGnjRsFgJqB8yRxqkmqYhgwagKysTO5moCzo7tbCVemTDavWrMPP235izjk7OeOTcZ8CkJ4q2bkzFCNGWnHXA8DJUydw8tQJrFr+Dd4NCETXbt1U3gDQNzbW1koF3B2onIzRESr19LbvW9w5Y5SXk4PMrCzcucsuL8hiaWmJpi5NqT47IURnUA13QggxULk5ucxxXpNKQjTBRCLhzllYWGD4iBEVxnnlYC4XFFQYq8oySSNGjhINti9cvJSC7TrA24vdbK6ytayrUkpqGiZPmY6e/t1Fg+3Koiaphm32zGAsXMwv/5J/OR9Tp0xBSmoad41MSmoaVi3n/y37cOSoCsHybVu3CH58mfzL+diw/jsEDX4PPt4dMe7TCYiOjRO7TC8pu/nrTL1njE5WVsXTfADg6tpC6U0xQ5eXk4PYmBjEJyYoHWw3NzOHS5Mm6NMnkILthBCdQgF3QggxUEX32bVdLSngTrTo+YsX3DlvT/bxXltbW+b43Xv3KozxyiRpeiOp/4CBgpmbgDTYTpnDuqEBpxby/fv80xa6ZNGSEPTtEyC6waMKZydnapJqBMSC7nFxsUoF3b+aM4fbcDcgIJDb8Hn2zGCsXL0WDRs2ZM6Xl5iUgA3rv0NP/+5o7NwYg4cMRcyhw2KX6Q1e41RFpmZm6B0YKLaMGJiM9HTmeHe/HsxxY6JOoN3ExAQN6jdAv/794dOxk9hyQgipclRShhBCDNSDhw+Z47zgJiGaYFGjBnO8Zs2a8kap5TVwdGRms5cPuAuVSeI9tqo2bdmKr+d+xQ08AdJA5lfzv8aYUSO5awhRxqYtW7Hjt9+4DSgrY9nK1ZQ1aSRmzwxG/iVpFjlLXFws+vYJwMDB0g4Ardu0BgA0btwYPfy6YfacedwSRcps3Ez6YgIaNmyID4YNQalAD4/y8i/nI39nKGKio7BsxUqD+JvKa5yqyKFOHcF5Ypgu57PfVzg3dmaOG4PzZ88iOycHjx4/EltaRj0HB7Ru3RqO9cU3uAghpLpQwJ0QQgxUEaeOtrm5OXOcEE3o3LkzIvfvrzDuxcluB4BXGjYEUlIqjJeUlCArI11e51abZZI2bdmKvXv2iNbFdnZyxrKVqw2+DjHRrphDhzFj2lRuA73yLC0t0baN9Kg8r6Glok/GjafnqJFZ/8M6PHpUzD2Zk385X60TFJOmTldq42bIoAGoUycak774H86dOyu2vIy7d+/g49EfIfrgQYz55BP08HvZWFvfKNM4lcrJGJ+U1DTuxqqPD7skmiFLT7+A3JxcFKl4Cs3S0hLNmzZD67ZtxZYSQki1o4A7IYQYKF6WmTLHnQlRl6eXF/IvXcLZf//F8xcvYCKRoG2rVuju78+9poO3N/6IimJmr+fm5MoD7took6RsoB2gYLsuq1mzJnP82rVrzPHqlJKahmFBg3Hz5k2xpQCA4SM+wsSJE8sEPaNj43Dp0iXcv/8A+ZcuITv7IlJTkmFjY4Nu3f3w7ZpVAo9IDNW2rVsAQLQclrLGjvsMk76YILZMzr97V5w9ewYpqWnYtTsCJ4//o9LpjfDwMJw8cRwDBwfpdW8MocapFhYWVE7GCCUlszdXnZ2c9XqDSVVnz5xB3qVLKC5mn8LlqV2rNlq4uqJJ06ZiSwkhRGdQwJ0QQgzUPU6Ge526dZnjxDAtWLQEm3/ciLy8XADSWrz79u0VvqiSAvv3R2D//mLLyqhlZ4dbt29XGL9SWCj/tybLJKkSaAekTTk3btqkVKYnqXpOzo2Z47du3mKOV5eU1DSMHzdOqWB7QEAgPhg+4v/s3XlYlGX3B/Avw+IwLAqioDEulVqmJAIu5ZIjaipqqai/SlEztbLcMlNbLEMz18rXpQyxVcSlzDQVUdRyAQVxSdRERE2QRUCGHX5/IARyP/PMsA7w/VzXe71w7nNPqDDMnOc85xZe4KlPBRoyzGZ/PyQlJur93CbF3c0DU6ZMlksTcu3kUvxcuT8oGCEhR7B/7x697s4o6sQ/GnIYU954o1aOmbGV+H0GFI7CoPrn4oWLwni37s8I43VN6KmTuHXrNnJyc+RSS2GhnYhqMxbciYjqoDNhYZJrnd3dJdeo7pAqKO/evQuvjPXBD99vlthZM6QKFEklYkkSBQwrlUoYF1nwwUK9Cz9FHBwcWGynCguPiMQ7s2fjxMnjOvPc3Tzw0thxBnUWE5X0yaJFuHjxPK5duyaXKumdue9VynNef08N+ntq4LtoIQICd+BQcDACtvyEezIHI4adDkXYqxNw9MiRMnd4GLvmTk6Ivn5duNauTRthnOq2K5fFB6ZKXSyuC+Lj7uBs5DmkpqYgPz9fLr0UFtqJqC5QyCUQEVHtk5Qo7uo0pDBJtdNGP38MGTIMr706QbLDcfu2rQgI3CFcqylSo47ua7XFH0uNSXLQ866N53r3weJPP9a72N6okR1eeHEEftqytVYVe8j4FBXbdY3XcHBwwMxZcxAadorFdqoQ104uWP/1RrRs2UouVch71JgqGZ012ns41q9bg+TkJMx65104OjrKbcF3mzfhme5dMWr0/2F/ULBculFo1bqVMK4wMUGP3r2Fa1S3nY0oe04N8N8BxnVJfNwd7PvjD4QcOYJ795INKrZbWDSAi4sLPPv1Y7GdiGo9drgTEdVBCRIFdzMzPu3XtAUfLETwgf0AAI+uXStt1rIhI1IyMzPx9fp15SqoTHz1NZw6eQI21jbQ9OsP30UL5bboxXPAAPx54kSZeF5uLo6FhKBH795IL1F8L0mfMUmvjPVByJHDcmkACmeqjhw1BmPHvsJCey2XmCg/uqWq6VNs793rOaz64gt+v1Gl6de3D65fj8ayFatw714KVCpLJCYkQqvV4tbNWACFRcDYBx8X6da1O7YG/Cx6yEq1YtlSvPLyy9iw4WtsWP8/nbmZmZkI3LoFgVu3wNt7NJ52dcWggQON9uel8OBUJbKyMkvF7ezsJXZQVVjwwUJERoTD3MICXbp2hYODA2xsbMv12qciAgJ3lPk5K1IbRyZJiY+7g6ioy4i7G48CA4rsQOFhqM2bNYObe/07QJaI6i5WXoiI6qDsHPGMRHt7vtmrSRNffQ2b/DYWf37i5HFEhJ/BF19+Ve7CwefLVyFo/z4cOLBPLrWU4OAgzJr9rkEH0/Xt269U0fDEyeNISLiLDet0F0v0ZaVSCYvq8Xfv4lhIiGBHIV1jksIjIvHhBx/odSGChfbaS6pLUOpun+qiT7F9nM+E4sMuiSrbnNkz5VIQuP0XRERE4PHHH8MEn7Fy6ZXGtZML1q9bA3cPd/z84496HbAaGBiAwMAAbFj7P/Tp64mevXoZZdFy5PAXsPv3PcV3aTVp3BhTpk6V2UWVITwiEjOnTy91kX3njm3FH4958P8ajSeUSiVyc3NhYWEBl06uldZEUNLVq1eEcY3GUxivjY7/+Sdu3/nXoG52hUIBezt7PNq6NbvZiahOYsGdiKgOkpp1bWFuLoxT1fNdsrRUsb3I0aNHMGyIF6a88SYWzJsr2Cm20c8fS5cslnwjp49VK5eh/VPt9SpW+C5ZKiyGfOfvB42mb6V0jNnZ2QkL7sn37sFW4mDUhra2wjigX7ETYKGdqoY+338stpMx8B7xArxHvCCXVmUmTRyPSRPHY8EHC/G9v59kN3BJsTdj8d3mTfhu8yas+fILPPFkewx4/vlqvWCgy+Nt22FG23ZyaTVi2YpV2Ld3L+7c+RddunaD37ffyG2pNQICd2CJ7yKcPRshl1rmuXn37l0IPrAfx0/8JbGjfC5Hiee3tzHS7w9DlOcwVHMzczRu3Bjt2rVFU0fxOEEiorqABXciojqoorOuqXL5LlmK9+e/J7keezMW789/Dyf++gtvTZ+O/p4ayVxDRscUadTITvKAug1r18Ktc2edhWZdX39mZiaWL/0Mbds8XuFitV2jRrh561aZeHJyMswlLhYplUphPCBwB75ev0622D719WmYPPm1Cn/tRCWx2E5kON9FCzFyxHCsXr0a323eJJde7OzZCJw9G4GALT9hs58fDocckttSb82eMxcrl/93Z9uFC+fx94ULlV5krgmzZr+LVSuXyaXpdOLkcaxZuwHT3pgil6q3m7HiC0jqFmphvDY4evQIEhISJN9viFhYNEDzZk7w6NJVLpWIqE7goalERHWQ1KxrqYO8qOps9PPXWWwvaffuXZg0obDL72H6HIb6MLWzGjNnzUHwocOSty6HnQ7F6tWrhWuA/MUCoPAxPvzgA505+mjapIkwnq7VQivxPa0SHAQcELgDc2bN0Fns7NjRBVu37cS6teUf50PGT+r7pioVjTNgsZ3IcK6dXLDZ3w9Ll62EjbX4ziZdQo4cxjtz9PudK/L29JkYMmQYRo3+Pxw4WLcK975LlpYqthc5cfI4Xn/jLcGO2iE8IhJDhgyrcLG9yMGgA3IpeguPiJT8XeDhUfvmlZ88fhzbtgXizp07ehfbTU1N0ULdAsOGDWOxnYjqFZOCgoICuSQiIqo9joWE4ODhw8K1jz76SBinqlFU+NXn9viHeXkNxVvTp+PGjRsGd7SLRqTsDwrGpAnjJb+Wlau/wszp00rFAgJ3YMyoEcJ8kSlT38T6dWvk0nT61NcXeYI3cVLz3d1dXTF46NDiz/X5O9doPLF8xQoW2uuQ8IhIdHZ9WrhWnS91Dxw8hFfH++j8/mOxnUh/n3y6GOfOnsXJE8f1/l3q7uaB0LBTcmlldO/2DE6cPF4q9tX/1ldqt3NN0efi+aeLPzNotJ0+9gcF48aNG9i/bx8uXjgPG2sbPNuzF5Yv+0xuq15WfbEGq5Z/rvf3hr72HTio825DfW3088drr04oE1c7q3Ej9oZgh/EpOgw1/m68QTPaVSortGzRAh06dpRLJSKqkzhShoioimz56SfciYuDQqFAo4YN0bxZMwCAfePGOg95rKjMzExhXNesa6p8+hR+ddm9exeCgvZL/ntKmTlrjnAWeX9PDcaOn4jFn34s3Ldq+ed46qn2xW8wi75+Q2xY/z+oW6gr9IbdWqVCSmpqmbhW6vu6YcPij/UpKHh5DcUnixax2F7HGMu/55erV8te7Jkxw7CfK6L67MP35xd/7LtkKc6GhyMwMEDHjsK7rjb6+et1PkmRRb5LyhTbAeCDBfPQpEmTSjmnpKbo87sRADas/R8ef7xNuf+sAYE7cPXqFSQmJOLK5SicjQgXPh+eOHkcu3f9guc0nhg+Yni5C9tTX5+GDevlD21/9tkeaNiwERQKBe78+y/CTofKbcGPP/xQ7q+rpIsXLgrj3bo/I4wbk6ioS4i9EYtkiZGEUszNzNGqZQt06uwml0pEVKexw52IqAosX7ZMcqxLSSpLFXLzcpGXnw9rlQouHZ6Cpl9/uW06fbd5M6KvXy8Tb2xvj2lv1d5bhmsTfYrt096agRN//anXGz999O71HN54+22MGvGizrxRo8ZIFiu8vIbit99+lf36baxtkHY/TbimdlZj2crV5X7DLvX9K6Xoro0pr7+Jr9ev1ZnLzuK6zcTERBivrpe64RGReKZ7V8mLZLyzgqhy7A8KRkjIEfx17AgOHxaPfSn6faavvn376RwDVRXd39VB32J7EbWzGr/+tlvv56m3p8/Ezz/9gISEBLlUSV5eQ9HtmWcwaOBA2f/u/qBghBwOwc4d2/D33+JidhG1sxpjx0+E76KFZdbCIyJx+swZ/L57N37Zub3sZlROl/uQIcOEdyjOnDUHK1eUHe9jDCLOnMatf+9Aq02XSy3F3MwcjzzSnGNjiIgeYMGdiKiSbd2yBX9HRcmlSTI1M4ODvT2aNmkCF5eOeLxtO7ktpXy7caPw4MnWrVphnI+PYAdVJrliNfDfG/fwiEhs2PC1Xh1aIkWjY54f+LzebwrDIyIxbIiX5Nc3Z+48HAoK0nkh4MOFn+DYkSOSxQlD37CXFLRvH/48cUIuDQDQoEEDvPfee3h7+kx89aX0HHqAxfb6oKYL7roO7Ovd6zms+uKLcv1MEJG0Sa9NxbcbNwjX9C2YSo39eFhtK7obWmwvos/FwfCISKxcsRI//LBZMsdQamc1+vT1xKDBXrCza4QbN27g4oWLSExMQFJiokGj9TQaT0ye+rrsxf/9QcEY0K+vcK0yxuS1ULcQvt765ttNBt2BUR0OBQcjMSnR4N+ZCoUpWqidWWgnInoIC+5ERJXo9127EBYeLpdmECuVCk2bNsWjrVqhR+/eculYvWqVcCRHx6eewvCRIwU7qLKER0TindmzDe6S2+jnjw1r1+rd7S6a0W6IVV+swawZ5bvboejrl5sJr9F44uBBww8eu3o5Cj/+vEUuDUDhmKQZM2eiQ4eOuHDhvGRebSuSUPl4uHcR/gxVR2FD14UsR0dH7P1jf7l+VolIN13nN+h7oVWqC1lE38esaeUtthfR9ecMCNyB5Us/0/s1S3WbMvVNTJkyWe/nXKk7/yrSPADoPgfHmEowoadOIvbmLeTl6XcIahETExNYWqrg4e6Gpo5OculERPWOQi6BiIj0cywkBOHnzsmlGSxdq0X09es4ePgwPv74Y6xcsUJnfmZWljBua2MjjFPlCI+IxORJkwwutgPApInj8fXGjZgy9U3Brv+ondWYOWsOfv1tN1au+LzcbwJnTp8m+98SKfn19/fU4MOPP5HMDQ4Ogs/4iZLrUh5v2w4NGjSQSwMA2NvbAwD++eeqZA6L7fWH04NzMmrC99//IHnxaf77H5X7Z5WIdHPt5IJxPuLu9O82b8L+oGDhWpGNfv56F9uBwscsz++2yrDgg4VY8MFCfLlmnc48fYrtny7+DPPf/0hy/bvNmzBr9rtl4rNmv4sxo0YYZbFd7azGytVfYf26NQY95/Z//nlhPPZmLL7//gfhmj6uXr0ijGs0nsJ4dYqPu4OjR45g+/ZtuB4TY1CxXalUolXLlhg50huDBw9msZ2ISAIPTSUiqgRnwsJw+Ngx5OXq/4K1vNLu38fyZcvwzpw5wvUsiYK754ABwjiVX3hEJPbs3YszYaexY0egztwpU9/UWfh17eSC9evWoI9Gg2lvTCk1D1WpVGLSa1MxceIEg95E6jJlymRcuRyl8wJBSeN8JpT5+idNHI/o6OuSB7F+t3kT2rZrZ3DBu1HDhoiLj5dLg4W5OQICd0jOzF65+ivMnD5NuEZUmY6GHBbGNRpPvD3tdeEaEVWOl195Bd9t3iRckzv88tedOyXXpHy3eRNuxsbKjl2pLMtWrMKH788v9btu+ltvAADc3Tzg1KwZLC0t4axugZs3YxG4VfddYiUvRN+MvSH5d7dq5TKoW7TAzOnTEBC4A1+vX6f3a4aSNBpPNGveHNnZ2YiNiREeTltRXl5D8db06XqNEHrYpInj8evOncILL9u2bin33YSXJcZLtjFwVGRlio+7g6ioy4i/G4/8/Hy59FLsGtnByckJHTp2lEslIiKw4E5EVGFXL0ch+NAhyWK7iUIBu4YNkZeXBwC4r9VWuDCfrtUiaN++MkX0oH37hPmmZny6l3Lg4CEcPhyCkSOG6/WGquiwtsiIcL274sb5TNB7Duho7+EY7T0cE199DXfj42GpUuG1yZPRr28fua0Gce3kgslTX9frzbOuW8t9Fy3U+Yb9/fnvoVmz5pg4fqxwXUTfgrtD48bYs/+gcK1fvwEstlO18F2yVLLbU+NZ852MRHVdf08NxvlMEP4eOnQwCOERkcLf77q62194cQROh56SvHMlODgI78yeXS1F982b/CQvLBvaaf7wXV+b/f1wMzZW8rXAquWf4+rVK/jtl506z6Yp8txzfdDuifZQt1DD0dFROM4rIHAHDgUHY8/uXXo9phzvUWOwNeBnuTSdhr34ovB7oajL3bWT4Qec3owV/9nULdTCeFWKuR6Ny1euIiU1BQUGFNoVCgXs7ezxaOvWaNm6tVw6ERGVwAoMEVEFXL0chV9+3YV0rVYyp8OTT0rOTj8WEoK4+Hgk37uH1NRUpN2/L8wTCQsPR6vWrUodqirV3W6tUgnj9Z2nZ//iOeMlu7Q1Gk+oHvyd2TduDEtLFeLi7uDG9WicCT8jfCwp5Z336vftN3IpFTbaezhOzpojedAjoN/XL/eG/dUJ4wBA76K78yOPIOqK+Fbsklq1boUrl8UdZB06Vm0BhIyPpaWlMB4dfV0Yryy/bN8ujLu7eRh8dwcRlc+gwV7Cgruugqmu7vbX33gDyckv6TwEPTg4CM9074pPPl2MObNnCnMqKjwiUucZJYaQGrG2fMUKTJ40SVi8j70Zi7VrviwTf5iX11B8smiRXhcfihoLsG4NfJcsxYm//tK7gQEABg3yQm5uLqysrTFk6FBM8NHvtYUucl3uK1cYVnAPj4iUfE3k4eEhjFeFqKhL+Oeff5Ceni6XWoqJiQmaODjgySef5MgYIqJyYsGdiKgCgg4G6yy2yx1U+vAhqFcvRyEy8hzi795FQlKSzk74rKwshBw5WqrgnpicLMxVKpXCeH028dXXJA/11KfrWx8jR46SLVbXtJUrPsfRkMPCN9rdunbX++tfvmKF5KGRADB3ziykpKTo1XXeo3dvHDx8WC4Nj7dtJ/kmvf1T7YVxqruc1S2E8Qwdz9EVpau7/YUR4sPyiKjyjfYejh+8huo9FkRXd/s4nwnFo0ns7Bph6ZIlkq8LMjMz8e47s9CpU6dKvxMNAPbs3SuXIkvtrMaHH38ieXi0aycXvDP3PZ0XF6SondUYO34ifBctlEsVKroAsD8oGJv9/bFje2BxN3/Pnr3Q+tHH0LixA9o/1R4tWrQo18gYfWk8+0l2ufsuWWrQBdTTZ8TNGWpndZX+GYDCsTExMTG4ExcneWeEFHMzczzySHN4dOkql0pERDJYcCciKqf169bpHHvh2LSpzmK7yONt25UqoB8LCUHUlSu4dfs2CgoKyuTfvHWr1GgZrURhScUO9zJ27hB3pVaWbl27IzAwQC7NKLzx1luYOH5cqZiDgwPWrl8vsaMs104uWLZyNcaMEhcZExISMGvGW9Bq0/V609rQ1hYpqak61zf6+UuuSxUWiCoTu9uJjIeusSDbtu8oVXDX1d3+8iuvFH/c31ODJg4OeGf2bJ0X43f9uqtKCu5nw8PlUnSysbbBspWrCzvKdRjtPRy3b9/GrBlv6cwrSaPxxNx58yqlgNzfU1P4OD98J5daZWZOn4afvv9OeBH1l+3bDXpOv3jhojDerfszwnhliImOxrXoaCQlJxk8n52FdiKiyqeQSyAiorJ2bNsmW2yf+nrFD8rr0bs3Xp00CW0ff1wyJyw8HFcfjNWQ6mRpbGcnjNdXvkuW4t498d0AFfXssz0wYeIkHD/xl1yq0ZjgMxZ+/t+hb99+aNmyFbxHjcFPW7bqdWt4SaO9h2PWO+/qzHl//nvwGT9RZw4A2Nvb61xXKpWSb2i9vIYK40SVadUXa9jdTmREJk0cD41GfG7C/r17ij/W1d0+c9acMgVk104uWL5iBcb5TBDuAYCbBnaG6yM8IrLCF+4/WPixbLG9yMzp0zD//Y/k0gAU/j0dPHigUortxkTquTvsdCh8lywVrolIjbuTuhOrIo4dPYrfftuFU2GhSEhMMKjYrlJZoc1jj+GFF19ksZ2IqJKxw52IyEDfb96Ma9evS65bqVSVUmwvacxLL2H1qlXCjt+So2XuS3S4N2zYUBivj8IjIiW7UstD7axGn76e6OTaGc/17mVwkdpYTPAZWylzUFcsW4rTp04h5MhhyZzvNm9ChlaLefPnS/59NbazQ7SOnzOVSiX5hrZNibtEiBITE+RSyiU4SDySSu2sNqgTkogqj8bTU9iJXlQwXTBvrmR3u9pZjbFj/+tuL8m1kws2+/sh4e5d7Nmzu8z66dBTgl0Vo2uczJnws3Dt5FJ8p1dcXBwSExIRHX0N4WdOo5lTM7w8zgfT3pgi+RgivosW4vKlv7Ft21bhurubB96Z+57eRfzaZsG8ufhl+/YKd7mfjRDfmVBZ4+7i4+7gyuUr+DfujvAOWDlKpRKtW7VGh44d5VKJiKicWHAnIjLArp07ZYvtLwyrmu7aXj17Ys++fcK57jdv3ULwgf2SM98fnhVfn33//Q+SXan6euqpDnBz90An1856zSSvbw6HHMK8BR/gs8WfSuYEBgYgMTERy1esEBbdmzVvDui4lb6xnR3nt1MpUv/uSYmJwnhF6OqQHTlqjDBORFVPrmDq6Oio82dX7qL5p76+woJ77M1YrPpiTaW+JpAaJ+PtPbr466yK8WmBgQFwcgpBXFxcqfjoMS9h7ty5sn9Htd0LI0YIv3/CTofq9W8cELhDchZ+Rf+9KjI2BigcHePo2BTdn3lWLpWIiCqIBXciIgNcjLosuWZqZgZNnz6lZrBXps7u7rh8+TKirlwRrp86LX5j1qBBA2G8PgqPiMS2rVuEa+5uHggNK+xQCwjcgbS0wrsJoqOv42bsjeKi3YCBgwzuGKuPlvguQtOmjli1/HPJN57BwUGYPGmSsFuus7s79gcFISsrS7g34tw5YRyo+BtaIjnl6ZAlouqhq2Bq++OPgh36/+y6dnKBRiPuoo+6dEmwo/xOHBePpnva1VUYr0zf//gzvly9GufORcLa2hqavp748otVctvqhAXz5mLD2v8JX7sEBx2QLbhfvSp+nS417kgf58+dw507d5BcjnGI5mbmaNy4MVqo1WjZurVcOhERVRIW3ImIDJCbJ+4gVyhM8VyPHujs7i5cryy6R8uI57crWXAv9v33P0gWf0vO7ayrt0pXt5nTp6F58+aYM2uG5N972OlQTJ08CTExMXj3nZml1qxUKsmCe2JSijDO+e1U1eS62+t69yeRsdNZMJU4+NSQVKc3MgAAIABJREFUn91uzzwrfJzKHCuz6os1kr83Bw0cKIxXpn59+1TJIbC1xchRY7Bq5bIy8d27d2Gjn7/OC/uXoypv3F3oqZOIv5sArTZdLrUMlcoKTZs4cDY7EVEN4aGpREQGkBrZ0uaxR6ttbEuvnj1haqb/9VIbGxu5lHpBrrtd37mcZJjR3sOxcZO/zs6ue/eSMXfOLLw9vXTB3VKpFOabKBSc305600qcbVFe7G4nMn6GjHYy9Ge3d+9ewnjY6VAEBO4QrhkqIvyMMF5ynAxVnbFjX4HaWS1ck/odUORmrPhCibqF+PFEjh45gm3bAnE9JsagYruJiQnsGtmhi7sHBg8ezGI7EVENYsGdiEhPZ8LCJNfGvPSS5Fpl6+zujscNuCXU3NxcLqVe0Le7nSpff08Nlq9YIdt9vm7tmlKfW1tbC/PMFKaSHcZdu3UTxqnuc+vcWRiX6mgtj/1BwZLfe4O8hrIQRmQkdBVMH2ZIdztQ+DvN3c1DuBYZGSmMG+rQQfHzVnWMk6HC0UFSF212796FL9esE66FR0RK/s7x8BB/z5QUeuokftm5E3cMPAzVRKGAvZ09evXsCc9+/Tg6hojICLDgTkSkJ6mD96xUKmG8Ko156SU0tLWVSwMANHdykkup89jdXvNcO7ngt99+xTifCZI5ubm58F2ytPjzMS+9BBNF2ZcqqYKRSkBhlyLHAdVfhhTMyuvHH36QXBs+gt97RMZCV8G0JEO724u4eXQRxk/89acwbghd42T0KdpS5dB10eaLVcsRHlH24srpM+I7E9TOavT31AjXgMIZ7b///juux8QgJzdHMu9hKpUV2jz2GEaOGIm+np5o6sjX/ERExoIFdyIiPSVIFNzNDBjvUpl69ewplwIAsG/cWC6lzmN3u/HY7O+HmbPmSK6f+Kv0IXHPdutWfJeGiYkJnBwdcS/1vmgrunV/Rhgnqgz7g4Lx3eZNwrVxPhN0FlOIqPo9P/B5uRSDu9uLuHuIz+wJDg4SFmINITVORqPx5PNMNXLt5II+fcXj8K5du4bJkyaVGSF08cJFYb7U65OiQvvfl/42aHSMXSM7uLi4YPDgwejU2U0unYiIakDNVImIiGqh7Bxxx4m9vb0wXtU6u7vj/IULiL5+XTavPmN3u/FZueJz3LuXjE1+G8us7d69C/uDgouLCn379UPffv1K5fTtW/rzIm3aPSGME1WGbzZskFx7+RXDO2SJqGr199RgnM8EyQtl5e1uB4BJE8fjk48+FF7M37N3b7mK+EWkxsl0e+ZZYZyqzsuvvCL5/RN2OhRzZs0AgOK766TOl3FWtyj1eVTUJVy9+o9BRXYThQKOTZqihVrNkTFERLUAO9yJiPSUlJQkjFtbWQnj1WGcj4/OkTYWnN/O7nYj9dZbb6F58+bCtR3bpQ+d0zUf1cWl/AUOqhuk5ipv9PMXxvW1afP32LZtq3CN3e1ExkvXxbA+fT0rVBiX6n4+Gx4ujOtjo5+/5GsWqcNaqer099RIXuQHgNibsZgza0Zxp7vUGR/tn2oPALhw/jx++eUXREZG6l1sNzExgUNjB/Tq0QM9e/VisZ2IqJZgwZ2ISE+ZWVnCuK2NjTBeXbp1Ec8RBSCcf12fsLvdeLl2coFnvwHCtT0Sb1gB4HDIEWGc89sJAJyaNZNLKZe9e/ZIrrG7nch49ffUoFvX7sK1GTNmCOP6atuunTAeGBggjOsjLDRMGOc4mZoTFLQf/ftLjycqKrovW7FKMqebhxt+//13XPz7InJysiXzSlIoFGjVsiVGjvRGH42G89mJiGqZ+l2JISIyQJZEwb1V61bCeHXp0bs3HJs2Fa4pGzQQxusLdrcbt0GDvYTx2JuxpQ5PLSnq0iVhnPPbqSqdPyeeydyzZy8WwYiM3OTXXy8TmzBxUoW62wFg0MCBkmurvlgjuabL6dBTwjjHydSsffv26jz0PfZmLBZ/uqhMvGev3pg3f4FBM9oVCgWcHJ3Qs0cPeHTpKpdORERGijPciYj0cCwkRBg3NTPD423FHU7Vaerrr+OTRYtQkJ9fKt6xQweJHXUfu9uN32jv4fha4ykcEfPw4alFpOajcn47VZX9QcH4+2/xQXie/cV3aRCR8ZjgMxbOzs74+aefcP/+fQwcNAgTfMbKbZPl2skF3t6jhR3tUgef6hIQuANhp0OFaxwnU/M2+/sBgORM93v3kos/HjTYC23atsGz3bsJc0UUCgWaNmmKdu3aspudiKgOYMGdiEgPKSkpwri1jvnp1W3IoEH486/juJeaAqWFBVw7dSpz2GR9oqu7fcobbwjjVP00nuKC+8OHpwKc307yLC0thfHo6OvCuD5CJMYYOTg44MP35wvXiMi49OvbB/369pFLM5jUxd6L588L47ocCg4WxjlOxnjIFd1fGTsOnV1d4ewsPqNGil0jO7i4dGShnYioDmHBnYhID4nJ/3WtlKRUKoXxmuDq5gZXNze5tHpBV3e7l9dQTJo4XrhG1W/QwIHYsPZ/wosjO7bvKFVk4Px2kuOsbiGMZ2i1wrg+Tvz1pzA+aPAQYZyI6o/evXth8adl42GnQxEQuMOg301S42TaGMGdlPQfUdF90GAvDBs6BHZ2jaS2CZmbW6D9k0+gLe/SIyKqc1hwJyLSg1aiWKMyog53+s+SJUsku9uHvfiiME41w7WTCwZ5DcWG9f8rs7Zn9y6ET5lcPGeX89upuu0PCpa8q6KTa2dhnIjqj/6eGmgkRqOdPHFC74K7rnEyfTTsbjc2m/39YGNjg7t349GtW1c4P6J/R7tCoUBD24Zo8/jjaNm6tVw6ERHVUiy4ExHpITMzUxhvbGcnjFP1C4+IxJ69e7EjcCvOSMxOZXe7cRo+Yriw4B57MxZ79u4tLrhzfjtVN6lxMmpnNWZOnyZcI6L6pU3bdsKC+9mIcEG2mNQ4GXc3D72L9lQ94uPuICrqMvo81xP5D52dpAtntBMR1S8KuQQiIgJSUlOF8YYNGwrjVH3CIyIxa/a7GDbEC+/Pf0+y2A6wu91Y9ffUwMtrqHAtOKiwiKFrfjsPkyM5iYkJcilCUuNk+vT1FMaJqP6R6kAPDg7C/iBxIf1hUheU3Ty6CONU/WKioxF04ABCjhzBnbg7ehfbFQoFnByd0LNHD/Ts1YvFdiKieoId7kREMq5KvAkCgB69e0uuUdUKj4jE99//gG1bt0iOjynpySfbs7vdiHV75hns3r2rTDw4OAgBgTtw9eoVwa7C7j8eJkdF2j/VXhhPSkwUxnXhOBki0sdo7+GY46wWvhYJCTki+ztK13MNx8nUvCtRUbjw99/IycmWSy0lOfkeMjIy8X9jRrHITkRUD7HgTkQk43r0dWG8QYMGwjhVrcDtv+Dnn37EoeCDuHdPfJityIsjvOVSqAYtmDdX8vDUPb/vFuwo1L5DB8k1oorgOBki0lefvp6lDtEsciVKfPZISVLPNRwnU7POnzuHmBs3oNWmy6WWcvPmLZw7fwHW1jb48otVculERFRH1bqC+x/7gzBwQD8s/MQXH30wXy6diKjCUtPShHElC+7VJiBwB06eOIFTJ4/jzz+PyaWXYmNtg/ETX4XvooVyqVTDpA5PPXQwCE2aNBHsANq2ayeME1UUx8kQkb46uXYWFtwDAwMQHjG/+CwSEannGo6TqRmhp04i/m6CwYV2pVIJJ0dHeHuPkkslIqJ6oNbMcP940WIMe2E4Bg7oBwBY+OEC9O//PD5etFhmp9jc9xbAxMSkxvY/7HT4Wbz19kyYmJgU/+//XnoFPwUEym0FUPP7ieqy++niF9z29vbCOFWOVV+swdTXp8HDvQvGjBqBVSuXGVRsd3fzwKeLP0NqWio7jGqJ4SPEnXyxN2MlZ/N7eHgI40QlabVauZRSOE6GiAyh666XwxId7IDu5xp3D3dhnKpG6KmT+GXnTlyPiTGo2K5SWeHJJ57EkCFD4dGlq1w6ERHVE0bf4X46/Cw++fhj7Pp1Z5m1Awf24cCBfbgRE4NvN24Q7BY7HX4Wh4MPyqVJquj+h/0UEIgP5r+Ha9eulYpv+flHbPn5R1y5rLubv6b3E9V1SUlJwriFubkwTuX39vSZuHD+PC5cOIe4uDi5dCF3Nw+8MGIEFsybK5dKRqbo8FTRLHcRzm+nh7l1FhfDpQpaUjhOhogM5e09GoGBAWXiEToOc9f1XMNzZ6pezPVoXLoUhfvp6cjPz5NLL0WlskLLFi3QoWNHuVQiIqqHjL7Dfe3/1hYX26e9NQN79x0AACz8xBcTX50MAPD79mvMfW+B5GM8zH+TP06FnpRLk1TR/SWdDj+LL1aswLVr19DFoyt+3LIVBQUF2LvvAIYOexFAYTf/H/vFbxRrej9RfZCbmyuMOzRuLIyT4cIjIuHk5ISvvlyN4OCgchXbvbyG4ptvNyE07BSL7bVYt2eekUspxvnt9DBdYxsMwXEyRGSop11dhfFDB6XfR/15JEQY53NN1YqPu4Mjhw8jNDQUqWmpBhXbLSwa4GkXFwwePJjFdiIikmTUBfc/9gfB79uvAQDvzp2Pr74sPRLg240biovu2wK34HT42TKP8bD133yLNV+tlkuTVNH9D9sasBWnQk/i0UcfxceffoqXRhce6vd8f0/8+ssO9Os3AACwbu1ao9xPVB+kS4wiaNW6lTBOhgkI3IFJEyeUq8gOAD179sI3327Cb7/9ym6wOmDBvLlwd9NvTAznt1NV4DgZIioPqRFnsTdjERC4o1Rso58/Bg8egpAjh4V7+FxTNWKioxF04ACOHjuGuLvxKJDb8IBCoYBdIzt0cffAsGHD0LbdE3JbiIionjPqgvuh4EMAgEcffRSjRosPH+nbr/Dq/7Vr13Do0CFhTpGfAgKx7LPyz1yv6H6RotE0I73H4Pn+ZTsZ+j//PABg1687hV3mNb2fqK47FiLuPAKAx9uy2FdRAYE7MGfWDMn53FIeffRRDBgwEPPf/whHjoSw0F7H9Oz9nFwKAM5vp6rBcTJEVB79PTXQaMSd6YeCgwEAvkuWwsO9C157dQL27NktzHVwcOBzTSUrKrSfCgtF8r1k5Ofny20BUFhod3J0Qs8ePeDZrx9atm4tt4WIiAiAkRfcExISAACPPdYGbq5PC3NeGu2NRx99FAAQcz1GmAOUnlM+7a0ZknlSKrpf5KeAwOLRNE+7dhLmvDNrRvGfr+gCRJGa3k9UH2RmZgrjDW1thXHSn++SpRgzagRib8bKpQIANBpPTJn6JrZs3Y5//vkHf/yxB76LFspto1ro+YHPy6VwfjtJkrpDYqOfvzD+MI6TIaLyerqTeKzMH3t/Rwt1C7w//z2EnQ4V5hRxcRG/LyPDnT93Dvv++KO40K4vczNzODd/BD179EDPXr3Q1NFJbgsREVEpRn1oqr6ng//zzz8615evXI05s2cCKBxN00fTx6CxMBXdL+VseASAwk7NolEuIh06Po1r167hxo3SFxRqej9RfXD7zh1h3MzMqJ8+jd6s2e9i1cplcmnw8hoKl06u6N27F4ur9Uh/T43k4XNFOL+dpDg1ayaXIonjZIioIrp26yaMx8RcF8ZFuj3zrFwKyTh54jhu3rpt0Gx2oLCjvYVaDY8uXeVSiYiIdDLqDncHhyYAgAMH9lVonElRsXzZilVY+pmvTHZZFd0vRftgLvRjj7XRmVf095D4oOO/SE3vJ6oPtBLz223Z4V4u4RGR8Bk/UbbYPmiQF/YHBeO3336F76KFLLbXQ92f7aFznfPbqSpwnAwRVcRo7+F6n0Mi0rdvP969V07xcXdw/M8/8cvOnbgRG2tQsd3czBzNnJphxIiRLLYTEVGlMOoWzZatWhZ/vHL5cjRp0kRHtrShw17E62+8IZxRro+K7pdS1DFuqVLpzHNwcAAA/PPPlVLxmt5PVB9IjZRpbGcnjJO08IhIvDN7tmT3aJEpU9/E+nVrdOZQ3Tdz+jRs3vQtzp6NEK5zfjtVBY6TIaKKcvPoIjs2pqTmzZujS9fuGDpsGCb4jJVLp4dERV1C7I1YpKSm6D2bvYhKZYWWLVqgQ8eOcqlEREQGMeqC+zuzZiBwyxacCj2JAwf2IeXePXTp1l1uWxm//lL6VHhDVXS/lIwHnbNFHeRyrl27Vurzmt5PVB/cl+hwb9CggTBOYn7+32P555/h778v6sz7dPFnWDBvrs4cqj+e7uQqLLg7OjryrgeSZGlpKYxHR18XxotwnAwRVYZ2TzwhlwKg8LyJnr2fw9ixr8C1k4tcOj0k9NRJxN9N0HsMbUl2jeygbqFGu3b6/VsREREZyqhHygDA9Nmziw/tPBV6snh2+nf+32LuewvwU0Cgru1GLeXePbkUAIDKyqr445KjdWp6P1F9kJebK4x7DhggjFNZy1aswqsTxukstqud1diydTuL7VSK15ChwniHDixMkDRndQthPEPiAmqR0FBxRyrHyRCRIeSeL7y8huLTxZ8hNOwUVq74nMV2A8TH3cHevXuxbVsgrsfEGFxst2tkhy7uHvDs14/FdiIiqlJG3eEOAC+N9oa9nR02+/tjy88/FsevXbuGz5cuBgAcPDAZ327cIPUQRETlErRvnzDO7nb9hUdE4sP35+vM0Wg8MXnq6xjtPVxnHtU/3iNewISJk7DJb2NxzMHBAXPnzdOxi6h8zoaHC+McJ0NEhnr4dxcAjBw5CgMGDsSkiePFm0hSTHQ0rkVHIzEpEQUFBXLpZahUVujQvj1atm4tl0pERFQpjL7gDgDP9/fE8/094TN+PH7f/Xtxl3sRv2+/hlabjp9/+kHiEYiIDJealiaMK1lw19uSxYsl5+ADhcX25StWsLuLJPl9+w169uqFo0eOoFnzR3iYHFWJ8IhIBAYGCNc4ToaIDOX37Td4sn17HDl8GOYWFhgydCjns5dDTHQ0rly9iuR7yXKpZZibmeORR5qjZcuWaOroJJdORERUqWpFwb1I0aGla75ajYWf+CLh7t3i4vuWn3/EE0+2x0cf6O6kJCLS1/108W2qNjY2wjiV5rtkqWQBCwDG+UzAZn8/yXWiIhN8xrJQQRWWmJggubZn715hnONkiKi85syeiTmzZ8qlkcD5c+cQc+OGwSNjAMDWxhaPPPIID0IlIqIaVasK7g/76stVeKpjB7w+eRIA4MzpMJkdxqVho0ZyKQAAbYmiX9FFB6Dm9xPVdampqcK4lUoljNN/9gcFY8Pa/0muj5/waplbrYmIKkP7p9oL40mJicI4wHEyRETG4FBwMFJSUpCTmyOXWopCoYC9nT0ebd2aY2OIiMgo1OqCOwBMfe1VhBw6hC0//4hdv+6USzcqlg+KdgkJd2UyCxUdHlukpvdXhd9//71cnQxEVSHt/n1xPD0dgYFbhWtUaPnylYi9GStce/bZHhg0sD//DomoSpw/FymMp6TcEz7vxN68LXk3jkplyecqIiIjl5+fj4TEBCQkJuBUmPgAbCIyDk6OTujZq5dcGlGtp5BLqA1atGhZ/PEf+4N0ZBoXB4cmAIAMrVZnXkJC4S3Qjz3WplS8pvcT1XXZ2dnCuIWFhTBOhX78aQtOnTopXOvwVEcMHzFCuEZEVBMiIiKE8WbNmkPTp7dwjYiIiIiISIpRd7ibmJgAAN6dOx9LP/OVzFNZWUmuGTMHBwcAwD//XNGZV9SB3vhBfpGa3l8VBg8eLJdCVC3OhIXh4sW/hWs+Pj7COAEb/fzx6y/SdxtNnzULkyaOl1wnIqqolDRxI4G5uQW8vUeViX/88SJBNtCv/wBhPhERGS4+7g7+ufoPEpISkZmZKZcuZNfIDuoWarRr94RcKhERUY0y6g73Lh5dAQA3bsTozKutM8afdu0EALh27Rp+CgiUzDt/7iyA0p38QM3vJ6rLpGb9cn67tPCISHzy0YeS6zNnzWGxnYiqnFvnzsJ4cHDZuyD3BwXjwoXzgmygk6v4cYiISD/xcXdw8vhx/LJzJ0KOHMHN27cMLrYrFArYNbJDF3cPePbrx2I7ERHVCkZdcO/g8jQA4NTJ4zgdflYy79Klwi7UocNelMwxRi+N9i6ei342XHw78/KVq3Ht2jUAwKjRpbusano/UV2WIFFwVyqVwjgBSxYvlpzbrtF4YuWKz4VrRESVybWTi1xKsT/2/iG5NnP6NMk1IiKSFnHmNIIOHMDRY8dw42aswYegAoAJAMcmTdGzRw949uvHw1CJiKhWMeqCu0fXLgAKO7D9N/kLc5avXF18WGpnN3dhjjEb6T0GALAtcItw/nzgli0AgDH/9zLcXJ8us17T+4nqqnSJsw1sbW2F8browMFDWPDBQixbsUouFQs+WCh56KDaWY258+YJ14iIatLRkMPCeO9ezwnjREQkFhV1CUEHDmD79m248s8/SL6XjPz8fLltZZibmcPezh69evVCr+eeQ1NHJ7ktRERERseoZ7hPfe1VhBw6hC0//4g1X62GVquF9yjv4vWPFy3Gwg8XAAD69RuAjz6YL/VQRmvU6FE4HHwQp0JP4qP338f1mBhMfe1V/LE/COvWrsWp0MKDB33GjzfK/UR1VVpamjBuXUvPjDDUW2/PxJqvVhd//uH78zFo0BA80b49XFxcMNp7ePFaQOAOfO/vJ3oYAMCUN95Ef0+N5DoRUU1Y9cUahJ0OFa69wrM6iIhkXYmKwuUrV5CZlVmu4noRczNzODZtiubNm7OTnYiI6gSjLrgDwM8//QCtVotdv+6E37dfw+/brwGguNAOFBbblyxdKvUQNarkRYF1X2/E1NdeLbXu5vo0ps+ejS9WrMCp0JM4FXoSr0+eVCpn4Se+krPpa3o/UV2VmZUljNva2AjjdcmCDxaWKrYDQGZmJnbsCAR2FH4+x1mNbt2fQZt2TyDk0EHJUTLe3qOxYN5c4RoRUVVxd/MQFtM3+vkXnyVx/M9jZdaBwr08b4KISFpMdDSuXLmC5JR7cqmSzM3M0bBhQzR/pDnnshMRUZ1j9AV3APj1lx34eNFiXPr7Irb8/GNxvItHVzyn6Yuln/nq2G38XhrtjXZt22JrwFZ8vnRxcXziq5PRt58nXhr9X1e/SE3vJ6qLsiQK7p4DBgjjdYXP+In4bvMmuTTE3oxFrMQImSLubh6YN7/23XlERLWfU7NmOtf3BwVLjsHqP3CQME5EVN+dP3cOt27dQmpaqlyqJAuLBmipdkanzm5yqURERLWWSUFBQYFckjH5Y38QBg7oh4Wf+NaqETImJibCDnciMj5B+/bhzxMnysRNzczw/oL/7q6pS8IjIvHO7NkIDi57lkN5ffPtJnaJElGNGDJkGHbv3lUmXvS8NGv2u1i1cplgJ3Am/KxBB68SEdV158+dQ8yNG9Bq0+VShWxtbGFvb4eWLVtyJjsREdULtaLDvbb7KSBQLoWIjIhUd7u1SiWM13YBgTuwfOlnkrOMy2PmrDksthOR0ZI6LHWczwQW24mIHjh69AgSExKRk5sjl1qGUqmEk6Mji+xERFQvseBeDc6GRwAAPNzdZTKJyBgkJicL40qlUhivzTb6+eOTjz6UnMFeHt26dsfKFZ/LpRERVRlLS0thPDr6us7DUnv26iWMExHVFxFnTuNuQiJSUlNg6M3wpqamaOboxMNPiYio3qt1Bffn+3sa/Iu/Js19bwE+X7oYY/7vZbi5Pi2XTkRGIDVVPJdSVcc63H2XLMX789/TmePu5oF35r6HtLRUXLxwEVcuRwnHNJQ0c84cnetERFXNWd1CGM/QanlYKhHRQyLOnEZCYhJSUlOQn58vl16GtbU1mjZpAjd3D7lUIiKieqHWFdxrG5WVFcb838t4hwUoolojNzdXGG/uVHduh31lrA9+/OE7nTkajSeWr1ghHK+w0c8fFy9cxNGQw8WdokqlEp98uhijRrxYJp+IyBjk5OTwsFQiIlS8yA4Ado3s0Obxx9nNTkRE9BAW3KtYbTrYlYgKpUh0uNeFkTJfrlmHlcs/R0zMdZ1543wmYLO/n+Q6u0CJqDa6qWN81sgRwyXXiIjqgogzpxF76xYyMzPlUiUpFAo0bdIU7dq15Wx2IiIiCSy4ExGVcPVylORaj969JdeM3aov1iA46IDsOBig8MBTzmAnorro+F/icTI8LJWI6qL4uDu4fetWhTvZgcL57E0cmrDQTkREpAcW3ImISrgefV0Yt6ql89t9lyzFL9u3Sx4QWJLaWY0pb7yJBfPmyqUSERm19k+1F8bj4uKEcR6WSkR1RXzcHcTExCApKRmpaeK7Ng1holCgsZ09+mg0cqlERET0AAvuREQlJCQmCuNmZrXn6TI8IhJ79u7Vu9AOFBbbl61cjdHeHKlARPULD0slorrg5InjuP3vv5JnERlCqVTCwb4xmjdvzvnsRERE5VB7KkhERNUgOydHGLe3txfGa1p4RCROnzkDADgbcRbXo68h5PAhpN1Pk9n5H7WzGr/+tpvjFIioXuJhqURUW8VER+NadDRSUlKQkyt+ 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E93zO0Ju+ju15fjY61Vte71XqpJ7u9Y9ct1TG8feeuuvPWWt9651hl2/NM5P7Me9U6ztpVOZf65ww0KloqlVo7PhodmxXZ+hyrXh1HRGlwcH7p/MXLDWMmZaljZ6v7tdF+ShUXSiVtW0Tjc3Rs+byXtm08bVvr+3PsZ+S9pkr71ujYrMjW51jatrTqnZMHDh6uTrt/3QM1ljDe+YuXS/1zBnLPtVZjdbv65ww0fW5kj5VG0/NeebGhsp15r1rrNDg4f1zdZNvj8xcv587Xikq9tFL/neyzyudV4t9k0q04l1e+leOgotVrsbGajZUVncTnRnWTnVZLNt60ci2Y4lyvte3Z9185carh+0x/ergzpfzgB9+v/j137tw6JZu3bevmKJVK1fFZFy5aXPOp09u3bolCoRCPPr551FOsK+o9tOWxJ7bEnz5T/nV67FOx1w+P/Cr/v355f+4tS4/+8abonzMQ23fuilKpFOcvXq7egnn23Jn4xNq18dz+vbF8xarq09zgMn5JAAAgAElEQVR373222tNhoh701mgfHXzhQCxctDjOX7wc5y9ejnuG1ox6KNDzh47Ex9fcGxHl3jG79z5braf715XH8ntu/96Gv2RPdH11ut6N6iWVdo/hHU89HZ/7THndBwfnx4GDh6v1Whnf7sltW8b1wHjsiS2jHpyVna9yzh184UCsWPmxqCf1/ux0f020bh8fzx86Eo/+cbkXyfIVq+KVE6fGxadTp07EF7/wxZZiJs1rFDtb1cp+ajcuRGjbKhqdo6lizkTXV6fr3aheUmn3GJ5ubVtE5/tsonXzGNG2Taxsj+tb3nVLnZKjzZ41M/fBqpPVtWvXIiKq52pWu7Hh6FdfHNduVo6//c9+KcY6fvJ0dTiZ7PArv/He91T/Pnzo8Lj5Jrv3/C/lcevPnjsTjz/2WLI7onqtUZzrNG53ei3WSqxMLa9uKudKZYihPJV4UygU6o7334l65zo0pQQ91Mov4NlfMbPlO/l1NavSg2jsuoz9tTmvl1T2189avaga/ZraqPdc3rLPX7xcKhQK1el5vwI3s271pN5HhUKhbo+FbM+GvF+As9szdnq366vesdbOerdSL4002wuw1nHQ6Dhp1OMkO70iW9+Dg/PHzVMqje6NMbZ3QqP17mR/trO/OtVJz5hGx0encbCyH2qtW7Y+KutRK2ZSljp2trNfSyVtWy2p90+jc7STmNPt+tK2TZ+2rVRqb591qlvtW6cxUNuWXr1zMnvctxOX87QSqzvRqC2reOXEqer5Ofbc7jQ2lEqNe8/nlRt7HlfWIUWdVeqllWV1ss9eOXGqul2V1/IVq1q6M6pbuhXnSqXO43aj4zfvWiyrnVjZSXxuVDfZO89qxZLKHR71esHnaVRXFfXO9Vrbnn1fD3dKJT3cmQIuXLoSwxs2xarlI78CL1uxos4c3bN8xapYuWzJuPezD23J9u6o2LNvf5w9dyYiIj40ePu46REx6lfuN34yfjzAvM+ePWtmvOe9I0+w/72cXncT8UCZVvZR/8D7Y/askXXO2vHU09V6+vBHFsaCeePratvWzdE/ZyAiIl6u80CgiayvFOtdr15SaucYzm7fkuXLc9fzwx9ZGBHlHimVMQKzD8769Gc/O26eiIhnPr+rWi//5S//MrdMRNr9mWJ/TbRuHx+V3rvveOc7c6dn6/HVV1/NLUPrWomd3dROXIjQtmVp27RtWb1o2yLS7LOJ1s1jRNs2sbLjbv/rt72tTsmpacdTT8cjDz0UxWIx7hlaM65XbcrY0Mjrr383Isp35ow9zz8wt/z/Y0dfmnIPelww7/ZRdydFlHtAP7lty6jxxKfadnXzGiHFtVgvY2Ve3WTvJPzW//5/jJ0lLly6MnKHx7t/fdz0TjU616FZP9eoANen+z5+f/zov/6wUbGm3fbbvx2b/mi45vTKg4masX3nrtwvVROh8qTqsVYuWxKrludOioiIv7tavvgqFAo1173Rl41an33jjTdV/8675TV7wfvmT386bnqzUu2jWtsREfH9vy839oVCIe68846a5fpve3+cPXcmvv7ysXjm87tyy0xkfaVY73r1klI7x3B2+2pdcNx55x3VWxGvXLocK5ctqftlIOsDH/xQnD13pvrFIO9cSLk/U+yviTZRx8dr37kSx0+eHre/Vi5bEiuXlWrMNXW8+JWvxA9+mK5te+tb3xpD995bt0yq2NlN7cSFCG1blrZN2zbWRLdtEWn22USbiGNkurdt586eiZ+8ca1Rsabd8Au/EHM/+MFGxca5di3/AaIptBKrIyJKpfb263P791YfnFtL/5yB3GFeUsaGei5cuhLHjr4UERGz3jd73PR3//rIEDOHDx1uefm99sjDG+Pt73h7vHjkSDWpWnHq1Ik4depEPLltS9wztCY+8clPTInt6+Y1QoprsYpexMq8upk9a2YsXLQ4jh19Kf76Z+dVVna4pHp1Vk8n5zo0S8KdXD/6rz+Mr33tWKNiTfvVf/trjYrUNTg4P2a9b3YsXba06QajG276pZEvQK3YtnVzS+MS5j2ZPfuU7DyVX717pdl9VK8OKw3qe947s+4yKuNCFovFmheqE1lf7a53VrvHVqva+ZxKr4dsj7uxZs+aOe7LzWvfKW/jr2XGlsyTXadz5893fX+2u7+mYuxpVuVit1gsxic/vjY+umR5SzFrqvh/f/rT+H/+6Z8aFZtQzcbObmr3+NK2jdC2advGmui2LaL9fdar2BPR3r5r1vXStv2P//H/xZtvNvdDWjfdcMMNjYpMC2fPnYkZM2bE5zZsHPWDWMrYUM/XMj2csz2PK+bOnRuFQiGKxWL1R4Cp5r7VQ3Hf6qHYs29//F/fea06PnnWc/v3xp+/ejqe2LK1J50VWtHNa4QU12K9jJW16ubWW98dx46+FKdOnRjXTlXa78HB+S2fP62oda5Dswwpw6SQfTBR3uvkyeOxbevmrgbUZvzLt761UZGWPfbElhjesCnmzVtQfS+vIXz7O94+7r2JlGof1avDq1fLt0Vne3blyS7j3PnzuWUmsr5SrHc3jq087XzOP/z4xxHRePuyLly6Ur2tttEXsPe8Z+QBT//4D/+YWybl/kyxvyZaO/utFXfceUf1IXzFYrF66+6iu+6O4Q2bGsxNPaliZzd14/jSto1IGXMmsr5SrHc3jq087XzOdGvbItLss4nWzr5rlrZtYt1wQ/0fkDrRKFaPfbVr7AMns68DBw9XH+ZYLBZj+9Yt1Yd6po4N9bz+3b+KiHKyMS/RPHvWzOgfeH9ElO8M6OTBo//zv/pXjYp01X2rh+KZz5cfKr19567qA0QrisViPLxxQ0fbOBEm6hphrGavxXoZK2vVTa1hbC5culJ9mGreHR7Navdch1ZIuMMEOn7ydAxv2BQD/bdFX19f9PX1xaN/vCme3LZl3C1z16PKhepz+/dW6yfvVXmK+2QxVde7m954Y+S24kY9+Caa/TXegnm3x+c2bKxebFccO/pS9aJ76N61U27MTCaGtq2+qRpzpup6d9Nkbtsi7LOxtG0TK5to/r//+3+vU3JqWrlsSex/9kvVpG+xWIwjh8vPdpio2HDh0pU4+MKBiCgPr1LrHK+UiYh49ZsjycpW/cIkumvhs59+oJp8Xz+8cVSCuLIfpqJUcbuTa7HJGCtXLlsSg4PzI2Jk2J2IcvK9Umd5d3ikUO9ch1ZIuMMEGd6wKX5//mA8uW1L9cEmEeUHZq0f3hgHDo6MRQYw0e5bPRRXr16N9cMbqxe4Wc/t3xufWDuxF9tMfto2YDLTtk2cG28a6aH74x/9qE7J8Vas/FgMb9g0JXqRPvP5XdXE5J+/OrHr284DKy9dvNCoyJSzbevm+MLuL/VsP0w2Ka7FJmOsrAzP9PWXR4Y6riTf++cMdH0ooV6e60wPEu4wAfbs2x9PbtsSEeXb/x59fHP1lqUXnv/fYtvWzV1vMKaS9cMbG94qWnlNpvHUpup6d8NNmS9dzT6gb6LZX/m2bd0cJ08ej/MXL4+76D577syoBxVxfdO2tWaqxpyput7dMBXatgj7LI+2rft+9d/+avXvbI/UZpw98614ctuWeGrHjkZFJ4XKkC3FYjGOnzw9YbHhws+GEikUCg3P7eUrVkVEuSd8uz9kNBoeJ087w3VFRCy66+7o6+sbNfxJPQvm3R4fvmNhRIzsh6ms3bid+lpsMsXK7Lj1zx8q9zCvJN/7b3t/zflSGnuuQys8NJVcH/v3fxCLFi9uVKxpN998c6MiXTWRv8Tm+Yuf9UbonzMQJ08eb1D6+jU4OD9OnTqRO7bcZDZV17tZ73jnOyMi4tq1kdtlG5k9a2b1gU2N6uW1116r/p16PNs8031/1dJqHJw9a+ThTTueejo+95kHI2LkQUVT0Xt+4zfine94R6NiTfv5n//5RkW6rtX9mpK2rTlTNeZM1fVu1nRr2yKm/z7L02oMnI5t282//Mvxtre9rVGxpv2L/+lfNCqSa+WyJfGfdg7E2XNn4uy3v9WoeNXzh45Uh4joZEzmiTR2vPqJiA3ZsasrScB6Kg/CjCgPK7Ng3u11SuerJM0rSfRmXPtv5Zh64403Nig5WmV98x6SWUv2roqpqtO43a1rsRSxstX4PNZnP/1A7P7CM1EsFuPKpcsRMTIETyUZ323dfDYF05+EO7mWLbm7UZEp5a+/971GRbqqcnH0gQ9+qGaZyq+217Nf/NmFWeVp7bUMbyiPR1coFOLq1at1y06EqbrezapcAL/2nfoXTTNmzIhisRj3ryuPsdg/8P4oFosN6+WNn4wkO+b81m/VKZnGdN9ftdSKg88fOhKrli+NiIjtO3fFZz89+oFUEeUL3pPHj3f0hWAyeN8EHF8TrZftm7atOVM15kzV9W7WdGvbIqb/PsujbYu45Vd+pVGRCfOBD36onHA/dyb27Nvf1B0U3zg10mt07gfn1ik5ebz55kgv9krv9m7HhuzY1be++9cblI5Yumxptedzu8PKVJKaZ8+daSoJnv3x5KZfai0Znu1N/+qrrzb8rLFumqLJ907jdqfXYt2MlSmuUSvnVTbRXygUctezG/LOdWiWIWWY8t51y8ivm393tZhbpvKLaK9ULjzq6fU6TgaVi8dTp07Enn37a5b7829+IyKa690xEabqejfrN977nogoH8e1ti97gV3pbZLtqVLvQq9SLwsXLW754rod03F/dRIHVy5bUh2fsN4t4JUHZ7VzezHt6WS/TgRtW3OmasyZquvdrOnWtkVMv33WSQzUtvXG0mVLq/X+Z/v2NShdftDjc/v3RkT5XGmnF3YvVJKcg4Pzq+d3t2PDd/9qJCF755131ClZNnvWzOpwIO0OKzN37sgPIM0MJVI5HwuFwqh5m5E9dk4eb66n9uvf/auIGL0fpppO43an12LtxspO4nMrKvVz9sy3qkn3iWy78s51aJaEO1Pegnm3VxuJ13N+Gb5w6Uq1gWrGP7fwq22z+ucMRET++kWUv9BVeiBczx55eGO1rl48kn+hOrxhU/VhML/X4oVct0zV9W7WfauHGm5fpXdSoVCofgnIXjh/eX/+BeS6Tz1YrZff+d3fzS2T2nTcX53GwQ/MLX/B/frLx3K/kB0/ebraCzR7i3JEd2ImZZ3u16xu7CdtW3OmasyZquvdrOnWtkVMv33WaQzUtk282bNmxkeXLI+Icq/oRXfVvmv6+MnT8chDD1X///FPfKJm2clkeMOm3CFwuh0bKg9tbCXxl12/V7/Z+gNXZ8+aGfcMrYmIiK8cOdiwp/RXjhyMiPK51+w6VmSPnVOnTsTQvWvrlt/x1NNx8IUDERExb0Fz475PRp3G7RTXYu3Eyk7jc7MqbW+xWKzu72bu8Eih1rkOzZJwZ1qoNBLHjr40qnHes29//NHwcJw9d6baINRSGWeu3R4A9VRu8Rq7fhHlQF65jYuIJctHLrTmzVsw6pf+yq10EeWnrjdzm+pEmarr3az/+JnPRER5+xbddXf1gvvCpSsxdO/aau+kjy5ZXr3Anj1rZnz8k+ty54uIGLp3bfzpM09HRLleJurWwIjpub86iYNLli6pjj36yEMPjaqPPfv2x1M7dkSxWIxCoRBLl5XjVTdjJiM62a8R3d1P2rbmTdWYM1XXu1nTrW2LmH77rJMYqG3rjW1bN1eTtMeOvhQD/bfF8IZNo8oMb9gUn/z42moScfvOXZO+d/uFS1di3acerJ5D/XMGYtvWzdXp3YwNe/btbyvxlx2ip91hZbLn0arlS2N4w6ZRY3NfuHSl2uYXi8XonzMQn/hkez+ebNu6ORYuKj9H7rn9e2PevAXjjp3nDx2JoXvXVscUv2doTUt1ORl1ErdTXIu1EysjOovPzcreqVHRzB0enWh0rkPTStBDCxctLkVEaeGixY2K1nX+4uXS4OD8UkTkvh59fHP1sx59fHPuMl45cWrcfNt37irt3vts9f+79z6bO2+pVKqWWT+8cdy0RutXKBRKu/c+Wy0zODi/VCqVmvrse4bWlCKi1D9nIHd6drvy1q2RFPuome3IevTxzTXrqrIu5y9eHjdfM5/TSX01Wn6r691oea3IfvbYZTX7OY2Ok0bbd/+6B3LnWz+8sWG95GlmvTvZn422p9Zx1q7KuVRrXcdqZvuzGsWZRnEw+3l5r0KhUDpw8HC1fK2YSVmK2Fkqdb5ftW35UuyfZrYjq92Y08zndFJfjZbf6no3Wl4rtG2t789SqfE2TaX2rVGcaRQDtW1p1Tsnx2p0jlTqv95yKvu2nVcr+ucMNFxe9jU4OL/0yolTuctqtN312p3svFn3r3ug+n72eG1G9vxpdd6KAwcPN1VH9eqlVBp9/NT6Tl4qjcTARq9a8bnZz2lFN+NcqdR+3G4UI2tdi43Vaqxs5rNrxedW6yZ7XnRy3VYqpTnXa61/9v3sPLXeZ/rTw51pYfasmXHy5PFYP7xx1PvLV6yK3XufjUceHv1+ngXzbo/tO3dVb8uKqD+OWSuy65f9lbd/zkCsH94YV69ejftWD1V7LJw6daLjp3pPZY88vDEOHDwc968b3VthcHB+PPr45jj61Rdbvk1xIkzV9W5Wre2rnGfPfH5X7nzbtm7OnW/hosWxfeeuOPrVF3Pn67bptr86jYP3rR7KrY9CoRDrhzfG4a+8GCuXLam+382YyYhO92s395O2rTVTNeZM1fVu1nRr2yKm1z7rNAZq23pn29bN8cqJU7F+eOOo+owoH4vZdmKqWL5iVawf3hgnTx6v2SO/G7Hh6y8fi4jycZs9XpuR7RHf7pjaK5ctiTNnvx3rhzfG8hWrxk2/Z2hNPPr45rr10or9z34pDhw8PO76ImLk3D1w8HDN+DwVtRu3U12LtRorIzqPz82aOes3q3/feuu765RMp5lzHRrpK5VKpUaFAAAAAAAmyo6nnq4OIXTg4OGWf3SCXtHDHQAAAACYVCp3GQ0OzpdsZ0qRcAcAAAAAJpWz3/5WRLT2wGCYDCTcAQAAAIBJY8++/XH23JmIiJj7wbkNSsPkIuEOAAAAAEwKFy5diRePHImI8oN5PbyUqebnGhUAAAAAAOim4Q2b4sltW6r/LxQKsWSpsduZeiTcAQAAAICeuuEtb6n+vXDR4li2YoXe7UxJfaVSqdSoEAAAAAAAUJ8x3AEAAABasOOpp6Ovr6/u6/lDRxotBoBpSMIdAAAAoAVv/OSNRkUAuE5JuAMAAAC04Nq1axERcf+6B6JUKuW+Vi7zsEeA65GEOwAAAEALfviD70dExI033dSgJADXGwl3AAAAgBZcvfo3ERHx9ne8vUFJAK43Eu4AAAAATTp+8nQUi8WIiJjzW7/VoDQA1xsJdwAAAIAmvfbaaxER0T9nIA4fOhwD/bdFX19f9PX1xYqVH4sLl640WAIA09nPNSoAAAAAQNkbP3kjIiLOnjsTZ8+dGTXt4AsHovi3fxuP/cmfxIJ5t+fNDsA0p4c7U96FS1dieMOmRsUmtemwDRNhqtXTnn37qz1djp883ag4wChTLeallo2hjz2xpVHxZCZrvWfrY8++/Y2KAyT32BNbehqHjp88Xf38oXvXNireVdeuXav+vXDR4jh/8XKUSqV49PHN0T9nIM6eOxNP7dhRZwkATGcS7kxpzx86Ep9YuzZef/27jYpOWtNhGyaCegKuJ2Jeb6h3AJrxwx98PyLKyfajX30xZs+aGRERjzy8Mf7D6tUREXHq1InY8dTTNZcBwPQl4c6U9o1Tp8fdwjfVTIdtmAjqCbieiHm9MZnr/b7VQ1EqlaJUKsV9q4caFQegi06ePB6lUimOfvXFcdPuWz0UCxctjoiI7/6VH3ABrkcS7gAAAACJ3HrruyMi4tq1NxqUBGA6knAHAAAASOyf33yzUREApiEJdwAAAAAASEDCnUlhz779MXTv2upT5yuvdZ96MJ4/dGRc+eENm6Kvry+e2783IiKOHX2pOs+effvHla9lz7791fkiyg9LW/epB0etw9C9a3PXYazjJ09X16vyWnTX3TUflJNyG1qpu0bzzpu3IIY3bOrKfBETX0/Zz7pw6UrNchcuXamWy9uOTup5rOxxV28bKmUee2JLzTKt1icwsVqNHZ3GvIjRMeb4ydPx/KEj49Zh3aceHBUTH3tiS8ybt6A6fd68BU19XqvbV5mnUi4iRs2/YuXH4vjJ07nzjbXjqadHrW9ejG82RnZS73nXEitWfqz63owZM+q2j83WRzNtx/GTp8ddxyy66+6629BsHQHUk/J7VV6b1EpMajauHT95ujp9oP+23GVduHQlBvpvq8bzSrtama9Wm/Xmz3q2/+KNN+ZOB2CaK0GP3b/ugVJE1H09+vjmUfOsH95Ys+zuvc/W+KTxdu99dtR89dbhwMHDTS0n73XP0Jpx86TYhnbqruLRxzfXnW9wcH7p/MXLyeYrlXpTTwcOHq6W375zV81y23fuqpYbu/7t1nN2e185cSr3/XrbUG/ZpVJ79QlMnHZiR6cxr1QaHRvqxez+OQOl8xcvl+4ZWlOzTL242c72lUqj12/5ilXj5lk/vHFcubHLeeXEqVKhUKhuRzbG5n1O3isbIzup92avJWq1j+3UR946ZduxvFdlOVmt1BFAtk0ZG4eajYUR9b9X1WuTstNqxadGnz12vmxblhcns+1DdnqlDap1nd4/Z6DmMgGY/iTc6ansRdvYi5/sxU2hUMj9klq56Fq4aPG4ac3IXpAVCoVSoVAYddGUXb/+OQO5y8gmdPvnDIy6+MxewN2/7oHc+dvdhk7qLrvOy1esGpWoyM47drntzjd23omsp1Jp5IK41rJLpVI1yTE4OH/U+53UczcT7p3WJ9BdncSOUqmzmDc22dA/Z6CaOD9/8XJp4aLFo6ZFlGN6ZT127312VDI7TyfbN3b9Fi5aXDp/8XI1+Z9dj7w4eP7i5dLg4PzqtLzETbsxsp16H3stETE6wZKtj+UrVtWdv9n6GNt2ZJPtg4Pzq3Vy/uLlUUn87A8o7dYRcP1qNuHe7veqsfGyEv+279xVba8qr1TfN85fvFyN3WPbrLE/7mbV+u5QKo1sa602HoDpT8KdnqpcONXqoZC96MrrZdfOF+OssV9y8760Z9chb3plG2r1sMvOnze93W3opO4qF5zNXOxmLxLbna9U6l09lUr1L4graiXlO6nnbibcO61PoLs6iR2lUmcxr1Hblk0uROQngZtt+9rZvrFJmWbuisrGwWwCuVHPwlZjZDv1Pra+G/WQbJSkaqY+xi4ju71582en573XSh0B169mE+612o56bUu2bcprl7LJ9Ij89qfduJZ9P/tdINujfuz2ju2IlLcsvdsBrl/GcKdn9uzbH2fPnYmIiA8N3p5bZumypdW/3/jJG7llUlm+YlWsXLZk3PszZ/1m9e8rly6Pmrbjqaer2/DhjyyMBfPGb8e2rZujf85ARES8/LWXx01vR6d194MffD8iIt7xzndGnuw2v/rqq9W/252vV/VUcfPNt0RExKlTJ3LH+H3+0JEoFosREXHLu26pvt9pPXdLr+sTqG8yxY68tm32rJnxnvfOrP7/9+bOHTvbqHj+N9/7m1HTUm5f/8D7Y/askXVpZHjDpjj4woGIiLh/3QPxyMMbx5XpZYzsnzMQ27ZuHvd+9vP+ItM+jtVqfUSM3t4ly5fnzv/hjyyMiIiz587E84eO9LSOgOmvne9Vhw8drl6P/8Ef/mGMtXLZkrh/3QPj3q/oJK5l3//TZ56ujtNeea7HPUNr4r7VQ6OWtXLZklg/XG6DDr5woDqm+5Pbys9eWrhocW57AMD1QcKdnvm7q+ULqkKhkHtBFhEtf+nsRCUpO1atdYuI+P7flxPQhUIh7rzzjprl+m97f0REfP3lYzXLtCJV3b32nSu5D/pZuWxJlMp3wMRnPz3+wrbV+XpVTxXZxM/hQ4fHTc9e8M/NJJ5S1XNqva5PoL7JFDtqtW033nhT9e+xSYSIiH/9trdV/37zpz8dNS3l9tVavzx79u2vJjKWr1gVz3x+V265XsbID3zwQzWnVT7v7Jlv1SzTSn1UZLc3r82OiFH1cOXS5Z7WETD9tfO9qtKxZ3Bwfm6yPCLi/f/ut3Pfj+g89i9Zvrz695HDR+LQCy9ERHl5S5bmr/e2rZtj+85dsXDR4up7/XMGYv3wxjj61Rdz5wHg+iDhTs9s27o5SqVSXL16tVHRiBh50nu33PRLI8mHZv3169+NiIj3vHdm3eRCpdd0sVjM7WHdqk7rrnIRXCwW45MfXxvDGzblzTZOu/P1qp4qZs+aGYOD8yNi5GI+K3uBn12/Tuu5W3pdn0B9kyl23PCWt9SdXunR14qU29ds2/vmT38a27eWk+39cwbis5/7XM2yvYyRvzKjUHNa9vOeP3Qkt0yz9ZFVacOydy2MNXvWzOoP4tu2bu5pHQHTXzuxrPJj5C/X+eGxXsK+07j22U8/UE2cP7d/bxw7+lJERHx0yfKaPwBU5jv61RerMfbM2W/r2Q6AhDuT02NPbInhDZti3rwF1fe6mZCIiPiXb31royLjXL1avs0+21MwT3bZ586fr1Oyc83U3R133hGFQjkpUCwW48ltW6Kvry8W3XV33SR6u/NNhnr6tVvfHRH5PQsr78163+xx02pppp67ZTLUJ9CeiY4db3/H2xsVSarV7Wu27X1y25bqUANnz52Jv/7e92qW7WWMfNcttRNF2c/7p3/6p4ZlmvUPP/5xRDTe3qxe1hEw/bUTyyox/sYbb6xbrtYPxSni2rIVK0b9v9YwYQDQyM81KgDddvzk6Xj1m6/Gn3/zG9Vx96aKyoXhc/v3Vsf4m0jt1t2CebfH5zZsjO1bRxIYERHHjr4Ux46+FE9u2xL3DK2JT3zyE6N6iLQ7X6/rKWJ8z8JKD5ns+O3ZcSWz2q3nbpkM9Qk0NtliR2q93L5DL7xQs6djL0SH5lAAAA8ESURBVGNkvV6Q2WT8P/7DP9YsNxF6WUcAY+UNVdmqFHFt5bIl8Z+Prqo+K6TeMGEAUI+EOz01vGFTdTzWrOUrVsXNN98SM2f9ZqxaPjL+NiM6rbv7Vg/FfauHYnjDprh08UKcOnVi1PTn9u+N1/7PK/HFL31pVPK83fl6be7cuVEoFKJYLMaVS5eriZrK+O21xiLutJ6B69N0jx292L71wxvj2rVr1Vv99+zbnzv+/FTwlrfc0KgIABPswqUro+6G/cqRg7F02dJJ9Z0GgKlBwp2eyT78bHBwfvy73/ndeOThjePKrRp5fs2ktX5444Tebpiy7irrfeHSlTh86PCoJPrZc2fi8KHDuReZ7cw30fWUNXvWzOgfeH8Ui8VR47hX/u4feP+4eVLWczf0sj6B2iZ77OhUL7bvnqE1sW3r5jh+8nS15+IrL79cN+Heixh54dKVmomZv//+SNvTznAL3dCLOgIYq97dQa3qJK598QtfHHUXb7FYrPldCADqMYY7PfMXr74aEeWx8U6ePJ77ZX2yqzyIs5vj7+bpRt3NnjUztm3dHCdPHo/tO3dV3897yGhWM/P1qp7Gqjz0NdtzpfL3zTkPaOpGPTer3sPpJkt9Avl6GTsmQi+27+afDceyYN7tsX64/HnHjr4Ujz0xvpd9L2NkvbHls8PI1BvrvVXveOc7IyLi2rU3GpQc0cs6AshTGZv92rVrdctd+2/5sa7TuJb9QfeeoTXVB6g+uW1LkiFvALi+SLjTM5VEZ72x8Z4/dKTmtMngF3/2UJ+/fv27dcsNb9gUfX19MWPGjLrlmtVJ3T1/6Ej09fVFX19f7Hjq6dwyn/30A+MuWtudL6J39TRWZYz2yjjujcZv76SeO1UvaTNZ6hPI18vYMRF6vX1Lly2tPsD76//52LjpvYyRP/7Rj2pOu/ZGOUlUKBSS9uas/GD82ndq/1AbETFjxozo6+uLdZ96sKd1BJCn8G/+TURE/LBOZ5/stftYnca13V/8YvXvJUuXxO/fcUf1/0cOd69NA2B6knCnZ2pdLGVVxteerG59969HRMSpUydiz779Ncv9+Te/ERH5w5a0o5O6W7lsSTVR8f2/r31B+ws3lMeXveFn/7Y7X0Tv6mms7DZcuXS54fjtndRzPdmejX93Nf8z6i13stQnkK9bsWOy6PX2zZ41Mz66pDxezdlzZ8b1cu9ljPwvf/mXNad9/eXyjwMfmJsu2R4R8RvvfU9ElPdLre3NJqluvOmmntYRQJ5m4lK3ro93PPV0HDv6UkSUh6RZMO/2uG/1UCxfsSoiys+oqrdMABhLwp2eqdw2+HqNXgjPHzqS+0C2PP/c5q2DnXrk4Y3V7XjxSH7Ph+ENm+LsuTMREfF7c+fmlolobRs6rbvKl/2vv3ws9xbJ4ydPV3vKZYdaaXe+XtVTng/fsTAiykPeVIa9qbw3Vqf1XMuCebdXE/95y75w6Ur1y0CelPUJpJcydnQa87oh5fa1q14v9xQxst16P3b0pdy7wNZ96sFqwnvJ0vE/8HbivtVDDbf3G6fKbXahUIg777wjSR0BpHTnnXdU43peXDp+8nR85cjBce9XdBLXjhwsL7dQKMTSZSMP/P6DP/zD6t+vvPxyAECzJNzpmcqt6MeOvhRD964dNW14w6ZYtXzkYqeWG3926+CpUyd6NrbekuXlXnanTp2IefMWjOr9MLxhUzXpsHzFqtyHu7WzDZ3W3ZKl5Z7exWIxHnnooVHrvGff/nhqx44oFovjLjrbnS+iN/WU55Z3lX8IKP7t31aHRai8N1an9VxP5ceLscves29//NHwcJw9d6b6pSNPp/UJdE+K2JEq5nVDiu3r1Nhe7sMbNo2a3m6MTFHvn/vMg6N63Q/duzb+9JlyEv7+dQ8kHU6m4j9+5jMRUV7vRXfdXR3S58KlKzF079rquMQfXbK8+vC/dusIoBtmz5oZH//kuogYiWWVOLxn3/545KGHGt5h1U5cyybhszEyotxJ5p6hNRFR+7khAJCrBD1y/uLl0uDg/FJE5L4KhUJp995nq2UGB+ePW8YrJ06Nm2/7zl05n5Zv995nq/Pt3vtszXKVMuuHN+ZOf/TxzTW3IyJKCxctLp2/eDl33na2IUXdZbe91jIOHDycbL5SaeLrKc/5i5fHLafWZ3Zaz9m6euXEqZaW/ejjm0sLFy2u/p2nk/oEuqfR+d0odpRKncW8Ztq2e4bWlCKi1D9nIHd69vPHtn2dbl8z6ze2XF4cPH/xcqlQKFQ/c2y8aydGtlPv2fWsxO281z1DaxrO32x95JVrtL33r3ug5Xm0I0BWNmaMjUONYlRFpUyt71XrhzfWjaP9cwbqxtRW4lq2HemfM5Ab77LtQq02EwDG0sOdnpk9a2acPHk81g9vHNWTt3/OQKwf3hhXr16N+1YPxaz3zY6Ick+FC5dGPxBswbzbY/vOXdXbByPqjy/eLY88vDEOHDwc9697YNT7g4Pz49HHN8fRr744qrdEVjvbkKLu7ls9lLvOhUIh1g9vjMNfeTF3XPN254uY+HrKM3vWzOqDXSPKn13rM1PUcy3ZZWctX7Eqdu99Nh55ePT7eTqpT6B7UsSOVDGvG1JsXwqzZ82Mf/+H5R6KxWIxDh86PGp6OzGy03r//TvuiO07d8XCRYur7w0Ozo/tO3fF/me/VGfOztXa3kq78szndzU9j3YE6JVtWzfH7r3PVsdPjyi3L48+vrmpONpKXPvyn3252mv+wx9ZmBvvFsy7vXq9nndHFQDk6SuVSqVGhQAAgPH27NsfH19zb0RE7N77rOFXAADgOqeHOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJ9JVKpVKjQgAAAAAAQH16uAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAAAAAJCAhDsAAAAAACQg4Q4AAAAAAAlIuAMAAAAAQAIS7gAAAAAAkICEOwAAAAAAJCDhDgAAAAAACUi4AwAAAABAAhLuAAAAAACQgIQ7AAAAAAAkIOEOAAAAAAAJSLgDAAAAAEACEu4AAMD/344dCwAAAAAM8reexM7CCAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYCHcAAAAAABgIdwAAAAAAGAh3AAAAAAAYBIsoC/53bhgjAAAAAElFTkSuQmCC)"></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(0.000px,12606.214px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:0px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">7
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:933.44px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:1771.95px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;letter-spacing:-4.8px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:621.44px;white-space:nowrap">Return </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1474.05px;white-space:nowrap">Index </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2182.32px;white-space:nowrap">Comparison
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.25px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4031.9px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4248.74px;white-space:nowrap">Hypothetical
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:5751.74px;white-space:nowrap">$10,000 </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:6763.81px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:430.22px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:950.45px;white-space:nowrap">represents
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:1850.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2151.12px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2791.67px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2981.78px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3462.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3662.23px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3912.45px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:4832.84px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:5233.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:5533.24px;white-space:nowrap">periods </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6173.61px;white-space:nowrap">shown. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6793.95px;white-space:nowrap">It </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6943.97px;white-space:nowrap">includes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:7654.39px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:7994.62px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:8855.24px;white-space:nowrap">maximum </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:0px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:470.21px;white-space:nowrap">charge, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1120.61px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1580.89px;white-space:nowrap">expenses,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:2451.45px;white-space:nowrap">account </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3131.89px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3522.13px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3872.46px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:4752.95px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:5810.19px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:6170.36px;white-space:nowrap">unmanaged
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:7171.17px;white-space:nowrap">indexes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:7841.6px;white-space:nowrap">include </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:8462.02px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:9542.46px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:9742.59px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:0px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:630.26px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:840.32px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:1897.56px;white-space:nowrap">They </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2347.73px;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2794.04px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3204.05px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3504.29px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3964.57px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:4154.68px;white-space:nowrap">composition
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5165.16px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5515.49px;white-space:nowrap">do </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5765.71px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:6065.95px;white-space:nowrap">pay </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:6406.17px;white-space:nowrap">management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:7506.83px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:7897.06px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:8107.12px;white-space:nowrap">expenses.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:8977.68px;white-space:nowrap">One </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:9367.91px;white-space:nowrap">cannot </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:0px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:520.22px;white-space:nowrap">directly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1140.38px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1330.49px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1580.71px;white-space:nowrap">index.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1521.76px;left:0px;white-space:nowrap">07/31/15&#8211;07/31/25</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8141.27px;letter-spacing:11px;white-space:nowrap">Performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9342.06px;letter-spacing:9.64px;white-space:nowrap">Summary</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">7</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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<div style="height:653.99px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.814px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:0px;white-space:nowrap">Events
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:437.66px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:751.33px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:926.41px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:1145.31px;white-space:nowrap">spread
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:1582.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:1728.91px;white-space:nowrap">deadly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:2152.03px;white-space:nowrap">diseases,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:2742.89px;white-space:nowrap">disasters,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:3340.94px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:3596.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:4150.7px;white-space:nowrap">political
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:4624.77px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:4777.89px;white-space:nowrap">social
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:5149.84px;white-space:nowrap">disruptions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:5820.86px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:6645.16px;white-space:nowrap">risks
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:6951.33px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:7206.72px;white-space:nowrap">adversely
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:7804.77px;letter-spacing:-0.32px;white-space:nowrap">affect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:8160px;white-space:nowrap">performance.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:8967.27px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:353.15px;left:9229.84px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:1925.78px;white-space:nowrap">guarantee
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:3027.5px;white-space:nowrap">manager&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:3672.58px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:4343.59px;white-space:nowrap">decisions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:4927.11px;white-space:nowrap">will
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:5145.7px;white-space:nowrap">produce
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:5875.23px;white-space:nowrap">desired
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:533.15px;left:6342.03px;white-space:nowrap">results.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:0px;white-space:nowrap">All
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:204.14px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:1006.25px;white-space:nowrap">involve
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:1494.92px;white-space:nowrap">risks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:1874.3px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:2493.98px;white-space:nowrap">possible
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:3062.81px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:3361.88px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:3522.19px;white-space:nowrap">principal.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:4142.03px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:4521.25px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:893.15px;left:5017.11px;white-space:nowrap">securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:5666.25px;white-space:nowrap">involve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:6111.17px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:6577.97px;white-space:nowrap">rate,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:6877.03px;white-space:nowrap">credit,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:7270.86px;text-rendering:optimizeLegibility;white-space:nowrap">inflation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:7759.61px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:8015px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:8802.66px;white-space:nowrap">risks,
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:893.15px;left:9400.7px;white-space:nowrap">possible
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:0px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:269.84px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:415.78px;white-space:nowrap">principal.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:970.16px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:1159.77px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:1626.56px;white-space:nowrap">rates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:1954.77px;white-space:nowrap">rise,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:2239.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:2458.05px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:2808.2px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:2954.14px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:3267.81px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:3727.27px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:4317.97px;white-space:nowrap">falls.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1073.15px;left:4624.3px;white-space:nowrap">Low-rated,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1073.15px;left:5324.14px;white-space:nowrap">high-yield
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1073.15px;left:5980.31px;white-space:nowrap">bonds</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:6410.39px;white-space:nowrap">are
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:7088.75px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:7234.69px;white-space:nowrap">greater
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:7686.88px;white-space:nowrap">price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:8007.73px;letter-spacing:-0.8px;white-space:nowrap">volatility,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:8537.81px;white-space:nowrap">illiquidity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:9070.16px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:9325.55px;white-space:nowrap">possibility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1073.15px;left:9930.86px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:0px;white-space:nowrap">default.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:466.95px;white-space:nowrap">Asset-backed,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:1393.05px;white-space:nowrap">mortgage-backed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:2523.13px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:2690.78px;white-space:nowrap">mortgage-related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:3798.91px;white-space:nowrap">securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:4448.05px;white-space:nowrap">are
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:5126.41px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:5272.34px;white-space:nowrap">prepayment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:6001.72px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:6257.11px;white-space:nowrap">extension
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:6855.31px;white-space:nowrap">risks.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:7197.97px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1253.15px;left:8021.8px;white-space:nowrap">investments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:8823.91px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:9050px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:9502.27px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1253.15px;left:9648.2px;white-space:nowrap">special
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:0px;white-space:nowrap">risks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:342.66px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:897.03px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:1436.64px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:2136.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:2392.34px;white-space:nowrap">social,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:2800.78px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:3398.83px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:3654.22px;white-space:nowrap">political
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:4128.28px;white-space:nowrap">uncertainties,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:4945.23px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:5317.11px;white-space:nowrap">could
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:5667.27px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:6199.69px;letter-spacing:-0.8px;white-space:nowrap">volatility.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:6727.5px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:7128.67px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:7434.84px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:7660.94px;text-rendering:optimizeLegibility;white-space:nowrap">magnified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1433.15px;left:8266.33px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1433.15px;left:8404.92px;white-space:nowrap">emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1433.15px;left:9031.95px;white-space:nowrap">markets.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1433.15px;left:9608.13px;white-space:nowrap">Deriv-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1613.15px;left:0px;white-space:nowrap">ative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1613.15px;left:335.55px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:1122.89px;white-space:nowrap">can
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:1370.94px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:1553.36px;white-space:nowrap">illiquid,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:1990.94px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:2275.31px;white-space:nowrap">disproportionately
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:3347.5px;white-space:nowrap">increase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:3879.92px;white-space:nowrap">losses,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:4324.84px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:4580.23px;white-space:nowrap">have
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:5010.7px;white-space:nowrap">potentially
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:5638.05px;white-space:nowrap">large
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:5966.25px;white-space:nowrap">impact
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:6389.22px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:6571.64px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1613.15px;left:7381.17px;white-space:nowrap">Active
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1613.15px;left:7811.41px;white-space:nowrap">management</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:8657.19px;white-space:nowrap">does
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1613.15px;left:9634.77px;white-space:nowrap">gains
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:0px;white-space:nowrap">or </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:153.13px;white-space:nowrap">protect
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:1050.39px;white-space:nowrap">market
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:1487.89px;white-space:nowrap">declines.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:2040px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:2302.58px;white-space:nowrap">manager
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1793.15px;left:3673.67px;white-space:nowrap">environmental,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1793.15px;left:4643.44px;white-space:nowrap">social
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1793.15px;left:5051.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1793.15px;left:5321.72px;white-space:nowrap">governance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1793.15px;left:6094.69px;white-space:nowrap">(ESG)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1793.15px;left:6495.63px;white-space:nowrap">criteria</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:7327.19px;white-space:nowrap">research
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:8027.27px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:8698.28px;white-space:nowrap">process;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:9230.7px;letter-spacing:-0.8px;white-space:nowrap">however,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1793.15px;left:9792.34px;white-space:nowrap">ESG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:0px;white-space:nowrap">considerations
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:882.58px;white-space:nowrap">may
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:1677.73px;white-space:nowrap">determinative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:2501.88px;white-space:nowrap">factor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:2866.56px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:3005.16px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:3493.75px;white-space:nowrap">selection.
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:4230.55px;white-space:nowrap">addition,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:4763.13px;white-space:nowrap">the
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:6039.61px;white-space:nowrap">assess
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:6841.88px;white-space:nowrap">investment
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:7702.5px;white-space:nowrap">ESG
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:8016.09px;white-space:nowrap">criteria,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:8482.73px;white-space:nowrap">and
</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1973.15px;left:9627.97px;white-space:nowrap">factor
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:466.8px;text-rendering:optimizeLegibility;white-space:nowrap">identified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:1028.52px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:1181.64px;white-space:nowrap">evaluated.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:1821.41px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:2222.58px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:2477.97px;white-space:nowrap">other
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:2813.52px;white-space:nowrap">risks
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:3345.78px;white-space:nowrap">discussed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:4104.38px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:4323.28px;letter-spacing:-0.32px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2153.15px;left:4751.33px;white-space:nowrap">prospectus.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:143.67px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:406.25px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:690.78px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:1121.25px;white-space:nowrap">operating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:1704.84px;white-space:nowrap">expenses
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:2303.05px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:2529.14px;white-space:nowrap">sourced
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:3032.42px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:3331.33px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:3550.23px;white-space:nowrap">Fund&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:3976.56px;white-space:nowrap">annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:4407.03px;white-space:nowrap">report
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:4786.25px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:5340.63px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:5486.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:5705.47px;white-space:nowrap">time
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:5989.84px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:6135.78px;white-space:nowrap">publication.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:6828.91px;white-space:nowrap">Actual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:7230.08px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:7828.28px;white-space:nowrap">may
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:8295.08px;white-space:nowrap">higher
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:8696.25px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:8951.64px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2513.15px;left:9236.02px;white-space:nowrap">impact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2693.15px;left:0px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2693.15px;left:503.28px;white-space:nowrap">returns.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:0px;white-space:nowrap">2. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:143.67px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:457.34px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:836.56px;white-space:nowrap">calculations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:1558.67px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:2149.45px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:2368.36px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:3032.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:3287.42px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:3798.05px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:4228.52px;white-space:nowrap">changes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:4761.09px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:4899.69px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:5118.59px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:5468.75px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:5614.69px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:5797.11px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:6468.13px;white-space:nowrap">over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:6759.84px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:6978.75px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:7445.55px;white-space:nowrap">indicated.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:8043.75px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:8473.98px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:8663.59px;white-space:nowrap">less
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:8933.44px;white-space:nowrap">than
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:9225.31px;white-space:nowrap">one
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:9480.7px;letter-spacing:-1.2px;white-space:nowrap">year,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2901.95px;left:9801.72px;white-space:nowrap">if
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3081.95px;left:0px;letter-spacing:-1.92px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3081.95px;left:274.92px;white-space:nowrap">has
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3081.95px;left:522.97px;white-space:nowrap">not
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3081.95px;left:741.88px;white-space:nowrap">been
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3081.95px;left:1070.23px;white-space:nowrap">annualized.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:0px;white-space:nowrap">3. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:1648.44px;white-space:nowrap">distributions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:2961.48px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:3180.39px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3290.75px;left:3530.55px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:0px;white-space:nowrap">4. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:2961.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:3180.39px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:3705.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:4493.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:4748.67px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:5062.34px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3499.55px;left:5638.59px;white-space:nowrap">plan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:0px;white-space:nowrap">5. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:145.94px;white-space:nowrap">Source:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:634.61px;white-space:nowrap">FactSet.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:1159.77px;white-space:nowrap">ICE
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:1414.92px;letter-spacing:-1.44px;white-space:nowrap">BofA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:1728.67px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:2018.05px;letter-spacing:-0.53px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:2567.42px;white-space:nowrap">Bill
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:2778.83px;white-space:nowrap">Index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:3136.33px;white-space:nowrap">tracks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:3522.81px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:3741.72px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:4514.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:4660.7px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:4952.34px;white-space:nowrap">dollar-denominated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:6112.03px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:6401.41px;letter-spacing:-0.53px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:6950.78px;white-space:nowrap">bills
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:7213.28px;white-space:nowrap">publicly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:7687.34px;white-space:nowrap">issued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:8103.13px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:8241.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:8460.63px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:8752.27px;white-space:nowrap">domestic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3708.35px;left:9313.83px;white-space:nowrap">market.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:0px;white-space:nowrap">Qualifying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:620px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:1210.7px;white-space:nowrap">must
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:1531.56px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:1852.58px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:1962.03px;white-space:nowrap">remaining
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:2574.61px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:2873.52px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:3019.45px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:3165.39px;white-space:nowrap">least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:3479.06px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:3734.45px;white-space:nowrap">month
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:4135.63px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:4281.56px;text-rendering:optimizeLegibility;white-space:nowrap">final
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:4558.75px;white-space:nowrap">maturity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:5061.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:5317.27px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:5426.72px;white-space:nowrap">minimum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:5995.31px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:6469.45px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:7184.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:7330.39px;white-space:nowrap">$1
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3888.35px;left:7512.81px;white-space:nowrap">billion.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4097.15px;left:0px;white-space:nowrap">Important
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">8</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:313.5px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6448.52px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6831.09px;white-space:nowrap">Ended
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7364.45px;white-space:nowrap">July
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7729.06px;white-space:nowrap">31,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:4718.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:5870.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7022.03px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:8174.03px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:9326.03px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:0px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:302.42px;white-space:nowrap">share
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:773.83px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:1547.19px;white-space:nowrap">performance</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:0px;white-space:nowrap">(for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:284.45px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:417.89px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:862.58px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:1734.38px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2543.91px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2810.78px;white-space:nowrap">year)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1191.72px;white-space:nowrap">beginning
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1930.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2108.05px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2428.74px;letter-spacing:52.51px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:5071.61px;white-space:nowrap">$3.85</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:6223.61px;white-space:nowrap">$3.82</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:7375.61px;white-space:nowrap">$4.12</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:8527.61px;white-space:nowrap">$4.62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:9679.61px;white-space:nowrap">$4.80</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:0px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:569.14px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:933.59px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:1751.72px;white-space:nowrap">operations:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1439.59px;left:1771.34px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:5160.59px;white-space:nowrap">0.21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:6312.59px;white-space:nowrap">0.24</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:7464.59px;white-space:nowrap">0.23</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:8616.59px;white-space:nowrap">0.21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:9768.59px;white-space:nowrap">0.21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1042.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1353.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2136.34px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2563.3px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:3176.05px;letter-spacing:55.09px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:5160.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:6312.59px;white-space:nowrap">0.10</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:7358.03px;white-space:nowrap">(0.23)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:8510.03px;white-space:nowrap">(0.41)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:9662.03px;white-space:nowrap">(0.04)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:382.42px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:746.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:1565px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:2335.33px;letter-spacing:52.33px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:5160.59px;white-space:nowrap">0.26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:6312.59px;white-space:nowrap">0.34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:7616px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:8510.03px;white-space:nowrap">(0.20)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:9768.59px;white-space:nowrap">0.17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:0px;white-space:nowrap">Less </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:382.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:1280.63px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1774.85px;letter-spacing:51.55px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:5054.03px;white-space:nowrap">(0.20)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:6206.03px;white-space:nowrap">(0.21)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:7358.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:8510.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:9662.03px;white-space:nowrap">(0.07)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:144px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:437.44px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:899.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1077.75px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:5065.91px;letter-spacing:-1.98px;white-space:nowrap">(0.11)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:6206.03px;white-space:nowrap">(0.10)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:7358.03px;white-space:nowrap">(0.05)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:8510.03px;white-space:nowrap">(0.05)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:9662.03px;white-space:nowrap">(0.28)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:382.42px;white-space:nowrap">distributions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:1307.78px;letter-spacing:51.14px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:5054.03px;white-space:nowrap">(0.31)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:6206.03px;white-space:nowrap">(0.31)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:7358.03px;white-space:nowrap">(0.31)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:8510.03px;white-space:nowrap">(0.31)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:9662.03px;white-space:nowrap">(0.35)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:0px;white-space:nowrap">Repurchase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:907.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1085.08px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1609.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:2045.47px;white-space:nowrap">2)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:5260.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2972.98px;left:5420.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:6412.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2972.98px;left:6572.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:7464.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:8616.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:9868.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2972.98px;left:10028.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1191.72px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1503.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1681.02px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:2055.09px;letter-spacing:51.89px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:5071.61px;white-space:nowrap">$3.80</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:6223.61px;white-space:nowrap">$3.85</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:7375.61px;white-space:nowrap">$3.82</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:8527.61px;white-space:nowrap">$4.12</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:9679.61px;white-space:nowrap">$4.62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:533.44px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1004.84px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1316.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1494.14px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3464.95px;left:1805.39px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:5071.61px;white-space:nowrap">$3.66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:6223.61px;white-space:nowrap">$3.63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:7375.61px;white-space:nowrap">$3.65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:8527.61px;white-space:nowrap">$3.89</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:9679.61px;white-space:nowrap">$4.65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1600.94px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1867.81px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2294.69px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2721.64px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2997.34px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3783.89px;left:3450.86px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:5018.33px;white-space:nowrap">7.14%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:6170.33px;white-space:nowrap">9.46%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:7322.33px;white-space:nowrap">0.39%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:8367.77px;white-space:nowrap">(4.16)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:9626.33px;white-space:nowrap">3.40%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1600.94px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2134.38px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2561.33px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2837.03px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3986.37px;left:3290.55px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:3362.87px;letter-spacing:56.45px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:5018.33px;white-space:nowrap">9.74%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:6170.33px;white-space:nowrap">8.53%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:7322.33px;white-space:nowrap">2.08%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:8367.77px;white-space:nowrap">(9.87)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:9626.33px;white-space:nowrap">5.63%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:0px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:533.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:728.91px;white-space:nowrap">average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:1378.28px;white-space:nowrap">net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:1662.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:747.11px;white-space:nowrap">before </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1245.23px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1752.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2063.44px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2801.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3015px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:5018.33px;white-space:nowrap">0.94%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:6170.33px;white-space:nowrap">0.96%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:7322.33px;white-space:nowrap">0.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:8474.33px;white-space:nowrap">0.96%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:9626.33px;white-space:nowrap">0.94%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:747.11px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1013.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1191.88px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1698.67px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2010.08px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2748.2px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2961.64px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4681.28px;left:3544.61px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:4992.41px;white-space:nowrap">0.94%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4681.28px;left:5446.08px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:6170.33px;white-space:nowrap">0.94%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:7322.33px;white-space:nowrap">0.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:8474.33px;white-space:nowrap">0.96%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:9626.33px;white-space:nowrap">0.94%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:293.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1111.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1681.44px;letter-spacing:51.46px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:5018.33px;white-space:nowrap">5.42%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:6170.33px;white-space:nowrap">6.41%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:7322.33px;white-space:nowrap">5.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:8474.33px;white-space:nowrap">4.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:9626.33px;white-space:nowrap">4.21%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5170.5px;left:0px;white-space:nowrap">Supplemental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5170.5px;left:1093.52px;white-space:nowrap">data</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:293.44px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:844.77px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1156.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1334.06px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1689.77px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:4804.66px;white-space:nowrap">$362,992</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:5956.66px;white-space:nowrap">$367,934</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:7108.66px;white-space:nowrap">$369,806</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:8260.66px;white-space:nowrap">$409,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:9412.66px;white-space:nowrap">$472,126</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:0px;white-space:nowrap">Portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:631.41px;white-space:nowrap">turnover </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1262.81px;white-space:nowrap">rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:5062.78px;white-space:nowrap">505%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:6125.8px;white-space:nowrap">1008%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:7277.8px;white-space:nowrap">1280%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:8429.8px;white-space:nowrap">1665%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:9581.8px;white-space:nowrap">1023%</div></div>
</div>

<div style="height:97.60px;left:0px;position:absolute;top:0px;transform:translate(36.000px,628.118px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1836.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:22.81px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:451.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:633.48px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1144.1px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1450.43px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1880.74px;white-space:nowrap">outstanding.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:219.3px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:42.54px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:531.21px;white-space:nowrap">rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:968.87px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1114.81px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1384.65px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1676.52px;white-space:nowrap">$0.01
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2041.37px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2267.46px;white-space:nowrap">share.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:415.78px;left:0px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:38.26px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:446.77px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:629.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:848.1px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1088.81px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1365.99px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1548.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1767.32px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2063.88px;letter-spacing:-2.41px;white-space:nowrap">York
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2358.1px;white-space:nowrap">Stock
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2722.79px;white-space:nowrap">Exchange.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:612.27px;left:0px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:42.54px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:305.12px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:742.62px;letter-spacing:-1.6px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1102.77px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1416.45px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1846.68px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1977.93px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:2605.27px;white-space:nowrap">assuming
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3203.32px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3312.77px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3889.02px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:4034.96px;white-space:nowrap">common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:4574.57px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5004.88px;letter-spacing:0px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5187.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5406.21px;white-space:nowrap">opening
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5909.65px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:6055.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:6274.49px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:6522.38px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7076.76px;white-space:nowrap">day
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7324.81px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7580.2px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7689.65px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7966.84px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8149.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8368.17px;white-space:nowrap">closing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:9177.93px;white-space:nowrap">last
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:9418.63px;white-space:nowrap">business</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:0px;white-space:nowrap">day </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:248.05px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:393.98px;white-space:nowrap">each
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:715px;white-space:nowrap">period.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1152.66px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1765.23px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2020.63px;white-space:nowrap">distributions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2757.27px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2983.36px;white-space:nowrap">assumed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3552.27px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3960.78px;white-space:nowrap">purposes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:4537.03px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:4682.97px;white-space:nowrap">this
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:4923.67px;white-space:nowrap">calculation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:5580.16px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:5908.52px;white-space:nowrap">reinvested
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:6550.39px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:6696.33px;white-space:nowrap">prices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:7082.81px;white-space:nowrap">obtained
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:7622.73px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:7994.77px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:8213.67px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:8640px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:9186.95px;white-space:nowrap">Reinvestment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:255.39px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:598.13px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:1188.91px;white-space:nowrap">Plan.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:1524.45px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:1757.89px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:2122.58px;letter-spacing:-1.6px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:2482.73px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:2796.41px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:3226.64px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:3357.89px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:3985.23px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:4167.66px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:4386.56px;white-space:nowrap">same
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:4743.91px;white-space:nowrap">basis,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:5123.2px;white-space:nowrap">except
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:5546.33px;white-space:nowrap">that
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:6020.63px;white-space:nowrap">Fund&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:6446.95px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:6665.86px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:7016.02px;white-space:nowrap">value
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:7497.42px;white-space:nowrap">used
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:8000.86px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:8219.77px;white-space:nowrap">purchase,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:8832.5px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:9109.69px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:9365.08px;white-space:nowrap">dividend</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:0px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:787.66px;white-space:nowrap">dates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:1145.16px;white-space:nowrap">instead
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:1604.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:1750.7px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:2188.2px;white-space:nowrap">value.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:2572.58px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:2886.25px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:3265.47px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:3586.48px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:3805.39px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:4199.22px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:4826.48px;white-space:nowrap">commissions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:5621.25px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:5774.38px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:6117.19px;white-space:nowrap">charges
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:6620.47px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:6759.06px;white-space:nowrap">connection
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:7430.23px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:7700px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:7918.91px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:8495.16px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:8648.28px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:8925.47px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:9071.41px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:9406.95px;white-space:nowrap">shares.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1384.75px;left:0px;white-space:nowrap">e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:42.54px;text-rendering:optimizeLegibility;white-space:nowrap">Benefit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:487.54px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:633.48px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:1166.06px;white-space:nowrap">reduction
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:1742.31px;white-space:nowrap">rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2179.96px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2325.9px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2595.74px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2887.62px;white-space:nowrap">0.01%.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1581.24px;left:0px;white-space:nowrap">f</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:21.27px;text-rendering:optimizeLegibility;white-space:nowrap">Benefit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:466.27px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:612.21px;white-space:nowrap">waiver
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1027.75px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1283.15px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1888.54px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2063.61px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2581.5px;white-space:nowrap">rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3019.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3165.1px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3434.94px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3726.82px;white-space:nowrap">0.01%.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:42.29px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Schedule </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1156.42px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1445.49px;white-space:nowrap">Investments,
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2991.65px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3526.25px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3959.92px;white-space:nowrap">2025</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">9</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:234.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:234.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:234.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:648px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:1926.03px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:3037.45px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:4171.05px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:595.91px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:595.91px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:595.91px;left:1875.11px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:795.6px;left:596.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:648px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1261.52px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1643.78px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2070.66px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2488.78px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:7485.64px;white-space:nowrap">368,080</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9291.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">9,211,202</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:1166.46px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:2444.48px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:3555.91px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:4689.5px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:5256.11px;white-space:nowrap">$9,155,669)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:6399.15px;letter-spacing:52.22px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1105.28px;left:9377.03px;letter-spacing:-0.98px;white-space:nowrap">9,211,202</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1470.5px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1662.5px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1665.71px;left:8027.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1928.85px;left:648px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1928.85px;left:1803.76px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1928.85px;left:2481.5px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:2337.61px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2206.09px;left:2702.3px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:648px;letter-spacing:-0.19px;white-space:nowrap">AeroVironment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:1801.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2059.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2148px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2654.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2992.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3081.83px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3455.27px;white-space:nowrap">Cpn</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3748.78px;white-space:nowrap">., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3882.14px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:7574.63px;white-space:nowrap">72,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:9590.63px;white-space:nowrap">81,065</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:648px;white-space:nowrap">Axon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:1057.14px;white-space:nowrap">Enterprise,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:1875.27px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:2133.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:2222.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:2729.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3066.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3155.89px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3378.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3520.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3609.48px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:7574.63px;white-space:nowrap">33,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:9501.64px;white-space:nowrap">109,143</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.98px;left:9501.64px;white-space:nowrap">190,208</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3294.42px;left:648px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3294.42px;left:1572.38px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3294.42px;left:2594.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3297.63px;left:2959.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:648px;white-space:nowrap">Patrick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:1181.44px;white-space:nowrap">Industries,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:1964.02px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:2221.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:2310.81px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:2817.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3155.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3244.64px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3556.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3698.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3787.22px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:7574.63px;white-space:nowrap">83,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:9501.64px;white-space:nowrap">128,693</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3862.03px;left:648px;white-space:nowrap">Automobiles
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3862.03px;left:1661.36px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3865.24px;left:2026.05px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:648px;white-space:nowrap">Rivian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:1128.23px;white-space:nowrap">Automotive,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2017.53px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2275.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2364.33px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2871.28px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3209.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3298.16px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3698.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3840.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3929.72px;white-space:nowrap">3/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:7485.64px;white-space:nowrap">122,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:9501.64px;white-space:nowrap">120,323</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4429.65px;left:648px;white-space:nowrap">Biotechnology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4429.65px;left:1803.55px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:648px;white-space:nowrap">Alnylam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:1261.52px;white-space:nowrap">Pharmaceuticals,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:2533.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:2791.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:2879.95px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:3386.91px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:3724.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:3813.78px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:3902.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:4045.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:4133.94px;white-space:nowrap">9/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.13px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:7485.64px;white-space:nowrap">139,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:9501.64px;white-space:nowrap">204,719</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:648px;white-space:nowrap">BioMarin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:1323.78px;white-space:nowrap">Pharmaceutical,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:2515.42px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:2773.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:2862.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:3369.17px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:3742.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:4080.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:4169.64px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:4481.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:4623.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:4712.22px;white-space:nowrap">5/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4909.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4909.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4909.98px;left:7485.64px;white-space:nowrap">109,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4909.98px;left:9501.64px;white-space:nowrap">103,253</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5109.67px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:648px;white-space:nowrap">Exact </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:1092.61px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:1786.28px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:2177.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:2266.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:2773.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:3111.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:3200.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:3662.84px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:3974.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:4116.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:4205.42px;white-space:nowrap">4/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:7485.64px;white-space:nowrap">226,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5106.46px;left:9501.64px;white-space:nowrap">200,349</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:648px;white-space:nowrap">Halozyme </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:1400.89px;white-space:nowrap">Therapeutics,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:2414.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:2672.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:2761.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:3268.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:3606.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:3695.34px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:3784.33px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:3926.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:4015.5px;white-space:nowrap">8/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.63px;left:7485.64px;white-space:nowrap">143,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.63px;left:9501.64px;white-space:nowrap">176,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5630.39px;left:9501.64px;white-space:nowrap">684,860</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5957.84px;left:648px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5957.84px;left:1430.34px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5957.84px;left:1910.5px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:648px;letter-spacing:-1.98px;white-space:nowrap">Etsy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:1036.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:1294.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:1383px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:1889.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:2227.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:2316.83px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:2628.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:2770.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:2859.41px;white-space:nowrap">6/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.32px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6198.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6198.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6198.01px;left:7485.64px;white-space:nowrap">243,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6198.01px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,471</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6525.45px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6525.45px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6525.45px;left:1875.11px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6528.66px;left:2239.8px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:648px;white-space:nowrap">Coinbase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:1368.47px;white-space:nowrap">Global, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:1919.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:2177.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:2266.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:2773.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:3111.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:3200.5px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:3511.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:3654.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:3743.08px;white-space:nowrap">4/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.94px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6765.62px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6765.62px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6765.62px;left:7574.63px;white-space:nowrap">89,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6765.62px;left:9501.64px;white-space:nowrap">123,001</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6965.31px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:648px;white-space:nowrap">Hercules </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:1323.78px;white-space:nowrap">Capital, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:1910.73px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:2168.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:2257.53px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:2764.48px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:3102.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:3191.36px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:3653.94px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:3965.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:4107.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:4196.52px;white-space:nowrap">9/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:7574.63px;white-space:nowrap">72,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6962.1px;left:9590.63px;white-space:nowrap">70,440</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7245.87px;left:9501.64px;white-space:nowrap">193,441</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7573.31px;left:648px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7573.31px;left:1990.34px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7573.31px;left:2861.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:648px;white-space:nowrap">Lumentum</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:1448.39px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:2159.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:2417.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:2506.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:3013.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:3351.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:3440.5px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:3662.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:3805.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:3894.09px;white-space:nowrap">6/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7769.8px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.48px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.48px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.48px;left:7485.64px;white-space:nowrap">245,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.48px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">270,113</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8140.93px;left:648px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8140.93px;left:1687.92px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8140.93px;left:1847.92px;white-space:nowrap">Engineering
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8140.93px;left:2816.91px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:648px;white-space:nowrap">Fluor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:1056.98px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:1448.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:1537.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:2044.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:2382.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:2470.97px;white-space:nowrap">1.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:2871.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:3013.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:3102.53px;white-space:nowrap">8/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8337.41px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8381.09px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8381.09px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8381.09px;left:7485.64px;white-space:nowrap">141,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8381.09px;left:9501.64px;white-space:nowrap">198,140</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8708.54px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8708.54px;left:1483.7px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8708.54px;left:2097.3px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8708.54px;left:3039.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8708.54px;left:3199.41px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8708.54px;left:3679.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:8711.75px;left:4044.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:648px;white-space:nowrap">Chefs&#39; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:1140.97px;letter-spacing:-0.54px;white-space:nowrap">Warehouse,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:2042.14px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:2344.48px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:2726.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:2815.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:3322.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:3660.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:3749.48px;white-space:nowrap">2.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:4149.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:4292.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:4381.05px;white-space:nowrap">12/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8905.02px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8948.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8948.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8948.7px;left:7574.63px;white-space:nowrap">88,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8948.7px;left:9501.64px;white-space:nowrap">143,968</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9276.15px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9276.15px;left:1510.58px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9276.15px;left:1996.59px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9475.85px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:648px;white-space:nowrap">Digital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:1137.06px;white-space:nowrap">Realty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:1632.14px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:2035.11px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:2210.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:2299.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:2806.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:3144.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:3232.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:3695.5px;white-space:nowrap">1.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:4095.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:4238.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:4327.06px;letter-spacing:-1.48px;white-space:nowrap">11/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:7485.64px;white-space:nowrap">258,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9472.63px;left:9501.64px;white-space:nowrap">272,603</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9800.08px;left:648px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9800.08px;left:1270.58px;white-space:nowrap">Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9800.08px;left:1892.92px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:648px;white-space:nowrap">NextEra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:1270.42px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:1821.83px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:2364.33px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:3075.81px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:3333.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:3422.61px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:3929.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:4267.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:4356.44px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:4445.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:4587.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9996.57px;left:4676.59px;white-space:nowrap">3/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10040.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10040.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10040.25px;left:7485.64px;white-space:nowrap">153,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10040.25px;left:9501.64px;white-space:nowrap">174,879</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:648px;white-space:nowrap">PG&amp;E </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:1137.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:1528.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:1617.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:2124.17px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:2764.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:3102.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:3191.44px;white-space:nowrap">4.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:3502.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:3645.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:3734.02px;white-space:nowrap">12/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10236.73px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10280.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10280.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10280.41px;left:7485.64px;white-space:nowrap">165,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10280.41px;left:9501.64px;white-space:nowrap">164,752</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:648px;letter-spacing:-1.48px;white-space:nowrap">PPL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:988.94px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:1531.44px;white-space:nowrap">Funding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:2198.55px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:2456.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:2545.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:3052.3px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:3390.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:3479.17px;white-space:nowrap">2.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:3879.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:4021.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:4110.73px;white-space:nowrap">3/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10476.9px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10520.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10520.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10520.58px;left:7485.64px;white-space:nowrap">201,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10520.58px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">224,115</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:1341.83px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:1635.27px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:2017.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:2106.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:2613.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:2951.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:3040.27px;white-space:nowrap">3.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:3440.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:3582.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:3671.83px;white-space:nowrap">12/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.06px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10760.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10760.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10760.75px;left:7485.64px;white-space:nowrap">206,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10760.75px;left:9501.64px;white-space:nowrap">233,347</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11044.51px;left:9501.64px;white-space:nowrap">797,093</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11371.96px;left:648px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11371.96px;left:1466.05px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11371.96px;left:2381.59px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11371.96px;left:3341.75px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11371.96px;left:3501.75px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11371.96px;left:4523.94px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:648px;white-space:nowrap">Itron</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:968.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:1057.06px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:1314.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:1403.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:1910.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:2248.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:2337.69px;white-space:nowrap">1.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:2738.08px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:2880.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:2969.25px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11568.44px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.12px;left:7485.64px;white-space:nowrap">203,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.12px;left:9501.64px;white-space:nowrap">234,129</div></div>
</div> </div></div>

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<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">10</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1803.76px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2481.5px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1466.05px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2381.59px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3341.75px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3501.75px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:4523.94px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">OSI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:968.08px;white-space:nowrap">Systems, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1670.42px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1928.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2017.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2524.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2862.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2951.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3413.62px;white-space:nowrap">2.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3725.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3867.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3956.2px;white-space:nowrap">8/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">109,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">145,682</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.16px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">379,811</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.6px;left:648px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.6px;left:1768.16px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:648px;white-space:nowrap">Liberty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:1172.69px;white-space:nowrap">Media </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:1652.92px;white-space:nowrap">Corp.-Liberty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:2622.14px;white-space:nowrap">Formula </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:3253.39px;white-space:nowrap">One </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:3600.27px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:3991.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:4080.42px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:4587.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.09px;left:4925.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:792px;white-space:nowrap">2.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1103.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1245.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1334.58px;white-space:nowrap">8/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:7485.64px;white-space:nowrap">199,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:9501.64px;white-space:nowrap">256,710</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:648px;white-space:nowrap">Live </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:985.97px;white-space:nowrap">Nation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:1492.92px;white-space:nowrap">Entertainment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:2577.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:2835.81px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:1725.83px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:2357.39px;white-space:nowrap">1/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:7485.64px;white-space:nowrap">155,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:9501.64px;white-space:nowrap">233,244</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2620.43px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:2188.41px;white-space:nowrap">2.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:2819.97px;white-space:nowrap">1/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:7485.64px;white-space:nowrap">164,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:9501.64px;white-space:nowrap">176,382</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:9501.64px;white-space:nowrap">666,336</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3228.43px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3228.43px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3228.43px;left:2088.78px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:648px;white-space:nowrap">Block, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:1128.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:1386.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:1474.95px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:1981.91px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:2319.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:2408.78px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:2720.19px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:2862.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:2951.36px;letter-spacing:-1.48px;white-space:nowrap">11/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3424.92px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:9590.63px;white-space:nowrap">90,175</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:648px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:1154.95px;white-space:nowrap">Payments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:1955.27px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:2213.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:2302.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:2809.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:3146.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:3235.89px;white-space:nowrap">1.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:3458.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:3600.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:3689.48px;white-space:nowrap">3/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3665.08px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:7485.64px;white-space:nowrap">177,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:9501.64px;white-space:nowrap">161,070</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:648px;white-space:nowrap">Shift4 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:1101.59px;white-space:nowrap">Payments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:1901.91px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2159.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2248.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2755.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:3093.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:3182.53px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:3404.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:3547.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:3636.12px;white-space:nowrap">8/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:7485.64px;white-space:nowrap">158,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:9501.64px;white-space:nowrap">172,615</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.7px;left:9501.64px;white-space:nowrap">423,860</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4560.14px;left:648px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4560.14px;left:1083.39px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4560.14px;left:1821.28px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:648px;white-space:nowrap">Post </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:1012.61px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:1724.09px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:1981.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:2070.89px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:2577.84px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:2915.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:3004.72px;white-space:nowrap">2.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:3227.14px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:3369.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:3458.31px;white-space:nowrap">8/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.63px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:7485.64px;white-space:nowrap">158,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:9501.64px;white-space:nowrap">178,730</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5127.75px;left:648px;white-space:nowrap">Ground
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5127.75px;left:1270.11px;letter-spacing:-0.46px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5127.75px;left:2434.64px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:648px;white-space:nowrap">Uber </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:1036.36px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:2059.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:2317.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:2406.05px;white-space:nowrap">2028</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:2761.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:2850.89px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:3357.84px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:3695.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:3784.72px;white-space:nowrap">0.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:4185.11px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:4327.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:4416.28px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5324.24px;left:5039.09px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.92px;left:7485.64px;white-space:nowrap">198,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.92px;left:9501.64px;white-space:nowrap">271,161</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5695.37px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5695.37px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5695.37px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5695.37px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5695.37px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5695.37px;left:3324.02px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:648px;white-space:nowrap">Dexcom, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:1323.7px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:1581.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:1670.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:2177.45px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:2515.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:2604.33px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:3004.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:3146.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:3235.89px;white-space:nowrap">5/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5891.85px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5935.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5935.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5935.53px;left:7485.64px;white-space:nowrap">248,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5935.53px;left:9501.64px;white-space:nowrap">231,136</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:648px;white-space:nowrap">Haemonetics</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:1626.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:2017.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:2106.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:2613.31px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:2951.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:3040.19px;white-space:nowrap">2.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:3262.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:3404.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:3493.78px;white-space:nowrap">6/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6132.02px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6175.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6175.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6175.7px;left:7485.64px;white-space:nowrap">107,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6175.7px;left:9501.64px;white-space:nowrap">107,054</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6375.39px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:648px;white-space:nowrap">Integer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:1190.58px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:1857.61px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:2248.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:2337.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:2844.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3182.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3271.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3734.17px;white-space:nowrap">1.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:4134.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:4276.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:4365.73px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:7485.64px;white-space:nowrap">144,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:9501.64px;white-space:nowrap">141,552</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:648px;white-space:nowrap">Lantheus</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:1350.81px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:2062.3px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:2320.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:2409.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:2916.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:3254.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:3342.92px;white-space:nowrap">2.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:3743.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:3885.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:3974.48px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6568.67px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">118,056</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6812.04px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:648px;white-space:nowrap">Merit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:1048px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:1643.78px;white-space:nowrap">Systems,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:2346.12px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:2604.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:2692.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:3199.87px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:3537.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:3626.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:4089.33px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:4178.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:4320.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:4409.48px;white-space:nowrap">2/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:7574.63px;white-space:nowrap">82,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.83px;left:9590.63px;white-space:nowrap">96,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.6px;left:9501.64px;white-space:nowrap">694,476</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7420.04px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7420.04px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7420.04px;left:1581.67px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7420.04px;left:2067.69px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7619.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7616.53px;left:648px;letter-spacing:-0.29px;white-space:nowrap">Welltower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7616.53px;left:1391.91px;letter-spacing:-0.96px;white-space:nowrap">OP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7616.53px;left:1664.64px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7616.53px;left:1958.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:2188.41px;white-space:nowrap">2.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:2730.98px;white-space:nowrap">5/15/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:7509.39px;letter-spacing:-3.39px;white-space:nowrap">111,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7813.01px;left:9501.64px;white-space:nowrap">193,140</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:2188.41px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:2819.97px;white-space:nowrap">7/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:7485.64px;white-space:nowrap">109,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009.5px;left:9501.64px;white-space:nowrap">151,019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8293.26px;left:9501.64px;white-space:nowrap">344,159</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8620.71px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8620.71px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8620.71px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8620.71px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8620.71px;left:2968.7px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:648px;white-space:nowrap">Carnival </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:1279.33px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:1670.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:1759.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:2266.44px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:2604.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:2693.31px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:3004.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:3146.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:3235.89px;white-space:nowrap">12/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8817.19px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8860.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8860.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8860.88px;left:7574.63px;white-space:nowrap">91,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8860.88px;left:9501.64px;white-space:nowrap">210,347</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9060.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:648px;white-space:nowrap">DoorDash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1368.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1457.22px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1715.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1804.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:2310.97px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:2648.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:2737.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:3200.42px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:3573.86px;white-space:nowrap">Cpn</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:3867.37px;white-space:nowrap">., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:4000.73px;white-space:nowrap">5/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:7485.64px;white-space:nowrap">217,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:9501.64px;white-space:nowrap">236,096</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:648px;white-space:nowrap">Shake </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1146.12px;white-space:nowrap">Shack, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1679.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1937.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2026.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2533.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2871.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2960.34px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3333.78px;white-space:nowrap">Cpn</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3627.3px;white-space:nowrap">., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3760.66px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9297.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9297.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9297.53px;left:7485.64px;white-space:nowrap">137,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9297.53px;left:9501.64px;white-space:nowrap">138,284</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9581.29px;left:9501.64px;white-space:nowrap">584,727</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9908.74px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9908.74px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9908.74px;left:2248.23px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:9911.95px;left:2612.92px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:648px;white-space:nowrap">Meritage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:1314.95px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:1866.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:2257.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:2346.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:2853.31px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:3191.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:3280.19px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:3591.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:3733.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:3822.77px;white-space:nowrap">5/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10148.9px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10148.9px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10148.9px;left:7485.64px;white-space:nowrap">144,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10148.9px;left:9501.64px;white-space:nowrap">143,097</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10476.35px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10476.35px;left:1519.09px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10476.35px;left:2256.98px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:10479.56px;left:2621.67px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:648px;white-space:nowrap">Spectrum </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:1377.14px;white-space:nowrap">Brands,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:1973px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:2230.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:2319.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:2826.75px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:3164.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:3253.62px;white-space:nowrap">3.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:3654.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:3796.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:3885.19px;white-space:nowrap">6/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10716.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10716.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10716.51px;left:7574.63px;white-space:nowrap">72,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10716.51px;left:9590.63px;white-space:nowrap">65,412</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11043.96px;left:648px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11043.96px;left:834.64px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11043.96px;left:1537.45px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:648px;white-space:nowrap">Akamai</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:1223.08px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:2245.97px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:2503.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:2592.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:3099.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:3437.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:3526.59px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:3926.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:4069.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:4158.16px;white-space:nowrap">9/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11284.13px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11284.13px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11284.13px;left:7485.64px;white-space:nowrap">183,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11284.13px;left:9501.64px;white-space:nowrap">175,824</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11483.82px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Cloudflare,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:1466.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:1724.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:1813px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:2319.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:2657.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:2746.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:3209.41px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:3582.84px;white-space:nowrap">Cpn</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:3876.36px;white-space:nowrap">., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:4009.72px;white-space:nowrap">6/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:7485.64px;white-space:nowrap">145,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11480.61px;left:9501.64px;white-space:nowrap">162,183</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11680.31px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Snowflake,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:1475.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:1733px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:1821.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:2328.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:2666.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:2755.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:3218.31px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:3591.75px;white-space:nowrap">Cpn</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:3885.27px;white-space:nowrap">., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:4018.62px;white-space:nowrap">10/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:7485.64px;white-space:nowrap">220,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:9501.64px;white-space:nowrap">334,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11960.86px;left:9501.64px;white-space:nowrap">672,407</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:580.79px;letter-spacing:-4.8px;white-space:nowrap">11</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1803.76px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2481.5px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:976.91px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1715.19px;letter-spacing:-1.98px;white-space:nowrap">Tools
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2174.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2334.41px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3037.22px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:791.12px;left:3401.91px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Repligen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1324.02px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1715.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1804.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2311.13px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2649.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2738px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2826.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2969.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3058.16px;white-space:nowrap">12/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7485.64px;white-space:nowrap">109,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">106,166</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1355.52px;left:648px;white-space:nowrap">Multi-Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1355.52px;left:1696.83px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1358.73px;left:2061.52px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:648px;white-space:nowrap">CMS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1048px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1599.41px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1990.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2079.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2586.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2924.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3013.39px;white-space:nowrap">3.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3413.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3556.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3644.95px;white-space:nowrap">5/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">112,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:9501.64px;white-space:nowrap">123,088</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1923.13px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1923.13px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1923.13px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1923.13px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1923.13px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1923.13px;left:2924.09px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1926.34px;left:3288.78px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:648px;white-space:nowrap">Northern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:1314.95px;white-space:nowrap">Oil </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:1554.95px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:1706.13px;white-space:nowrap">Gas, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:2088.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:2346.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:2435.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:2942.22px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:3280.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:3369.09px;white-space:nowrap">3.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:3769.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:3911.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:4000.66px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:7485.64px;white-space:nowrap">133,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:9501.64px;white-space:nowrap">138,353</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2490.75px;left:648px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2490.75px;left:1652.77px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2490.75px;left:2355.58px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2493.96px;left:2720.27px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:648px;white-space:nowrap">Parsons </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:1279.41px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:1670.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:1759.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:2266.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:2604.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:2693.39px;white-space:nowrap">2.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:3093.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:3324.95px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2687.23px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.91px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.91px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.91px;left:7574.63px;white-space:nowrap">89,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.91px;left:9590.63px;white-space:nowrap">97,188</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3058.36px;left:648px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3058.36px;left:1946.05px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3058.36px;left:2106.05px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3058.36px;left:3315.11px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3058.36px;left:4186.2px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:648px;white-space:nowrap">Impinj</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:1074.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:1163.7px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:1421.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:1510.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:2017.45px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:2355.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:2444.33px;white-space:nowrap">1.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:2844.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:2986.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:3075.89px;white-space:nowrap">5/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3254.84px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3298.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3298.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3298.52px;left:7574.63px;white-space:nowrap">53,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3298.52px;left:9590.63px;white-space:nowrap">80,176</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:648px;white-space:nowrap">Microchip </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:1374.17px;letter-spacing:-2.47px;white-space:nowrap">Technology,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:2260.66px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:2518.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:2607.45px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:3114.41px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:3452.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:3541.28px;white-space:nowrap">0.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:3852.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:3994.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:4083.86px;white-space:nowrap">6/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3495.01px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:7485.64px;white-space:nowrap">105,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:9501.64px;white-space:nowrap">103,431</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:648px;white-space:nowrap">MKS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1083.63px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1341.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1430.42px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1937.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2275.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2364.25px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2675.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2817.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2906.83px;white-space:nowrap">6/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.86px;left:7485.64px;white-space:nowrap">144,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.86px;left:9501.64px;white-space:nowrap">140,483</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:648px;white-space:nowrap">ON </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:932.45px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:2044.09px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:2435.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:2524.25px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:3031.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:3369.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:3458.08px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:3680.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:3822.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:3911.67px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3975.34px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:7485.64px;white-space:nowrap">194,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:9501.64px;white-space:nowrap">186,332</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4218.72px;left:601.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Wolfspeed</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:1401.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:1489.95px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:1747.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:1836.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:2343.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:2681.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:2770.58px;white-space:nowrap">1.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:3170.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:3313.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:3402.14px;white-space:nowrap">12/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:7485.64px;white-space:nowrap">182,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:9590.63px;white-space:nowrap">56,875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4499.27px;left:9501.64px;white-space:nowrap">567,297</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4826.72px;left:648px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4826.72px;left:1368.16px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:648px;white-space:nowrap">Bentley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:1226.13px;white-space:nowrap">Systems, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:1928.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:2186.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:2275.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:2782.22px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:3120.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:3209.09px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:3609.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:3751.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:3840.66px;white-space:nowrap">7/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.88px;left:7485.64px;white-space:nowrap">161,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.88px;left:9501.64px;white-space:nowrap">155,124</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5266.58px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:648px;white-space:nowrap">Box, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:1012.61px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:1270.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:1359.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:1866.36px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:2204.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:2293.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:2755.81px;white-space:nowrap">1.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:2978.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:3120.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:3209.41px;white-space:nowrap">9/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:7485.64px;white-space:nowrap">136,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5263.37px;left:9501.64px;white-space:nowrap">136,748</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5463.06px;left:518.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:648px;white-space:nowrap">Datadog, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:1341.83px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:1599.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:1688.63px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:2195.58px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:2533.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:2622.45px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:3085.03px;white-space:nowrap">0.57%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:3538.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:3627.61px;white-space:nowrap">12/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:7485.64px;white-space:nowrap">181,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.85px;left:9501.64px;white-space:nowrap">176,573</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5659.55px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:648px;white-space:nowrap">Guidewire </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:1412.77px;white-space:nowrap">Software,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:2133.08px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:2390.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:2479.88px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:2986.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:3324.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:3413.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:3876.28px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:4187.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:4329.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:4418.86px;letter-spacing:-1.48px;white-space:nowrap">11/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:7485.64px;white-space:nowrap">201,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5656.34px;left:9501.64px;white-space:nowrap">230,949</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5856.03px;left:518.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:648px;letter-spacing:-0.79px;white-space:nowrap">MicroStrategy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:1711.98px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:1969.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:2058.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:2565.73px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:2903.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:2992.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:3455.19px;white-space:nowrap">0.403%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:3997.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:4086.75px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:7485.64px;white-space:nowrap">231,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5852.82px;left:9501.64px;white-space:nowrap">271,500</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6052.52px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:648px;white-space:nowrap">Nutanix, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:1279.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:1537.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:1626.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:2133.16px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:2471.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:2560.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:3022.61px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:3245.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:3387.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:3476.2px;white-space:nowrap">12/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:7485.64px;white-space:nowrap">145,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6049.3px;left:9501.64px;white-space:nowrap">163,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:648px;white-space:nowrap">Progress </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:1332.69px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:2008.55px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:2399.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:2488.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:2995.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:3333.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:3422.53px;white-space:nowrap">3.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:3644.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:3787.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:3876.13px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.79px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:7485.64px;white-space:nowrap">124,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:9501.64px;white-space:nowrap">128,774</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:648px;letter-spacing:-1.47px;white-space:nowrap">Tyler
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:1036.28px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:2059.17px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:2317.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:2405.97px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:2912.92px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3250.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3339.8px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3651.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3793.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3882.38px;white-space:nowrap">3/15/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6529.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6529.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6529.64px;left:7485.64px;white-space:nowrap">199,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6529.64px;left:9501.64px;white-space:nowrap">241,487</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Vertex,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:1190.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:1448.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:1537.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:2044.25px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:2382.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:2471.13px;white-space:nowrap">0.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:2782.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:2924.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:3013.7px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6726.12px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6769.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6769.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6769.8px;left:7574.63px;white-space:nowrap">89,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6769.8px;left:9501.64px;white-space:nowrap">102,628</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Workiva,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:1311.83px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:1569.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:1658.63px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:2165.58px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:2503.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:2592.45px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:2903.86px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:3046.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:3135.03px;white-space:nowrap">8/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6966.29px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.97px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.97px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.97px;left:7574.63px;white-space:nowrap">85,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.97px;left:9590.63px;white-space:nowrap">78,136</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7293.73px;left:9368.2px;white-space:nowrap">1,685,291</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7621.18px;left:648px;white-space:nowrap">Specialty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7621.18px;left:1395.03px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7621.18px;left:1875.19px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:648px;white-space:nowrap">Burlington </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:1412.92px;white-space:nowrap">Stores, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:1964.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:2222.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:2311.05px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:2622.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:2764.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:2853.63px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817.66px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.35px;left:7574.63px;white-space:nowrap">76,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7861.35px;left:9501.64px;white-space:nowrap">109,364</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:648px;letter-spacing:-1.64px;white-space:nowrap">Wayfair,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:1264.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:1522.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:1611.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:2118.16px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:2456.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:2545.03px;white-space:nowrap">3.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:2856.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:2998.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:3087.61px;white-space:nowrap">9/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.83px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8101.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8101.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8101.51px;left:7485.64px;white-space:nowrap">176,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8101.51px;left:9501.64px;white-space:nowrap">226,271</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8385.28px;left:9501.64px;white-space:nowrap">335,635</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8712.72px;left:648px;letter-spacing:-1.08px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8712.72px;left:1578.39px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8712.72px;left:2396.52px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8712.72px;left:3036.67px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8712.72px;left:3196.67px;white-space:nowrap">Peripherals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8712.72px;left:4112.69px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:648px;white-space:nowrap">Seagate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:1288.55px;white-space:nowrap">HDD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:1679.64px;white-space:nowrap">Cayman</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:2275.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:2364.33px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:2871.28px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:3209.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:3298.16px;white-space:nowrap">3.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:3520.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:3662.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:3751.75px;white-space:nowrap">6/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8909.21px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8952.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8952.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8952.89px;left:7485.64px;white-space:nowrap">171,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8952.89px;left:9501.64px;white-space:nowrap">331,804</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9231.91px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9231.91px;left:1166.46px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9231.91px;left:2322.22px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9231.91px;left:2999.95px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9231.91px;left:3566.55px;white-space:nowrap">$10,170,571)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:9231.91px;left:4830.66px;letter-spacing:50.8px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9265.77px;left:9296.88px;letter-spacing:-1.77px;white-space:nowrap">11,019,911</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9559.35px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9559.35px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9559.35px;left:2336.96px;white-space:nowrap">28.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9833.39px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9833.39px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9833.39px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9833.39px;left:2337.61px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:648px;letter-spacing:-2.37px;white-space:nowrap">ATI,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:973.94px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:1231.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:1320.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:1827.69px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:2165.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:2254.56px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:2654.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:2797.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:2886.13px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10029.87px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10073.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10073.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10073.55px;left:7352.2px;white-space:nowrap">1,080,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10073.55px;left:9368.2px;white-space:nowrap">1,056,866</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10313.72px;left:648px;white-space:nowrap">Boeing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10313.72px;left:1190.66px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10313.72px;left:1484.09px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10313.72px;left:1866.36px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:1761.53px;white-space:nowrap">2.95%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:2304.11px;white-space:nowrap">2/01/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:7574.63px;white-space:nowrap">31,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.2px;left:9590.63px;white-space:nowrap">28,807</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:1725.83px;white-space:nowrap">2.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:2179.42px;white-space:nowrap">2/01/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:7485.64px;white-space:nowrap">303,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10706.69px;left:9501.64px;white-space:nowrap">294,465</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:1725.83px;white-space:nowrap">6.298%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:2357.39px;white-space:nowrap">5/01/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:7574.63px;white-space:nowrap">89,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.17px;left:9590.63px;white-space:nowrap">94,000</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11102.87px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:648px;letter-spacing:-0.74px;white-space:nowrap">Bombardier,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:1555.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:1813px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:1901.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:2408.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:2746.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:2835.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:3298.31px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:3387.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:3529.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:3618.47px;white-space:nowrap">6/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:7352.2px;white-space:nowrap">1,020,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.66px;left:9368.2px;white-space:nowrap">1,056,454</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11299.35px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.14px;left:648px;white-space:nowrap">Spirit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.14px;left:1048.16px;white-space:nowrap">AeroSystems,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.14px;left:2088.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.14px;left:2346.36px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:792px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:1432.39px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:1859.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:2321.84px;white-space:nowrap">9.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:2864.42px;letter-spacing:-1.32px;white-space:nowrap">11/15/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:7485.64px;white-space:nowrap">275,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11492.63px;left:9501.64px;white-space:nowrap">302,790</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:2828.8px;white-space:nowrap">9.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:3460.36px;letter-spacing:-1.32px;white-space:nowrap">11/30/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:7485.64px;white-space:nowrap">206,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.11px;left:9501.64px;white-space:nowrap">217,925</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11888.8px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11885.59px;left:648px;letter-spacing:-0.66px;white-space:nowrap">TransDigm</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11885.59px;left:1424.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11885.59px;left:1513.31px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11885.59px;left:1771.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:2828.8px;white-space:nowrap">6.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:3460.36px;white-space:nowrap">12/15/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:7485.64px;white-space:nowrap">420,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12082.08px;left:9501.64px;white-space:nowrap">435,612</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">12</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2337.61px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-0.46px;white-space:nowrap">TransDigm,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1513.31px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1860.11px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2828.8px;white-space:nowrap">6.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3460.36px;white-space:nowrap">3/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">145,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">149,280</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.64px;left:9368.2px;white-space:nowrap">3,636,199</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:648px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:1572.37px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:2594.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1795.3px;left:2959.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1991.78px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:648px;white-space:nowrap">Adient</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1146.12px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1653.08px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2320.11px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2586.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2675.89px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3182.84px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3520.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3609.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4072.3px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4294.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4436.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4525.89px;white-space:nowrap">2/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:7574.63px;white-space:nowrap">80,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:9590.63px;white-space:nowrap">81,634</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2316.02px;left:648px;white-space:nowrap">Automobiles
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2316.02px;left:1661.36px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2515.71px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:648px;white-space:nowrap">Hyundai </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:1279.48px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:1813.16px;white-space:nowrap">America</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:2399.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:2488.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:2995.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:3333.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:3422.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:3885.27px;white-space:nowrap">4.55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:4196.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:4338.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:4427.84px;white-space:nowrap">9/26/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:7485.64px;white-space:nowrap">470,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2512.5px;left:9501.64px;white-space:nowrap">466,292</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2712.2px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:648px;letter-spacing:-0.8px;white-space:nowrap">Volkswagen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:1546.36px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:2035.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:2204.56px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:2835.81px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:3449.48px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:3743px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:3831.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:4338.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:4676.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2708.99px;left:4765.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:792px;white-space:nowrap">1.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:1423.56px;letter-spacing:-1.48px;white-space:nowrap">11/24/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:5966.03px;white-space:nowrap">Germany</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:7485.64px;white-space:nowrap">510,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2900.99px;left:9501.64px;white-space:nowrap">475,734</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3184.75px;left:9501.64px;white-space:nowrap">942,026</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3512.2px;left:648px;white-space:nowrap">Banks
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3512.2px;left:1172.69px;white-space:nowrap">1.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3711.89px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:648px;white-space:nowrap">AIB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:950.34px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:1439.48px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:1644.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:1732.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:2239.87px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:2577.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:2666.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:3129.33px;white-space:nowrap">6.608% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:3716.44px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:3894.33px;white-space:nowrap">9/12/28,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.68px;left:4517.06px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:1556.92px;white-space:nowrap">9/13/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:6134.78px;white-space:nowrap">Ireland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.68px;left:9501.64px;white-space:nowrap">459,216</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.85px;left:648px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.85px;left:1057.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.85px;left:1226.2px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.85px;left:1857.45px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.85px;left:2248.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:1725.83px;white-space:nowrap">6.204% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:2312.94px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:2490.83px;letter-spacing:-1.19px;white-space:nowrap">11/09/27,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:3190.67px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:3563.95px;letter-spacing:-0.74px;white-space:nowrap">thereafter,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:4328.87px;letter-spacing:-1.32px;white-space:nowrap">11/10/28
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:7485.64px;white-space:nowrap">955,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.33px;left:9501.64px;white-space:nowrap">991,272</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:792px;white-space:nowrap">L, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:969.89px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:1343.48px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:1806.06px;white-space:nowrap">4.183%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:2437.62px;letter-spacing:-1.32px;white-space:nowrap">11/25/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:7485.64px;white-space:nowrap">470,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.82px;left:9501.64px;white-space:nowrap">467,538</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4733.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:648px;white-space:nowrap">CaixaBank</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:1466.2px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:1679.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:1768.55px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:2275.5px;white-space:nowrap">Non-Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:3333.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:3671.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:3760.58px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:4223.16px;white-space:nowrap">6.208% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.3px;left:4810.27px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:792px;white-space:nowrap">1/17/28, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:1414.73px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:1788.02px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:2464.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:2552.94px;white-space:nowrap">1/18/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:6214.78px;white-space:nowrap">Spain</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:7485.64px;white-space:nowrap">445,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.3px;left:9501.64px;white-space:nowrap">461,109</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:648px;white-space:nowrap">JPMorgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:1421.67px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:1928.62px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:2079.8px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:2328.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:2417.69px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:2924.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:3262.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:3351.52px;white-space:nowrap">6.07% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:3849.64px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:4027.53px;white-space:nowrap">10/21/26,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5118.79px;left:4739.25px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:1556.92px;white-space:nowrap">10/22/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:7352.2px;white-space:nowrap">1,810,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.79px;left:9368.2px;white-space:nowrap">1,843,185</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:648px;letter-spacing:-1.04px;white-space:nowrap">Toronto-Dominion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:1955.27px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:2364.41px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:2746.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:2835.58px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:3342.53px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:3680.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:3769.41px;white-space:nowrap">5.264</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:4169.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:4312.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:4400.97px;letter-spacing:-1.48px;white-space:nowrap">12/11/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.27px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5550.95px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5550.95px;left:7485.64px;white-space:nowrap">325,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5550.95px;left:9501.64px;white-space:nowrap">328,692</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Wells
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:1080.66px;white-space:nowrap">Fargo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:1543.08px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:1694.25px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:1943.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:2032.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:2539.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:2877.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:2965.97px;white-space:nowrap">5.574% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:3553.08px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:3730.97px;white-space:nowrap">7/24/28,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.44px;left:4353.7px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:1556.92px;white-space:nowrap">7/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:7485.64px;white-space:nowrap">895,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.44px;left:9501.64px;white-space:nowrap">921,704</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.2px;left:9368.2px;white-space:nowrap">5,472,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6550.65px;left:648px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6550.65px;left:1332.3px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6550.65px;left:2070.19px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6750.34px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:648px;white-space:nowrap">Builders </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:1270.5px;white-space:nowrap">FirstSource</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:2088.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:2177.37px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:2435.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:2524.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:3031.12px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:3404.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:3493.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:3956.28px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:4267.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:4409.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:4498.86px;white-space:nowrap">5/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:7485.64px;white-space:nowrap">135,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6747.13px;left:9501.64px;white-space:nowrap">138,584</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6946.83px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.62px;left:648px;white-space:nowrap">JH </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.62px;left:888px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.62px;left:1314.87px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.62px;left:1946.12px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.62px;left:2657.61px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.62px;left:2915.5px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:2828.8px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:3460.36px;white-space:nowrap">1/31/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:7574.63px;white-space:nowrap">30,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.1px;left:9590.63px;white-space:nowrap">30,121</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:2828.8px;white-space:nowrap">6.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:3460.36px;white-space:nowrap">7/31/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:7485.64px;white-space:nowrap">135,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7336.58px;left:9501.64px;white-space:nowrap">136,502</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7536.28px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:648px;white-space:nowrap">Miter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:1048px;white-space:nowrap">Brands </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:1590.58px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:2408.78px;white-space:nowrap">Holdco, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:2995.73px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:3298.08px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:3386.98px;white-space:nowrap">MIWD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:3875.73px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:4569.25px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.07px;left:4862.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:1939.34px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:2277.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:2828.8px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:3140.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:3282.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:3371.37px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:9501.64px;white-space:nowrap">464,833</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7924.76px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.55px;left:648px;white-space:nowrap">Quikrete</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.55px;left:1297.14px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.55px;left:2008.62px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7921.55px;left:2266.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:2188.41px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:2730.98px;white-space:nowrap">3/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:7485.64px;white-space:nowrap">360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8118.04px;left:9501.64px;white-space:nowrap">369,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:2828.8px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:3460.36px;white-space:nowrap">3/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:7485.64px;white-space:nowrap">165,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.52px;left:9501.64px;white-space:nowrap">169,331</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8514.22px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:648px;white-space:nowrap">Smyrna </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:1243.7px;white-space:nowrap">Ready </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:1750.66px;white-space:nowrap">Mix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:2043.94px;white-space:nowrap">Concrete
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:2737.61px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:3031.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:3120.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:3626.98px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:4267.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:4605.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8511.01px;left:4694.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:792px;white-space:nowrap">8.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:1423.56px;letter-spacing:-1.48px;white-space:nowrap">11/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:7485.64px;white-space:nowrap">965,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8703.01px;left:9368.2px;white-space:nowrap">1,016,451</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8902.7px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8899.49px;left:648px;white-space:nowrap">Standard </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8899.49px;left:1341.83px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8899.49px;left:1955.58px;white-space:nowrap">Solutions,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8899.49px;left:2702.69px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8899.49px;left:2960.58px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:2642px;white-space:nowrap">8/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:7485.64px;white-space:nowrap">290,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9095.98px;left:9501.64px;white-space:nowrap">296,346</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:2188.41px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:2730.98px;white-space:nowrap">8/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:7485.64px;white-space:nowrap">270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9292.46px;left:9501.64px;white-space:nowrap">272,780</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9576.22px;left:9368.2px;white-space:nowrap">2,894,403</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9903.67px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9903.67px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9903.67px;left:1875.11px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:648px;white-space:nowrap">Ares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:1021.44px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:1563.94px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:1955.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:2044.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:2551.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:2889.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:2977.92px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:3066.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:3209.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:3298.08px;white-space:nowrap">1/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10100.16px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10143.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10143.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10143.84px;left:7485.64px;white-space:nowrap">905,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10143.84px;left:9501.64px;white-space:nowrap">931,937</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10343.53px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:648px;white-space:nowrap">Dresdner </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:1350.5px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:1970.27px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:2373.23px;white-space:nowrap">I</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:2417.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:2506.59px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:2986.83px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:3360.42px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:3734.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:3823px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:4285.58px;white-space:nowrap">8.151</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:4685.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.32px;left:4828.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10532.32px;left:792px;white-space:nowrap">6/30/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10532.32px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10532.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10532.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10532.32px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10532.32px;left:9501.64px;white-space:nowrap">220,856</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10732.02px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:648px;white-space:nowrap">Jane </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:1039.41px;white-space:nowrap">Street </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:1510.73px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:1999.87px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:2088.78px;white-space:nowrap">JSG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:2444.41px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:3102.53px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:3360.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:3449.33px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:3956.28px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:4596.67px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10728.81px;left:4934.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:1254.58px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:1565.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:1708.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:1797.16px;white-space:nowrap">5/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:2330.98px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:7485.64px;white-space:nowrap">945,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10920.81px;left:9501.64px;white-space:nowrap">967,738</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:1234.95px;letter-spacing:-1.7px;white-space:nowrap">Stanley</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:1756.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:1845.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:2352.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:2690.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:2779.48px;white-space:nowrap">5.123% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:3366.59px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:3544.48px;white-space:nowrap">1/31/28,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:4167.22px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:4540.5px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.29px;left:5216.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11309.29px;left:792px;white-space:nowrap">2/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11309.29px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11309.29px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11309.29px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11309.29px;left:7352.2px;white-space:nowrap">1,350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11309.29px;left:9368.2px;white-space:nowrap">1,370,027</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11508.98px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:648px;white-space:nowrap">Stonex</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:1190.58px;white-space:nowrap">Escrow </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:1759.56px;white-space:nowrap">Issuer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:2239.72px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:2533.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:2622.14px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:3262.53px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:3600.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:3689.41px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:4151.98px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:4552.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:4694.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:4783.55px;white-space:nowrap">7/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.77px;left:9501.64px;white-space:nowrap">254,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:648px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:1012.61px;white-space:nowrap">AG</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:1243.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:1332.69px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:1839.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:2177.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:2266.52px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:2488.94px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:2631.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:2720.11px;white-space:nowrap">2/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.26px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11745.94px;left:5796.97px;white-space:nowrap">Switzerland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11745.94px;left:7485.64px;white-space:nowrap">265,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11745.94px;left:9501.64px;white-space:nowrap">284,722</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">13</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1875.11px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1021.44px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1501.75px;white-space:nowrap">AG</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1732.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1821.83px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2328.78px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2666.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2755.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3218.23px;white-space:nowrap">5.428% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3805.34px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3983.23px;white-space:nowrap">2/07/29, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4605.97px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1556.92px;white-space:nowrap">2/08/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5796.97px;white-space:nowrap">Switzerland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9501.64px;white-space:nowrap">384,562</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1460.16px;left:9368.2px;white-space:nowrap">4,414,514</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.6px;left:648px;white-space:nowrap">Chemicals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.6px;left:1492.84px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1987.3px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Avient</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1134.25px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1525.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:1614.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:2121.36px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:2459.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:2548.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:3010.81px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:3322.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:3464.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:3553.39px;letter-spacing:-1.48px;white-space:nowrap">11/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.09px;left:9501.64px;white-space:nowrap">100,446</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2183.78px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:648px;white-space:nowrap">Braskem </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:1323.7px;white-space:nowrap">Idesa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:1759.56px;white-space:nowrap">SAPI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:2124.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:2213.08px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:2720.03px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:3360.42px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:3698.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:3787.3px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:4125.27px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:4320.89px;white-space:nowrap">7.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:4632.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2180.57px;left:4774.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:9501.64px;white-space:nowrap">353,212</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:648px;white-space:nowrap">Celanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:1368.47px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:1635.19px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:2302.22px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:2595.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:2684.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:3191.59px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:3565.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:3654.17px;white-space:nowrap">6.879</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:4054.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:4196.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:4285.73px;white-space:nowrap">7/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.06px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:7574.63px;white-space:nowrap">15,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:9590.63px;white-space:nowrap">15,543</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:648px;white-space:nowrap">FMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1039.02px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1430.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1519.17px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1892.77px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2266.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2355.34px;white-space:nowrap">8.45% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2853.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:3031.36px;white-space:nowrap">10/31/30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:3743.08px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:4116.36px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:4792.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:7485.64px;white-space:nowrap">265,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:9501.64px;white-space:nowrap">274,628</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:648px;white-space:nowrap">Huntsman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:1421.67px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2346.75px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2640.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2729.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3236.13px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3609.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3698.7px;white-space:nowrap">4.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3921.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:4063.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:4152.3px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:7485.64px;white-space:nowrap">480,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:9501.64px;white-space:nowrap">456,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3525.15px;left:9368.2px;white-space:nowrap">1,200,329</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3852.6px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3852.6px;left:1608.39px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3852.6px;left:2311.2px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3852.6px;left:2471.2px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3852.6px;left:3182.45px;white-space:nowrap">1.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4052.29px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:648px;white-space:nowrap">Allied </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:1083.78px;white-space:nowrap">Universal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:1795.11px;white-space:nowrap">Holdco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:2337.61px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:2631.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:2720.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:3226.98px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:3867.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:4205.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4049.08px;left:4294.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:792px;white-space:nowrap">7.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:1423.56px;white-space:nowrap">2/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4241.08px;left:9501.64px;white-space:nowrap">472,188</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4440.78px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:648px;white-space:nowrap">Ambipar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:1288.23px;white-space:nowrap">Lux </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:1590.66px;white-space:nowrap">SARL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:2008.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:2097.53px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:2604.48px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:2942.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:3031.36px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:3493.94px;white-space:nowrap">10.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:3983.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:4125.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:4214.48px;white-space:nowrap">2/05/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4437.57px;left:9501.64px;white-space:nowrap">360,942</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4637.26px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:648px;white-space:nowrap">Aramark </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:1296.98px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:1999.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:2257.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:2346.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:2853.16px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:3226.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:3315.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:3778.31px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:3867.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:4009.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:4098.47px;white-space:nowrap">2/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:7485.64px;white-space:nowrap">459,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4634.05px;left:9501.64px;white-space:nowrap">454,967</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4833.75px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:648px;white-space:nowrap">Prime </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:1110.27px;white-space:nowrap">Security
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:1732.69px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:2390.66px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:3084.17px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:3422.14px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:3511.05px;white-space:nowrap">Prime </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:3973.31px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:4631.44px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:4889.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:792px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:1432.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:1770.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:1859.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:2321.84px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:2633.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:2775.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:2864.42px;white-space:nowrap">1/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5022.54px;left:9501.64px;white-space:nowrap">455,429</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5222.23px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:648px;white-space:nowrap">RR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:923.55px;white-space:nowrap">Donnelley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:1679.56px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:1830.73px;white-space:nowrap">Sons </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:2239.88px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:2488.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:2577.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:3084.72px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:3725.11px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:4063.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:4151.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:4614.56px;white-space:nowrap">9.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:4836.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5219.02px;left:4979.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5411.02px;left:792px;white-space:nowrap">8/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5411.02px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5411.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5411.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5411.02px;left:7485.64px;white-space:nowrap">630,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5411.02px;left:9501.64px;white-space:nowrap">644,320</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5610.72px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Verisure</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:1279.41px;white-space:nowrap">Midholding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:2088.86px;white-space:nowrap">AB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:2302.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:2391.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:2898.16px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:3236.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:3325.03px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:3663px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:3858.63px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:4170.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:4312.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:4401.2px;white-space:nowrap">2/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:6045.8px;white-space:nowrap">Sweden</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:7352.2px;white-space:nowrap">1,310,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.51px;left:9368.2px;white-space:nowrap">1,507,375</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5807.2px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Veritiv
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:1128.16px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:1875.27px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:2124.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:2213.16px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:2720.11px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:3360.5px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:3698.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:3787.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:4249.95px;white-space:nowrap">10.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:4561.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5803.99px;left:4703.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5995.99px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5995.99px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5995.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5995.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5995.99px;left:7574.63px;white-space:nowrap">95,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5995.99px;left:9501.64px;white-space:nowrap">103,087</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6195.69px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:648px;letter-spacing:-0.99px;white-space:nowrap">Waste
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:1139.95px;white-space:nowrap">Pro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:1433.39px;white-space:nowrap">USA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:1851.28px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:2109.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:2198.08px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:2705.03px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:3043px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:3131.91px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:3594.48px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:3683.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:3825.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:3914.64px;white-space:nowrap">2/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:7485.64px;white-space:nowrap">860,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.47px;left:9501.64px;white-space:nowrap">894,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6476.24px;left:9368.2px;white-space:nowrap">4,892,762</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6803.69px;left:648px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6803.69px;left:1990.34px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6803.69px;left:2861.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:648px;white-space:nowrap">Motorola </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:1314.95px;white-space:nowrap">Solutions,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:2062.06px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:2319.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:2408.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:2915.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:3253.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:3342.69px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:3431.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:3573.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:3662.84px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7000.17px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7043.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7043.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7043.85px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7043.85px;left:9501.64px;white-space:nowrap">461,803</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7371.3px;left:648px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7371.3px;left:1687.92px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7371.3px;left:1847.92px;white-space:nowrap">Engineering
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7371.3px;left:2816.91px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:7374.51px;left:3181.59px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7570.99px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:648px;white-space:nowrap">Arcosa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:1145.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:1234.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:1492.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:1581.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:2088.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:2426.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:2515.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:2978.08px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:3378.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:3520.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:3609.64px;white-space:nowrap">8/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">115,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.78px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">118,907</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7895.23px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7895.23px;left:1483.7px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7895.23px;left:2132.77px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:648px;white-space:nowrap">AerCap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:1234.95px;white-space:nowrap">Ireland </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:1768.63px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:2311.13px;white-space:nowrap">DAC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:2693.39px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:2773.47px;white-space:nowrap">AerCap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:3360.42px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:3858.55px;letter-spacing:-0.32px;white-space:nowrap">Aviation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:4466.44px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8091.71px;left:4824.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:1298.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:1636.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:1725.83px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:2126.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:2268.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:2357.39px;white-space:nowrap">9/10/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:2891.22px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:6134.78px;white-space:nowrap">Ireland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:7485.64px;white-space:nowrap">670,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8283.71px;left:9501.64px;white-space:nowrap">668,352</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8483.41px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:648px;white-space:nowrap">Encore </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:1199.41px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:1741.91px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:2275.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:2533.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:2622.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:3129.25px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:3769.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:4107.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:4196.52px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:4659.09px;white-space:nowrap">9.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:4970.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.2px;left:5112.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.2px;left:792px;white-space:nowrap">4/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.2px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.2px;left:7485.64px;white-space:nowrap">555,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.2px;left:9501.64px;white-space:nowrap">585,242</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8871.89px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:648px;white-space:nowrap">FirstCash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:1332.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:1421.44px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:1679.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:1768.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:2275.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:2613.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:2702.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:3164.64px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:3565.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:3707.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:3796.2px;white-space:nowrap">3/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:7485.64px;white-space:nowrap">814,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.68px;left:9501.64px;white-space:nowrap">835,453</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9108.85px;left:648px;white-space:nowrap">Ford </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9108.85px;left:1021.44px;white-space:nowrap">Motor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9108.85px;left:1474.88px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9108.85px;left:1946.13px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9108.85px;left:2239.56px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9108.85px;left:2533.08px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:1725.83px;white-space:nowrap">5.8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:2179.42px;white-space:nowrap">3/05/27 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.33px;left:9501.64px;white-space:nowrap">201,186</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:1725.83px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:2357.39px;white-space:nowrap">8/17/27 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:7485.64px;white-space:nowrap">290,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.82px;left:9501.64px;white-space:nowrap">282,626</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9785.58px;left:9368.2px;white-space:nowrap">2,572,859</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10113.03px;left:648px;white-space:nowrap">Containers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10113.03px;left:1528.16px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10113.03px;left:1688.16px;white-space:nowrap">Packaging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10113.03px;left:2532.92px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10312.72px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:648px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:1475.19px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:2293.39px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:3004.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:3262.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:3351.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:3858.63px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:4499.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10309.51px;left:4836.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:1254.58px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:1565.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:1708.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:1797.16px;white-space:nowrap">4/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:2330.98px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.51px;left:9501.64px;white-space:nowrap">445,868</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10828.96px;left:648px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10828.96px;left:1599.17px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11028.65px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:648px;white-space:nowrap">RB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:914.72px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:1421.67px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:2133.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:2391.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:2479.95px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:2986.91px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:3324.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:3413.78px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:3876.36px;white-space:nowrap">7.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:4187.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:4330.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:4418.94px;white-space:nowrap">3/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:7485.64px;white-space:nowrap">607,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.44px;left:9501.64px;white-space:nowrap">636,890</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11352.89px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11352.89px;left:1510.58px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11352.89px;left:1996.59px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:648px;white-space:nowrap">VICI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:1003.63px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:1777.3px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:1952.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:2041.28px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:2548.23px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:2886.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:2975.11px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:3286.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:3428.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:3517.69px;white-space:nowrap">2/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11549.37px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11593.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11593.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11593.05px;left:7485.64px;white-space:nowrap">935,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11593.05px;left:9501.64px;white-space:nowrap">939,732</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">14</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1510.58px;letter-spacing:-0.66px;white-space:nowrap">Telecommunication
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3045.66px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3748.47px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-4.93px;white-space:nowrap">AT&amp;T,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1116.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1374.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1463px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1969.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2307.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2396.83px;white-space:nowrap">4.1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2619.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2761.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2850.42px;white-space:nowrap">2/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7485.64px;white-space:nowrap">910,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">904,003</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1227.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:648px;white-space:nowrap">CCO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1048px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1715.03px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2053px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2141.91px;white-space:nowrap">CCO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2541.91px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3208.94px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3751.44px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4142.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4231.59px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4738.55px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5112.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1254.58px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1565.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1708.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1797.16px;white-space:nowrap">2/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2330.98px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7485.64px;white-space:nowrap">941,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9501.64px;white-space:nowrap">870,728</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1616.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:648px;white-space:nowrap">IHS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:959.17px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1546.2px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1813.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1901.98px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2408.94px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2746.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2835.81px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3173.78px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3369.41px;white-space:nowrap">8.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3680.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3823.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3911.98px;letter-spacing:-1.48px;white-space:nowrap">11/29/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:6117.13px;white-space:nowrap">Nigeria</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:9501.64px;white-space:nowrap">409,323</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1812.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:648px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1074.95px;white-space:nowrap">3 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1208.39px;white-space:nowrap">Financing,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1991.05px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2248.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2337.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2844.8px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:3485.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:3823.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:3912.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:4374.64px;white-space:nowrap">10.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:4775.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:4917.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:792px;white-space:nowrap">12/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:9501.64px;white-space:nowrap">395,062</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2285.29px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,579,116</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2612.74px;left:648px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2612.74px;left:1270.58px;white-space:nowrap">Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2612.74px;left:1892.92px;white-space:nowrap">2.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2812.43px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Buffalo
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1187.14px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1738.55px;white-space:nowrap">Mexico </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2289.8px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2956.83px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:3045.73px;text-rendering:optimizeLegibility;white-space:nowrap">Buffalo
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:3584.87px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:4136.28px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:5123.31px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:792px;text-rendering:optimizeLegibility;white-space:nowrap">Buffalo
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:1331.14px;letter-spacing:-1.98px;white-space:nowrap">Energy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:1826.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:1915.12px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:2422.08px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3062.47px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3436.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3525.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3987.62px;white-space:nowrap">7.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:4388.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:4530.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:4619.19px;white-space:nowrap">2/15/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:7485.64px;white-space:nowrap">530,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:9501.64px;white-space:nowrap">565,246</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:648px;white-space:nowrap">Duke </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:1065.97px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:1617.37px;white-space:nowrap">Carolinas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2337.69px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2631.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2711.28px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2818px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:2906.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3413.86px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3787.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3876.44px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:3965.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:4107.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:4196.59px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3197.71px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3241.39px;left:9501.64px;white-space:nowrap">455,269</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3441.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:648px;white-space:nowrap">Energo</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:1163.94px;white-space:nowrap">-Pro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:1501.83px;white-space:nowrap">A/S</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:1759.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:1848.62px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:2355.58px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:2693.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:2782.45px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:3245.03px;letter-spacing:-5.94px;white-space:nowrap">11</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:3411.12px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:3553.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:3642.3px;letter-spacing:-1.48px;white-space:nowrap">11/02/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:5503.45px;white-space:nowrap">Czech </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:6001.42px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.87px;left:9501.64px;white-space:nowrap">749,466</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:648px;white-space:nowrap">Eversource </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:1501.67px;letter-spacing:-1.98px;white-space:nowrap">Energy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:1996.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:2085.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:2592.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:2930.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:3019.48px;white-space:nowrap">5.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:3330.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:3473.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:3562.06px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.36px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:9501.64px;white-space:nowrap">460,215</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3877.73px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:648px;white-space:nowrap">NRG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:1048px;letter-spacing:-1.48px;white-space:nowrap">Energy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:1631.98px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:1889.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:1978.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:2485.73px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:2859.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:2948.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:3410.89px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:3722.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:3864.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:3953.47px;letter-spacing:-1.48px;white-space:nowrap">11/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:7485.64px;white-space:nowrap">875,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:9501.64px;white-space:nowrap">887,295</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Pacific
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:1163.7px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:1501.59px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:1813px;white-space:nowrap">Electric </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:2381.98px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:2630.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:2719.87px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:3226.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:3564.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:3653.7px;white-space:nowrap">6.1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:3876.12px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:4018.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:4107.3px;white-space:nowrap">1/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4071.01px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4114.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4114.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4114.69px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4114.69px;left:9501.64px;white-space:nowrap">455,201</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:648px;white-space:nowrap">PG&amp;E </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:1137.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:1528.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:1617.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:2124.17px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:2764.56px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:3138.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:3227.14px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:3538.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:3680.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:3769.72px;white-space:nowrap">7/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4311.17px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:7352.2px;white-space:nowrap">1,045,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:9368.2px;white-space:nowrap">1,003,279</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:1341.83px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:1635.27px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:2017.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:2106.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:2613.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:2951.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:3040.27px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:3262.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:3404.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:3493.86px;white-space:nowrap">3/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4595.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4595.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4595.02px;left:7485.64px;white-space:nowrap">570,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4595.02px;left:9501.64px;white-space:nowrap">590,743</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:1223.16px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:1792.14px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:2103.55px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:2601.52px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:2850.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:2930.58px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:3037.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:3126.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:3633.16px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:4006.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:4095.73px;white-space:nowrap">2.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:4496.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:4638.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4791.51px;left:4727.3px;white-space:nowrap">7/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4835.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4835.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4835.19px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4835.19px;left:9501.64px;white-space:nowrap">945,853</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5034.88px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5031.67px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Vistra</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5031.67px;left:1098.55px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5031.67px;left:1925.66px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5031.67px;left:2219.09px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5031.67px;left:2512.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:2188.41px;white-space:nowrap">4.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:2819.97px;white-space:nowrap">5/01/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:7485.64px;white-space:nowrap">590,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5228.16px;left:9501.64px;white-space:nowrap">572,109</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:2188.41px;white-space:nowrap">6.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:2819.97px;white-space:nowrap">4/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:7485.64px;white-space:nowrap">465,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.64px;left:9501.64px;white-space:nowrap">483,448</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.41px;left:9368.2px;white-space:nowrap">7,168,124</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6035.85px;left:648px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6035.85px;left:1234.87px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6035.85px;left:2105.97px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6035.85px;left:2265.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6035.85px;left:2968.78px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6235.55px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:648px;white-space:nowrap">Aris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:968px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:1433.23px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:2100.27px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:2393.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:2482.69px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:2989.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:3327.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:3416.52px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:3879.09px;white-space:nowrap">7.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:4190.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:4332.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:4421.67px;white-space:nowrap">4/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:9501.64px;white-space:nowrap">472,138</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6432.03px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:648px;letter-spacing:-0.54px;white-space:nowrap">Transocean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:1531.44px;white-space:nowrap">Poseidon
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:2243.08px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:2509.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:2598.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:3105.81px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:3746.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:4084.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:4173.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:4635.66px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:5036.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:5178.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6620.82px;left:792px;white-space:nowrap">2/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6620.82px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6620.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6620.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6620.82px;left:7485.64px;white-space:nowrap">236,250</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6620.82px;left:9501.64px;white-space:nowrap">236,826</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6820.52px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:648px;letter-spacing:-0.54px;white-space:nowrap">Transocean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:1528.55px;letter-spacing:-0.99px;white-space:nowrap">Titan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:1922.77px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:2660.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:2927.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:3016.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:3523.7px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:4164.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:4502.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6817.3px;left:4590.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:792px;white-space:nowrap">8.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:1423.56px;white-space:nowrap">2/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:7485.64px;white-space:nowrap">194,524</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7009.3px;left:9501.64px;white-space:nowrap">199,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7293.07px;left:9501.64px;white-space:nowrap">908,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7620.52px;left:648px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7620.52px;left:1768.16px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7820.21px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:648px;white-space:nowrap">Banijay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:1217.22px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:2257.77px;white-space:nowrap">SAS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:2577.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:2666.83px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:3173.78px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:3814.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:4152.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:4241.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:4703.63px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:5104.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7817px;left:5246.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009px;left:792px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009px;left:7485.64px;white-space:nowrap">795,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8009px;left:9501.64px;white-space:nowrap">826,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8336.45px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8336.45px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8336.45px;left:2088.78px;white-space:nowrap">1.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8536.14px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:648px;white-space:nowrap">Freedom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:1332.69px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:2053.08px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:2444.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:2533.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:3040.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:3378.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:3467.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:3929.64px;white-space:nowrap">12.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:4330.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:4472.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:4561.2px;white-space:nowrap">10/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:7485.64px;white-space:nowrap">780,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.93px;left:9501.64px;white-space:nowrap">863,507</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8732.63px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Jefferson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:1347.14px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:1889.64px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:2556.67px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:2850.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:2939.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:3446.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:3784.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:3872.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:4335.5px;white-space:nowrap">9.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:4557.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:4700.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:4789.09px;white-space:nowrap">2/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:7485.64px;white-space:nowrap">995,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.42px;left:9368.2px;white-space:nowrap">1,050,948</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8929.11px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:648px;white-space:nowrap">Nationstar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:1421.67px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:2142.06px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:2853.55px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:3111.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:3200.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:3707.3px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:4080.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:4169.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:4632.45px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:4943.86px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8925.9px;left:5086.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9117.9px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9117.9px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9117.9px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9117.9px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9117.9px;left:7352.2px;white-space:nowrap">1,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9117.9px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,113,102</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9317.59px;left:518.33px;white-space:nowrap">b,e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:648px;white-space:nowrap">Osaic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:1101.44px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:1812.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:2070.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:2159.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:2666.67px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:3307.06px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:3645.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:3733.94px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:4196.52px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:4507.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:4650.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:4739.09px;white-space:nowrap">8/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:7485.64px;white-space:nowrap">135,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9314.38px;left:9501.64px;white-space:nowrap">136,736</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9514.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:648px;white-space:nowrap">Petronas</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:1332.84px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:1875.34px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:2142.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:2231.12px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:2738.08px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:3076.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:3164.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:3627.53px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:3938.94px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:4081.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:4170.11px;white-space:nowrap">1/03/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:5992.67px;white-space:nowrap">Malaysia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:7485.64px;white-space:nowrap">840,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9510.87px;left:9501.64px;white-space:nowrap">854,035</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9710.56px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:648px;white-space:nowrap">Rocket </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:1190.42px;white-space:nowrap">Cos., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:1608.31px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:1866.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:1955.11px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:2462.06px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:2800.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:2888.94px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:3351.52px;white-space:nowrap">6.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:3751.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:3894.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:3983.08px;white-space:nowrap">8/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9707.35px;left:9501.64px;white-space:nowrap">449,343</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9907.05px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:648px;white-space:nowrap">Shift4 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:1101.59px;white-space:nowrap">Payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:1857.45px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:2195.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:2284.33px;white-space:nowrap">Shift4 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:2737.92px;white-space:nowrap">Payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:3493.78px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:4107.45px;white-space:nowrap">Sub, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:4481.05px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:4738.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9903.84px;left:4827.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:792px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:1129.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:1218.87px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:1681.45px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:1903.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:2046.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:2135.05px;white-space:nowrap">5/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.84px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">119,232</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.6px;left:9368.2px;white-space:nowrap">4,586,903</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10707.05px;left:648px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10707.05px;left:1083.39px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10707.05px;left:1821.28px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10906.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:648px;white-space:nowrap">Chobani</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:1288.47px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:1626.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:1715.34px;white-space:nowrap">Chobani</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:2355.81px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:2969.48px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:3449.64px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:3707.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:3796.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:4303.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:4641.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:4730.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:792px;white-space:nowrap">7.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:1423.56px;white-space:nowrap">7/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:7485.64px;white-space:nowrap">425,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11095.53px;left:9501.64px;white-space:nowrap">443,328</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:648px;white-space:nowrap">JBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:985.89px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:1350.5px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:1937.53px;white-space:nowrap">Lux </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:2239.95px;letter-spacing:-1.19px;white-space:nowrap">SARL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:2696.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:2785.34px;white-space:nowrap">JBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:3123.23px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:3487.84px;white-space:nowrap">Food </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:3896.98px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:4190.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:4279.33px;white-space:nowrap">JBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:4617.22px;white-space:nowrap">Lux </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:4919.64px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:792px;white-space:nowrap">SARL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:1209.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:1298.87px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:1805.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:2143.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:2232.7px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:2321.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:2463.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:2552.86px;white-space:nowrap">2/02/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:7485.64px;white-space:nowrap">244,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.02px;left:9501.64px;white-space:nowrap">231,246</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11767.78px;left:9501.64px;white-space:nowrap">674,574</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">15</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Ground
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1270.11px;letter-spacing:-0.46px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2434.64px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Ashtead </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1279.56px;white-space:nowrap">Capital, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1866.52px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2124.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2213.31px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2720.27px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3058.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3147.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3609.72px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3698.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3840.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3929.88px;white-space:nowrap">5/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">475,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">466,086</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:648px;letter-spacing:-0.66px;white-space:nowrap">Transnet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1317.92px;white-space:nowrap">SOC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1709.09px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1975.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2064.88px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2571.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2909.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2998.7px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3336.67px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3532.3px;white-space:nowrap">8.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3843.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3985.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4074.88px;white-space:nowrap">2/06/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5761.27px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6215.02px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">678,695</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.64px;left:9368.2px;white-space:nowrap">1,144,781</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:3324.02px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:648px;white-space:nowrap">GE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:923.63px;white-space:nowrap">HealthCare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1774.48px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2797.38px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3055.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3144.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3651.13px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3989.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4078px;white-space:nowrap">4.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4300.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4442.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:4531.59px;white-space:nowrap">8/14/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:9501.64px;white-space:nowrap">465,393</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2359.7px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2359.7px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2359.7px;left:1581.67px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2359.7px;left:2364.25px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2359.7px;left:2524.25px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2359.7px;left:3227.06px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:648px;white-space:nowrap">CVS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:1021.44px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:1528.39px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:1919.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:2008.55px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:2488.78px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:2862.38px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3324.95px;white-space:nowrap">7% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3600.66px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3778.55px;white-space:nowrap">3/09/30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:4401.28px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:1556.92px;white-space:nowrap">3/10/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:7485.64px;white-space:nowrap">395,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.18px;left:9501.64px;white-space:nowrap">407,379</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2947.88px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2944.67px;left:648px;letter-spacing:-0.36px;white-space:nowrap">DaVita,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2944.67px;left:1214.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2944.67px;left:1472.14px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:2188.41px;white-space:nowrap">6.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:2819.97px;white-space:nowrap">9/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:7485.64px;white-space:nowrap">390,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3141.15px;left:9501.64px;white-space:nowrap">401,251</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:2188.41px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:2730.98px;white-space:nowrap">7/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:7574.63px;white-space:nowrap">55,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3337.64px;left:9590.63px;white-space:nowrap">56,770</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3537.33px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:648px;white-space:nowrap">Kedrion</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:1243.94px;white-space:nowrap">SpA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:1546.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:1635.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:2142.22px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:2782.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:3120.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:3209.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:3672.06px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:3894.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:4036.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:4125.66px;white-space:nowrap">9/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:6330.56px;white-space:nowrap">Italy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:7352.2px;white-space:nowrap">1,120,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.12px;left:9368.2px;white-space:nowrap">1,084,658</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:648px;letter-spacing:-2.96px;white-space:nowrap">Tenet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:1083.86px;white-space:nowrap">Healthcare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:1902.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:2293.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:2382.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:2889.17px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:3529.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:3867.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:3956.44px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:4267.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:4410.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:4499.02px;white-space:nowrap">5/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3730.61px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.29px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.29px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.29px;left:7352.2px;white-space:nowrap">1,005,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.29px;left:9368.2px;white-space:nowrap">1,034,864</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.05px;left:9368.2px;white-space:nowrap">2,984,922</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4385.5px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4385.5px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4385.5px;left:1581.67px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4385.5px;left:2067.69px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4585.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:648px;letter-spacing:-0.72px;white-space:nowrap">MPT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:1027.3px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:1774.41px;white-space:nowrap">Partnership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:2637.06px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:2874.33px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:2963.23px;letter-spacing:-0.72px;white-space:nowrap">MPT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:3342.53px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:3956.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:4347.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.98px;left:4436.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:792px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:1432.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:1770.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:1859.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:2321.84px;white-space:nowrap">8.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:2544.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:2686.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:2775.44px;white-space:nowrap">2/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:7485.64px;white-space:nowrap">535,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.98px;left:9501.64px;white-space:nowrap">556,416</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5101.43px;left:648px;white-space:nowrap">Hotel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5101.43px;left:1092.45px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5101.43px;left:1252.45px;white-space:nowrap">Resort
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5101.43px;left:1803.7px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5101.43px;left:2289.72px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5301.12px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:648px;letter-spacing:-0.72px;white-space:nowrap">RHP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:1027.38px;white-space:nowrap">Hotel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:1445.34px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:2219.02px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:2456.28px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:2545.19px;letter-spacing:-0.72px;white-space:nowrap">RHP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:2924.56px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:3538.23px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5297.91px;left:3929.48px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:2642px;white-space:nowrap">4/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5494.4px;left:9501.64px;white-space:nowrap">465,040</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:2642px;white-space:nowrap">6/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:7485.64px;white-space:nowrap">160,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5690.88px;left:9501.64px;white-space:nowrap">163,972</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5890.58px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:648px;white-space:nowrap">XHR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:1030.27px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:1205.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:1294.25px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:1801.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:2139.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:2228.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:2690.66px;white-space:nowrap">6.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:3091.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:3233.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:3322.22px;white-space:nowrap">5/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:7485.64px;white-space:nowrap">395,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.37px;left:9501.64px;white-space:nowrap">401,963</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.13px;left:9368.2px;white-space:nowrap">1,030,975</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6498.58px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6498.58px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6498.58px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6498.58px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6498.58px;left:2968.7px;white-space:nowrap">1.6%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6698.27px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:648px;white-space:nowrap">Boyd </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:1057.14px;white-space:nowrap">Gaming </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:1661.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:2053.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:2141.98px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:2648.94px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:3022.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:3111.52px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:3574.09px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:3885.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:4027.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:4116.67px;white-space:nowrap">6/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:7485.64px;white-space:nowrap">490,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6695.06px;left:9501.64px;white-space:nowrap">467,030</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6894.76px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:648px;white-space:nowrap">Caesars </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:1288.23px;white-space:nowrap">Entertainment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:2373.23px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:2631.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:2720.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:3226.98px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:3867.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:4205.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:4294.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:4756.83px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:4845.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:4988.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7083.55px;left:792px;white-space:nowrap">2/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7083.55px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7083.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7083.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7083.55px;left:7485.64px;white-space:nowrap">509,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7083.55px;left:9501.64px;white-space:nowrap">525,368</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7283.24px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:648px;white-space:nowrap">Carnival </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:1279.33px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:1670.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:1759.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:2266.44px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:2604.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:2693.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:3155.89px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:3467.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:3609.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:3698.47px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:7485.64px;white-space:nowrap">155,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7280.03px;left:9501.64px;white-space:nowrap">157,319</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7479.73px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:648px;white-space:nowrap">Carnival </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:1279.33px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:1483.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:1572.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:2079.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:2417.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:2506.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:2969.17px;white-space:nowrap">4.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:3369.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:3511.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:3600.73px;white-space:nowrap">7/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.52px;left:9501.64px;white-space:nowrap">348,447</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7676.21px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:648px;white-space:nowrap">Hilton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:1101.52px;white-space:nowrap">Domestic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:1812.77px;white-space:nowrap">Operating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:2559.88px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:2897.77px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:3155.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:3244.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:3751.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:4089.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:4178.39px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:4640.97px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:4952.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673px;left:5094.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865px;left:792px;white-space:nowrap">9/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865px;left:7485.64px;white-space:nowrap">405,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865px;left:9501.64px;white-space:nowrap">405,638</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8064.69px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.48px;left:648px;white-space:nowrap">Royal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.48px;left:1101.52px;white-space:nowrap">Caribbean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.48px;left:1884.25px;white-space:nowrap">Cruises </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.48px;left:2471.05px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.48px;left:2737.92px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:2188.41px;white-space:nowrap">5.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:2819.97px;white-space:nowrap">9/30/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:7485.64px;white-space:nowrap">175,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.97px;left:9501.64px;white-space:nowrap">176,366</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:2188.41px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:2730.98px;white-space:nowrap">3/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:7485.64px;white-space:nowrap">267,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.45px;left:9501.64px;white-space:nowrap">274,210</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:2188.41px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:2508.56px;white-space:nowrap">2/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:7485.64px;white-space:nowrap">548,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.94px;left:9501.64px;white-space:nowrap">557,387</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8850.63px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:648px;white-space:nowrap">Six </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:914.72px;white-space:nowrap">Flags </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:1350.42px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:2390.97px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:2782.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:2871.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:3378.08px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:3716.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:3804.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:4267.53px;white-space:nowrap">7.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:4578.94px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8847.42px;left:4721.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.42px;left:792px;white-space:nowrap">5/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.42px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.42px;left:7485.64px;white-space:nowrap">610,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.42px;left:9501.64px;white-space:nowrap">622,177</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9239.12px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:648px;white-space:nowrap">Station </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:1190.58px;white-space:nowrap">Casinos </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:1813.08px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:2106.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:2195.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:2702.45px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:3076.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:3165.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:3627.61px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:4028px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:4170.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:4259.17px;white-space:nowrap">12/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:7485.64px;white-space:nowrap">625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9235.91px;left:9501.64px;white-space:nowrap">585,289</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.07px;left:648px;letter-spacing:-0.41px;white-space:nowrap">Viking
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.07px;left:1125.34px;white-space:nowrap">Cruises </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.07px;left:1712.14px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.07px;left:1979.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9675.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:2188.41px;white-space:nowrap">9.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:2819.97px;white-space:nowrap">7/15/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:7485.64px;white-space:nowrap">830,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9672.56px;left:9501.64px;white-space:nowrap">893,645</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9872.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:648px;letter-spacing:-0.28px;white-space:nowrap">Wynn
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:1100.03px;white-space:nowrap">Resorts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:1695.73px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:2309.41px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:2647.38px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:2736.28px;letter-spacing:-0.28px;white-space:nowrap">Wynn
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:3188.31px;white-space:nowrap">Resorts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:3784.02px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:4326.52px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:4717.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9869.04px;left:4806.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:792px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:1129.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:1218.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:1681.45px;white-space:nowrap">7.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:2081.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:2224.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:2313.02px;white-space:nowrap">2/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:7485.64px;white-space:nowrap">835,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.04px;left:9501.64px;white-space:nowrap">888,635</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10344.81px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">5,901,511</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10672.25px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10672.25px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10672.25px;left:2248.23px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10912.42px;left:648px;white-space:nowrap">Newell </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10912.42px;left:1172.61px;white-space:nowrap">Brands,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10912.42px;left:1768.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10912.42px;left:2026.36px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:1725.83px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:2357.39px;white-space:nowrap">5/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">115,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11108.9px;left:9525.39px;letter-spacing:-3.39px;white-space:nowrap">111,727</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:1725.83px;white-space:nowrap">6.625%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:2357.39px;white-space:nowrap">5/15/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:7574.63px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11305.39px;left:9590.63px;white-space:nowrap">32,600</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11505.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:2188.41px;white-space:nowrap">8.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:2642px;white-space:nowrap">6/01/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:7485.64px;white-space:nowrap">170,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11501.87px;left:9501.64px;white-space:nowrap">178,564</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11701.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:648px;letter-spacing:-2.53px;white-space:nowrap">Taylor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:1119.25px;white-space:nowrap">Morrison
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:1786.05px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:2808.55px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:3066.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:3155.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:3662.3px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:4035.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:4124.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:4587.45px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:4987.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11698.36px;left:5130.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11890.36px;left:792px;white-space:nowrap">8/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11890.36px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11890.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11890.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11890.36px;left:7352.2px;white-space:nowrap">1,056,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11890.36px;left:9368.2px;white-space:nowrap">1,043,551</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">16</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUCCAYAAACkLpAdAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsW1kNxhG0X+MBwfGBurAW4I6ENyJStqU2ZaiVtyD4cAJnTg0zAF8IexI5ySTfPEL7pC87b0HAAAAoPDTaQAAAABwL6EBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAmWut9XYafSJ/zczPpxEA8G6+/PP7x3+uADpf5rG+Ob6T/HCumXk5jT6R32fm19MIAAAA+HfXzPx2Gn0iv8zMn6cRAPBu/FMHvDcnGuB/uu29TxsAAACAu3gMEgAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZK7TAAAAgMe01vo2M8+nHZSEBgAAgI/r+8w8nUZQuu29TxsAAACAu3ijAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEDmOg0AAAB4TGut55l5Ou2gJDQAAAB8XK8z83waQem29z5tAAAAAO7ijQYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJC5TgMAAAAe01rrdWa+HmaQcqIBAAAAyNz23qcNAAAAwF2caAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAzHUaAAAA8JjWWm8z83LaQem29z5tAAAAAO7i6gQAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAB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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2248.23px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:932.53px;white-space:nowrap">Brothers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1581.67px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2195.34px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2586.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2675.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3182.45px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3556.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3645.03px;white-space:nowrap">3.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3867.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4009.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4098.63px;letter-spacing:-1.48px;white-space:nowrap">11/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7485.64px;white-space:nowrap">485,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">471,371</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1227.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:648px;letter-spacing:-0.41px;white-space:nowrap">Weekley</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1303.08px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1854.33px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2192.3px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2281.2px;letter-spacing:-0.41px;white-space:nowrap">Weekley</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2936.28px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3549.95px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3941.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4030.11px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4537.06px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4875.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1254.58px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1654.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1797.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1886.14px;white-space:nowrap">9/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2422.85px;letter-spacing:50.75px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9501.64px;white-space:nowrap">433,421</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1700.32px;left:9368.2px;white-space:nowrap">2,271,234</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:648px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:1643.55px;white-space:nowrap">Power
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:2168.16px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:2497.06px;white-space:nowrap">Renewable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:3377.37px;white-space:nowrap">Electricity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:4186.67px;white-space:nowrap">Producers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:5022.53px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:648px;white-space:nowrap">AES </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1003.78px;white-space:nowrap">Andes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1501.91px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1715.34px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2467.63px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:2188.41px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:2730.98px;white-space:nowrap">3/14/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:6259.39px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:7485.64px;white-space:nowrap">950,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:9501.64px;white-space:nowrap">966,973</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:648px;white-space:nowrap">Constellation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:1617.45px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:2168.86px;white-space:nowrap">Generation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3004.95px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3298.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3387.37px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3894.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4232.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4321.2px;white-space:nowrap">5.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4543.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4685.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4774.8px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:7485.64px;white-space:nowrap">445,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:9501.64px;white-space:nowrap">458,385</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2988.35px;left:9368.2px;white-space:nowrap">1,425,358</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3315.8px;left:648px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3315.8px;left:1448.31px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3515.49px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:648px;white-space:nowrap">Acrisure</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:1279.25px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:1617.22px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:1697.3px;white-space:nowrap">Acrisure</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:2328.55px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:2986.67px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:3244.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:3333.47px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:3840.42px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:4480.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:4818.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:4907.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:792px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:1014.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:1156.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:1245.59px;letter-spacing:-1.48px;white-space:nowrap">11/06/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:9501.64px;white-space:nowrap">449,676</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3903.98px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:648px;white-space:nowrap">Athene </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:1199.56px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:1706.52px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:2284.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:2373.62px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:3014.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:3351.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:3440.89px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:3903.47px;white-space:nowrap">5.583</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:4303.86px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:4446.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:4535.03px;white-space:nowrap">1/09/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:9501.64px;white-space:nowrap">462,710</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:648px;white-space:nowrap">F&amp;G </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:1012.53px;white-space:nowrap">Annuities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:1715.19px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:1866.36px;white-space:nowrap">Life, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:2213.23px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:2471.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:2560.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3066.98px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3404.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3493.86px;white-space:nowrap">7.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3716.28px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3858.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3947.45px;white-space:nowrap">1/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:9501.64px;white-space:nowrap">460,651</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4340.63px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:648px;letter-spacing:-2.94px;white-space:nowrap">GA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:914.8px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:1421.75px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:2041.52px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:2400.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:2488.94px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:3129.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:3467.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:3556.2px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:4018.78px;white-space:nowrap">4.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:4241.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:4383.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:4472.38px;white-space:nowrap">9/23/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.42px;left:9501.64px;white-space:nowrap">498,383</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4537.11px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:648px;white-space:nowrap">Jones </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:1119.41px;white-space:nowrap">Deslauriers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:1973px;white-space:nowrap">Insurance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:2720.11px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:3742.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:4000.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:4089.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.9px;left:4596.67px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:792px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:1129.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:1218.87px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:1681.45px;white-space:nowrap">8.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:1903.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:2046.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:2135.05px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:7485.64px;white-space:nowrap">420,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.9px;left:9501.64px;white-space:nowrap">443,507</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4925.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:648px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:1009.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:1368.39px;white-space:nowrap">Life </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:1670.81px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:2177.77px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:2755.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:2844.87px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:3351.83px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:3992.22px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:4330.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:4419.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:4881.67px;white-space:nowrap">4.9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:5104.09px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4922.38px;left:5246.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:792px;white-space:nowrap">6/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:9501.64px;white-space:nowrap">462,640</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5314.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:648px;white-space:nowrap">Protective </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:1403.86px;white-space:nowrap">Life </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:1706.28px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:2213.23px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:2791.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:2880.34px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:3520.73px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:3858.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:3947.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:4410.19px;white-space:nowrap">5.467</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:4810.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:4952.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:792px;white-space:nowrap">12/08/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:7485.64px;white-space:nowrap">585,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:9501.64px;white-space:nowrap">603,614</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5786.63px;left:9368.2px;white-space:nowrap">3,381,181</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6114.08px;left:648px;white-space:nowrap">Interactive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6114.08px;left:1492.84px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6114.08px;left:1990.73px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6114.08px;left:2150.73px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6114.08px;left:2853.55px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6313.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:648px;white-space:nowrap">Snap, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:1110.58px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:1368.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:1457.37px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:1964.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:2302.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:2391.2px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:2853.78px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:3254.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:3396.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:3485.34px;white-space:nowrap">3/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:7485.64px;white-space:nowrap">736,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6310.56px;left:9501.64px;white-space:nowrap">755,207</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6638.01px;left:648px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6638.01px;left:834.64px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6638.01px;left:1537.45px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6837.71px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:648px;white-space:nowrap">Cogent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:1208.39px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:2444.41px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:2933.55px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:3271.52px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:3360.42px;white-space:nowrap">Cogent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:3920.81px;white-space:nowrap">Finance, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:4578.94px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.5px;left:4836.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:1939.34px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:2277.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:2828.8px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:3051.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:3193.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:3282.39px;white-space:nowrap">7/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:7485.64px;white-space:nowrap">530,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.5px;left:9501.64px;white-space:nowrap">520,053</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7226.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:648px;letter-spacing:-0.98px;white-space:nowrap">Gartner,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:1270.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:1528.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:1617.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:2124.25px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:2462.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:2551.12px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:3013.7px;white-space:nowrap">3.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:3414.09px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:3556.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:3645.27px;white-space:nowrap">6/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:7485.64px;white-space:nowrap">990,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.98px;left:9501.64px;white-space:nowrap">939,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.74px;left:9368.2px;white-space:nowrap">1,459,753</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7834.19px;left:648px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7834.19px;left:1261.59px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7834.19px;left:1999.48px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8033.89px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:648px;white-space:nowrap">Mattel, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:1172.61px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:1430.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:1519.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:2026.36px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:2364.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:2453.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:2915.81px;white-space:nowrap">3.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:3227.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:3369.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:3458.39px;white-space:nowrap">4/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:7485.64px;white-space:nowrap">585,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.67px;left:9501.64px;white-space:nowrap">560,761</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8358.12px;left:648px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8358.12px;left:976.91px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8358.12px;left:1715.19px;letter-spacing:-1.98px;white-space:nowrap">Tools
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8358.12px;left:2174.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8358.12px;left:2334.41px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8358.12px;left:3037.22px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:648px;white-space:nowrap">Illumina, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:1288.23px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:1546.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:1635.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:2141.98px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:2479.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:2568.86px;white-space:nowrap">4.65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:2880.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:3022.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:3111.44px;white-space:nowrap">9/09/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.61px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8598.29px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8598.29px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8598.29px;left:7485.64px;white-space:nowrap">258,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8598.29px;left:9501.64px;white-space:nowrap">257,935</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8925.73px;left:648px;white-space:nowrap">Machinery
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8925.73px;left:1483.86px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9125.43px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:648px;letter-spacing:-2.96px;white-space:nowrap">Terex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:1083.7px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:1474.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:1563.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:2070.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:2408.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:2497.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:2960.27px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:3271.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:3413.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:3502.84px;white-space:nowrap">10/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:7485.64px;white-space:nowrap">475,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9122.22px;left:9501.64px;white-space:nowrap">476,198</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9449.66px;left:648px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9449.66px;left:1145.89px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9649.36px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:648px;white-space:nowrap">Clear </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:1074.8px;white-space:nowrap">Channel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:1715.27px;white-space:nowrap">Outdoor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:2337.84px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:3049.33px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:3307.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:3396.12px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:3903.08px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:4543.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9646.15px;left:4881.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:1254.58px;white-space:nowrap">7.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:1654.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:1797.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:1886.14px;white-space:nowrap">4/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:2422.85px;letter-spacing:50.75px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:7485.64px;white-space:nowrap">625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.15px;left:9501.64px;white-space:nowrap">644,192</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10037.84px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10034.63px;left:648px;white-space:nowrap">McGraw-Hill
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10034.63px;left:1563.47px;white-space:nowrap">Education,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10034.63px;left:2364.02px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10034.63px;left:2621.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:2828.8px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:3371.37px;white-space:nowrap">8/01/28
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:7485.64px;white-space:nowrap">260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.12px;left:9501.64px;white-space:nowrap">259,198</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:2828.8px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:3460.36px;white-space:nowrap">9/01/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:7485.64px;white-space:nowrap">339,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10427.6px;left:9501.64px;white-space:nowrap">352,675</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10627.3px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:648px;white-space:nowrap">Outfront</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:1270.5px;white-space:nowrap">Media </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:1750.73px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:2293.23px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:2631.2px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:2720.11px;white-space:nowrap">Outfront</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:3342.61px;white-space:nowrap">Media </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:3822.84px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:4365.34px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.09px;left:4756.59px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:2188.41px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:2508.56px;white-space:nowrap">8/15/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:7485.64px;white-space:nowrap">565,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10820.57px;left:9501.64px;white-space:nowrap">559,698</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:2828.8px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:3460.36px;white-space:nowrap">2/15/31
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:7485.64px;white-space:nowrap">168,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11017.05px;left:9501.64px;white-space:nowrap">176,552</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11216.75px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:648px;white-space:nowrap">Sinclair </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:1214.17px;letter-spacing:-1.61px;white-space:nowrap">Television
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:1961.2px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:2494.8px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:2752.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:2841.59px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:3348.55px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:3988.94px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:4326.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.54px;left:4415.81px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:792px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:1423.56px;white-space:nowrap">2/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:7485.64px;white-space:nowrap">550,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:9501.64px;white-space:nowrap">561,357</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11689.3px;left:9368.2px;white-space:nowrap">2,553,672</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">17</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUDCAYAAABvckO4AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsY1TURRF0WtkESB6wJ0wdOK2fjdTytADIiB5NAB6DvaMZHut+AQ/uNH+0juttQYAAACg8Gk3AAAAALiV0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAIDM+TiO193oifyZmc+7EQDwob7OzK/diKfkNngP93hX9/jNPLDzzHzfjZ7Iz5n5thsBAAAA/3aemR+70RP5MjO/dyMA4EP5U8f/uA3ewz3e1T1+Mw/stNbabQAAAABu4jFIAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAy590AAACA+3Qcx3VmrpsZpIQGAACAx/U6M2+bDaROa63dBgAAAOAm3mgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkDnvBgAAANyn4zguM3PZzCAlNAAAADyul5m5bjaQOq21dhsAAACAm3ijAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJnzbgAAAMB9Oo7jMjOXzQxSQgMAAMDjepmZ62YDqdNaa7cBAAAAuIk3GgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Metals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1190.42px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1350.42px;white-space:nowrap">Mining
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1910.27px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">ArcelorMittal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1581.52px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1794.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1883.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2390.81px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2764.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2853.39px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2942.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3084.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3173.55px;white-space:nowrap">10/15/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5734.55px;white-space:nowrap">Luxembourg</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7485.64px;white-space:nowrap">515,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">570,010</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1227.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Cleveland-Cliffs,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1853.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2111.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2200.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2707.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3045.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3134.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3597.06px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3686.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3828.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3917.22px;white-space:nowrap">3/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7485.64px;white-space:nowrap">202,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9501.64px;white-space:nowrap">197,326</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:648px;white-space:nowrap">Commercial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1545.89px;white-space:nowrap">Metals </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2061.59px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2310.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2399.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2906.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3280.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3369.02px;white-space:nowrap">4.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3769.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3911.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4000.58px;white-space:nowrap">3/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:7485.64px;white-space:nowrap">595,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:9501.64px;white-space:nowrap">551,621</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1664.42px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:648px;white-space:nowrap">Constellium</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1528.31px;white-space:nowrap">SE</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1741.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:1725.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:2063.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:2259.42px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:2890.98px;white-space:nowrap">7/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:9501.64px;white-space:nowrap">729,015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:2188.41px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:2819.97px;white-space:nowrap">8/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:7485.64px;white-space:nowrap">385,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:9501.64px;white-space:nowrap">390,567</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2253.87px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:648px;white-space:nowrap">Novelis </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:1217.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:1608.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:1697.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:2204.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:2542.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:2631.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:3093.63px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:3494.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:3636.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:3725.19px;white-space:nowrap">1/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:7485.64px;white-space:nowrap">429,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:9501.64px;white-space:nowrap">442,347</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2534.43px;left:9368.2px;white-space:nowrap">2,880,886</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2861.87px;left:648px;white-space:nowrap">Multi-Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2861.87px;left:1696.83px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:648px;white-space:nowrap">Ameren </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:1252.69px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:1643.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:1732.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:2239.8px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:2577.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:2666.67px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:2755.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:2897.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:2986.83px;white-space:nowrap">1/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3058.36px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3102.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3102.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3102.04px;left:7485.64px;white-space:nowrap">325,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3102.04px;left:9501.64px;white-space:nowrap">330,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3429.49px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3429.49px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3429.49px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3429.49px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3429.49px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3429.49px;left:2924.09px;white-space:nowrap">3.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3629.18px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:648px;white-space:nowrap">Aker </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:1021.44px;letter-spacing:-0.96px;white-space:nowrap">BP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:1267.61px;white-space:nowrap">ASA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:1587.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:1676.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:2183.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:2521.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:2610.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:3073.08px;white-space:nowrap">5.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:3295.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:3437.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:3526.67px;white-space:nowrap">6/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:6081.66px;white-space:nowrap">Norway</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3625.97px;left:9501.64px;white-space:nowrap">463,034</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3825.66px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:648px;white-space:nowrap">Antero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:1163.86px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:1973.08px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:2364.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:2453.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:2960.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:3298.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:3387.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:3849.64px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:4250.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:4392.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:4481.2px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:7485.64px;white-space:nowrap">555,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.45px;left:9501.64px;white-space:nowrap">552,899</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4022.15px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:648px;white-space:nowrap">Crescent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:1332.69px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:1884.09px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:2497.77px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:2791.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:2880.19px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:3387.14px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:3725.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:3814.02px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:4276.59px;white-space:nowrap">8.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:4676.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4018.94px;left:4819.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4210.94px;left:792px;white-space:nowrap">1/15/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4210.94px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4210.94px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4210.94px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4210.94px;left:7485.64px;white-space:nowrap">405,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4210.94px;left:9501.64px;white-space:nowrap">401,171</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:648px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:1196.52px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:1830.73px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:2005.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:2094.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:2601.67px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:2975.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:3064.25px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:3375.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:3517.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:3606.83px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4407.42px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4451.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4451.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4451.1px;left:7485.64px;white-space:nowrap">905,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4451.1px;left:9501.64px;white-space:nowrap">923,604</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4650.8px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4647.59px;left:648px;white-space:nowrap">Hess </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4647.59px;left:1056.98px;white-space:nowrap">Midstream
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4647.59px;left:1848.23px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4647.59px;left:2675.34px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4647.59px;left:2850.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:2188.41px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:2819.97px;white-space:nowrap">3/01/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:7485.64px;white-space:nowrap">140,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.07px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">142,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:2188.41px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:2730.98px;white-space:nowrap">2/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:7485.64px;white-space:nowrap">590,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5040.56px;left:9501.64px;white-space:nowrap">571,387</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:2188.41px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:2642px;white-space:nowrap">10/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:7485.64px;white-space:nowrap">184,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5237.04px;left:9501.64px;white-space:nowrap">184,943</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5436.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:648px;white-space:nowrap">KazMunayGas</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:1741.83px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:2373.31px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:2666.75px;white-space:nowrap">JSC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:2969.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:3057.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:3564.88px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:3938.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:4027.45px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:4365.42px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:4561.05px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:4961.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5433.53px;left:5103.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5625.53px;left:792px;white-space:nowrap">4/24/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5625.53px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5625.53px;left:5787.91px;white-space:nowrap">Kazakhstan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5625.53px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5625.53px;left:9368.2px;white-space:nowrap">1,013,565</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:648px;white-space:nowrap">Kinder </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:1154.95px;white-space:nowrap">Morgan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:1786.36px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:2044.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:2133.16px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:2640.11px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:2978.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:3066.98px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:3155.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:3298.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:3387.14px;white-space:nowrap">2/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.01px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5865.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5865.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5865.69px;left:7485.64px;white-space:nowrap">555,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5865.69px;left:9501.64px;white-space:nowrap">562,321</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6065.39px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:648px;white-space:nowrap">Kinetik</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:1172.69px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:1839.72px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:2014.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:2103.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:2610.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:2948.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:3037.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:3500.11px;white-space:nowrap">5.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:3900.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:4042.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:4131.67px;white-space:nowrap">6/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:4665.5px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:7352.2px;white-space:nowrap">1,005,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6062.18px;left:9368.2px;white-space:nowrap">1,006,738</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6261.87px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:648px;white-space:nowrap">Matador </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:1279.41px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:2088.63px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:2337.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:2426.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:2933.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:3271.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:3360.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:3822.92px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:4223.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:4365.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:4454.48px;white-space:nowrap">4/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:7485.64px;white-space:nowrap">731,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.66px;left:9501.64px;white-space:nowrap">743,613</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6458.36px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:648px;white-space:nowrap">Pertamina</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:1421.67px;white-space:nowrap">Hulu </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:1795.19px;white-space:nowrap">Energi</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:2302.14px;letter-spacing:-8.87px;white-space:nowrap">PT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:2488.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:2577.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:3084.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:3422.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:3511.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:3974.17px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:4285.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:4427.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:4516.75px;white-space:nowrap">5/21/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:5930.09px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6455.15px;left:9501.64px;white-space:nowrap">354,826</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6654.84px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:648px;white-space:nowrap">Raizen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:1190.5px;white-space:nowrap">Fuels </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:1626.2px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:2239.88px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:2453.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:2542.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:3049.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:3387.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:3476.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:3938.63px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:4250.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:4392.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:4481.2px;white-space:nowrap">7/08/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.63px;left:9501.64px;white-space:nowrap">689,325</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6851.32px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:648px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:1110.58px;white-space:nowrap">Bow </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:1466.28px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:1830.89px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:2817.92px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:3484.95px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:3778.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:3867.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:4374.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:4712.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6848.11px;left:4801.2px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:792px;white-space:nowrap">5.026</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:1423.56px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7040.11px;left:9501.64px;white-space:nowrap">459,759</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7239.81px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:648px;white-space:nowrap">Sunoco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:1235.11px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:1410.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:1499.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:2006.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:2344.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:2432.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:2895.5px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:3206.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:3349.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:3438.08px;white-space:nowrap">7/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:7485.64px;white-space:nowrap">403,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.6px;left:9501.64px;white-space:nowrap">408,451</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:648px;letter-spacing:-2.96px;white-space:nowrap">Targa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:1092.69px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:1901.91px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:2293.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:2382.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:2889.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:3226.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:3315.89px;white-space:nowrap">6.15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:3627.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:3769.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:3858.47px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433.08px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.76px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.76px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.76px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.76px;left:9501.64px;white-space:nowrap">460,786</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7676.46px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:648px;white-space:nowrap">TGNR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:1145.73px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:2079.56px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:2746.59px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:3040.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:3129.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:3635.97px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:3973.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:4062.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:4525.42px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:4747.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7673.25px;left:4890.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.25px;left:792px;white-space:nowrap">10/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.25px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.25px;left:7485.64px;white-space:nowrap">476,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.25px;left:9501.64px;white-space:nowrap">464,058</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8064.94px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Venture
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:1244.02px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:1750.97px;white-space:nowrap">LNG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:2168.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:2426.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:2515.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:3022.61px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:3663px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:4000.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:4089.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:4552.45px;white-space:nowrap">8.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:4952.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.73px;left:5095.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.73px;left:792px;white-space:nowrap">6/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.73px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.73px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.73px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.73px;left:7485.64px;white-space:nowrap">985,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.73px;left:9368.2px;white-space:nowrap">1,019,512</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8453.43px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.22px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Venture
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.22px;left:1244.02px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.22px;left:1750.97px;white-space:nowrap">Plaquemines
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.22px;left:2720.42px;white-space:nowrap">LNG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.22px;left:3093.86px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.22px;left:3387.38px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:1939.34px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:2401.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:2864.5px;white-space:nowrap">7.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:3407.08px;white-space:nowrap">5/01/35 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:7574.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8646.7px;left:9590.63px;white-space:nowrap">76,796</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:1939.34px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:2401.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:2864.5px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:3407.08px;white-space:nowrap">1/15/36 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:7485.64px;white-space:nowrap">145,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8843.19px;left:9501.64px;white-space:nowrap">149,253</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:2828.8px;white-space:nowrap">7.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:3282.39px;white-space:nowrap">5/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:7574.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9039.67px;left:9590.63px;white-space:nowrap">75,640</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:2828.8px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:3282.39px;white-space:nowrap">1/15/34 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:7574.63px;white-space:nowrap">95,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9236.16px;left:9590.63px;white-space:nowrap">97,791</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Viper
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:1063.08px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:1614.48px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:2263.63px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:2557.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:2646.05px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:3153px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:3526.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:3615.58px;white-space:nowrap">5.7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:3838px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:3980.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:4069.17px;white-space:nowrap">8/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9432.64px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.32px;left:7574.63px;white-space:nowrap">56,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9476.32px;left:9590.63px;white-space:nowrap">55,693</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760.09px;left:9279.22px;white-space:nowrap">10,877,576</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10087.53px;left:648px;white-space:nowrap">Paper
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10087.53px;left:1137.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10087.53px;left:1297.14px;white-space:nowrap">Forest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10087.53px;left:1830.58px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10087.53px;left:2568.47px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10287.23px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:648px;white-space:nowrap">Magnera</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:1323.94px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:1715.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:1804.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:2311.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:2649.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:2737.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:3200.5px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:3511.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:3654.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:3743.08px;letter-spacing:-1.48px;white-space:nowrap">11/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:7485.64px;white-space:nowrap">505,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10284.02px;left:9501.64px;white-space:nowrap">446,818</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10611.46px;left:648px;white-space:nowrap">Passenger
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10611.46px;left:1495.89px;white-space:nowrap">Airlines
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10611.46px;left:2127.22px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10811.16px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:648px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:888px;white-space:nowrap">France-KLM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:1768.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:1857.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:2364.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:2702.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:2790.97px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:3128.94px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:3324.56px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:3724.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:3867.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:3956.13px;white-space:nowrap">5/31/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10807.95px;left:9501.64px;white-space:nowrap">644,702</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11007.64px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:648px;white-space:nowrap">OneSky</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:1261.59px;white-space:nowrap">Flight </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:1697.3px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:1990.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:2079.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:2586.67px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:2924.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:3013.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:3476.13px;white-space:nowrap">8.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:3876.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:4018.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:4107.69px;white-space:nowrap">12/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:7485.64px;white-space:nowrap">446,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11004.43px;left:9501.64px;white-space:nowrap">470,283</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11204.13px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:648px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:1146.13px;white-space:nowrap">Airlines,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:1759.64px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:2017.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:2106.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:2613.39px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:3253.78px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:3591.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:3680.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:4143.23px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:4543.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:4685.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:4774.8px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">311,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11200.92px;left:9501.64px;white-space:nowrap">303,891</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11484.68px;left:9368.2px;white-space:nowrap">1,418,876</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">18</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Personal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1368.31px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1768.55px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2506.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Haleon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1199.48px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1466.2px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2008.7px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2302.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2391.12px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2898.08px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3324.95px;white-space:nowrap">3.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3725.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3867.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3956.52px;white-space:nowrap">3/24/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7485.64px;white-space:nowrap">485,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">468,723</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1355.52px;left:648px;white-space:nowrap">Pharmaceuticals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1355.52px;left:1964.25px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:648px;white-space:nowrap">Pharmacia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1457.22px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1750.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1839.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2346.59px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2720.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2809.17px;white-space:nowrap">6.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3031.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3173.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3262.77px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:7485.64px;white-space:nowrap">955,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1595.69px;left:9368.2px;white-space:nowrap">1,019,953</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:648px;letter-spacing:-3.55px;white-space:nowrap">Teva
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:1030.42px;white-space:nowrap">Pharmaceutical
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:2177.61px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:2791.28px;white-space:nowrap">Netherlands
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:3698.47px;white-space:nowrap">III </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:3876.28px;letter-spacing:-7.34px;white-space:nowrap">BV</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:4075.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:4163.94px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:4670.89px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1792.17px;left:5008.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:792px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:1423.56px;white-space:nowrap">9/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:6232.75px;white-space:nowrap">Israel</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:7485.64px;white-space:nowrap">989,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1984.17px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,119,948</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:9368.2px;white-space:nowrap">2,139,901</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2595.38px;left:648px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2595.38px;left:1652.77px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2595.38px;left:2355.58px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2795.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:648px;white-space:nowrap">CACI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:1074.72px;white-space:nowrap">International,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:2044.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:2302.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:2391.05px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:2898px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:3235.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:3324.87px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:3787.45px;white-space:nowrap">6.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:4187.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:4330.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:4419.02px;white-space:nowrap">6/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.87px;left:9501.64px;white-space:nowrap">409,516</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3119.31px;left:648px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3119.31px;left:1946.05px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3119.31px;left:2106.05px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3119.31px;left:3315.11px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3119.31px;left:4186.2px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:648px;white-space:nowrap">Broadcom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:1421.67px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:1857.37px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:1946.28px;white-space:nowrap">Broadcom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:2719.95px;white-space:nowrap">Cayman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:3360.19px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:3973.86px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:4240.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:4329.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:4836.59px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.8px;left:5174.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:792px;white-space:nowrap">3.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:1423.56px;white-space:nowrap">1/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.8px;left:9501.64px;white-space:nowrap">451,255</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3835.24px;left:648px;white-space:nowrap">Specialized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3835.24px;left:1563.94px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3835.24px;left:2049.95px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:648px;white-space:nowrap">American </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:1365.34px;letter-spacing:-2.96px;white-space:nowrap">Tower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:1836.59px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:2227.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:2316.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:2823.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:3161.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:3250.58px;white-space:nowrap">2.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:3561.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:3704.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:3793.16px;white-space:nowrap">1/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.73px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:7485.64px;white-space:nowrap">910,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:9501.64px;white-space:nowrap">887,553</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4402.86px;left:648px;white-space:nowrap">Specialty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4402.86px;left:1395.03px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4402.86px;left:1875.19px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:648px;white-space:nowrap">Bath </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:1021.59px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:1172.77px;white-space:nowrap">Body </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:1581.91px;letter-spacing:-0.41px;white-space:nowrap">Works,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:2121.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:2379.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:2468px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:2974.95px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:3348.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:3437.53px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:3837.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:3980.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:4069.09px;letter-spacing:-1.48px;white-space:nowrap">11/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.34px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4643.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4643.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4643.02px;left:7485.64px;white-space:nowrap">985,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4643.02px;left:9368.2px;white-space:nowrap">1,015,105</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4842.72px;left:544.29px;white-space:nowrap">b,f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:648px;white-space:nowrap">Carvana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:1297.22px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:1546.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:1635.11px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:2142.06px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:2782.45px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:3120.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:3209.33px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:3671.91px;white-space:nowrap">PIK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:4018.7px;white-space:nowrap">9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:4107.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:4249.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:4338.86px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:9501.64px;white-space:nowrap">450,428</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.27px;left:9368.2px;white-space:nowrap">1,465,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5450.72px;left:648px;letter-spacing:-1.08px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5450.72px;left:1578.39px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5450.72px;left:2396.52px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5450.72px;left:3036.67px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5450.72px;left:3196.67px;white-space:nowrap">Peripherals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5450.72px;left:4112.69px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5650.41px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:648px;white-space:nowrap">Seagate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:1288.55px;white-space:nowrap">Data </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:1670.97px;white-space:nowrap">Storage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:2272.92px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:3126.83px;white-space:nowrap">Pte. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:3455.89px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5647.2px;left:3722.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:2188.41px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:2819.97px;white-space:nowrap">7/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:7485.64px;white-space:nowrap">330,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5843.69px;left:9501.64px;white-space:nowrap">334,192</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:2188.41px;white-space:nowrap">9.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:2819.97px;white-space:nowrap">12/01/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:7485.64px;white-space:nowrap">339,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6040.17px;left:9501.64px;white-space:nowrap">382,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:9501.64px;white-space:nowrap">716,260</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:648px;letter-spacing:-1.19px;white-space:nowrap">Textiles,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:1314.95px;white-space:nowrap">Apparel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:1955.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:2115.11px;white-space:nowrap">Luxury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:2693px;white-space:nowrap">Goods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:3244.09px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6851.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:648px;white-space:nowrap">Beach </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:1137.3px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:1955.5px;white-space:nowrap">Bidco</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:2400.19px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:2693.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7047.56px;left:622.08px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:2188.41px;white-space:nowrap">PIK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:2535.2px;white-space:nowrap">10%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:2944.34px;white-space:nowrap">7/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.35px;left:9501.64px;white-space:nowrap">454,608</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:2828.8px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:3371.37px;white-space:nowrap">7/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:7485.64px;white-space:nowrap">225,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.83px;left:9501.64px;white-space:nowrap">261,513</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7440.53px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:648px;white-space:nowrap">Crocs, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:1154.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:1412.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:1501.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:2008.47px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:2382.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:2471.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:2933.62px;white-space:nowrap">4.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:3334.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:3476.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:3565.19px;white-space:nowrap">8/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:7485.64px;white-space:nowrap">640,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7437.32px;left:9501.64px;white-space:nowrap">579,547</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7637.01px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:648px;white-space:nowrap">Under </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:1119.41px;letter-spacing:-1.47px;white-space:nowrap">Armour</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:1635.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:1724.02px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:1981.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:2070.81px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:2577.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:2915.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:3004.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:3467.22px;white-space:nowrap">7.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:3778.62px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:3920.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:4009.8px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:7485.64px;white-space:nowrap">320,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.8px;left:9501.64px;white-space:nowrap">327,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7917.57px;left:9368.2px;white-space:nowrap">1,622,955</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8245.01px;left:648px;letter-spacing:-0.99px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8245.01px;left:1338.47px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:648px;white-space:nowrap">Philip </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:1083.78px;white-space:nowrap">Morris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:1572.61px;white-space:nowrap">International,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:2542.14px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:2800.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:2888.94px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:3395.89px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:3733.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:3822.77px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:4223.16px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:4365.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:4454.33px;white-space:nowrap">2/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.18px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.18px;left:9501.64px;white-space:nowrap">921,829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8812.63px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Trading
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8812.63px;left:1270.27px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8812.63px;left:2177.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8812.63px;left:2337.14px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8812.63px;left:3288.31px;white-space:nowrap">1.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:648px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:888px;white-space:nowrap">Lease </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:1368.39px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:1759.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:1848.55px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:2355.5px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:2693.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:2782.37px;white-space:nowrap">5.85</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:3093.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:3324.95px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9009.11px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9052.79px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9052.79px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9052.79px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9052.79px;left:9368.2px;white-space:nowrap">1,029,551</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9252.49px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:648px;white-space:nowrap">Aircastle</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:1305.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:1572.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:1661.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:2168.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:2506.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:2595.58px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:3058.16px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:3369.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:3511.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:3600.73px;letter-spacing:-1.7px;white-space:nowrap">8/11/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9249.28px;left:9501.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9448.97px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Aviation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:1258.78px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:1801.28px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:2290.42px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:2583.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:2672.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:3179.8px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:3517.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:3606.67px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:4069.25px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:4469.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:4611.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:4700.81px;white-space:nowrap">7/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9445.76px;left:9501.64px;white-space:nowrap">463,147</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9645.46px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:648px;white-space:nowrap">Boise </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:1092.69px;white-space:nowrap">Cascade </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:1768.62px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:2017.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:2106.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:2613.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:2951.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:3040.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:3502.92px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:3903.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:4045.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:4134.48px;white-space:nowrap">7/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:7485.64px;white-space:nowrap">475,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9642.25px;left:9501.64px;white-space:nowrap">461,187</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9841.94px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:648px;white-space:nowrap">EquipmentShare.com,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:2275.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:2533.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:2622.3px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:3262.69px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:3600.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:3689.56px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:4152.14px;white-space:nowrap">9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:4241.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:4383.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:4472.3px;white-space:nowrap">5/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.73px;left:9501.64px;white-space:nowrap">459,002</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10038.42px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10035.21px;left:648px;white-space:nowrap">Herc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10035.21px;left:1030.27px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10035.21px;left:1741.75px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10035.21px;left:1999.64px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:2188.41px;white-space:nowrap">6.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:2819.97px;white-space:nowrap">6/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:7485.64px;white-space:nowrap">140,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10231.7px;left:9501.64px;white-space:nowrap">143,435</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:2188.41px;white-space:nowrap">7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:2508.56px;white-space:nowrap">6/15/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:7574.63px;white-space:nowrap">80,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10428.18px;left:9590.63px;white-space:nowrap">82,733</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:2188.41px;white-space:nowrap">7.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:2730.98px;white-space:nowrap">6/15/33
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10624.67px;left:9501.64px;white-space:nowrap">828,999</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10824.36px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:648px;white-space:nowrap">QXO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:1048.08px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:1661.83px;white-space:nowrap">Products,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:2382.14px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:2640.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:2728.94px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:3235.89px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:3876.28px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:4214.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:4303.16px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:4765.73px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:5077.14px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.15px;left:5219.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11013.15px;left:792px;white-space:nowrap">4/30/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11013.15px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11013.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11013.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11013.15px;left:7485.64px;white-space:nowrap">525,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11013.15px;left:9501.64px;white-space:nowrap">541,944</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:648px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:1154.95px;white-space:nowrap">Rentals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:1741.91px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:2168.78px;white-space:nowrap">America,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:2844.48px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:3102.37px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:3191.28px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:3698.23px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:4071.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:4160.81px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:4249.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:4392.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:4480.97px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.64px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11253.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11253.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11253.32px;left:7485.64px;white-space:nowrap">196,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11253.32px;left:9501.64px;white-space:nowrap">185,596</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11453.01px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:648px;white-space:nowrap">WESCO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:1296.91px;white-space:nowrap">Distribution,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:2186.12px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:2444.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:2532.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:3039.87px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:3377.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:3466.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:3929.33px;white-space:nowrap">6.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:4329.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:4471.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:4560.89px;white-space:nowrap">3/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11449.8px;left:9501.64px;white-space:nowrap">102,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11733.57px;left:9368.2px;white-space:nowrap">4,753,049</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">19</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUDCAYAAABvckO4AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsZEjVRSG0StKhUGRA5MJQybKZDeNl82EsuRAYeA8EoB6Mr7dqtacY/9GG219Ut/b3nsAAAAACj+dBgAAAADPEhoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQua+1Pk6jT+Sfmfn5NAIAfqhfZ+av04hPybvB93DF9+qKz8wLu8/M76fRJ/LnzPx2GgEAAAD/7T4zf5xGn8gvM/P3aQQA/FB+qeP/eDf4Hq74Xl3xmXlht733aQMAAADwFMcgAQAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMvfTAAAAgGtaa73NzNthBimhAQAA4HW9z8zjsIHUbe992gAAAAA8xY0GAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMjcTwMAAACuaa31mJnHYQYpoQEAAOB1fczMt8MGUre992kDAAAA8BQ3GgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABk7qcBAAAA17TWeszM4zCDlNAAAADwuj5m5tthA6nb3vu0AQAAAHiKGw0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABA5n4aAAAAcE1rra8z8+W0g9Jt733aAAAAADzFpxMAAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADI3E8DAAAArmmt9T4z74cZpPyjAQAAAMjc9t6nDQAAAMBT/KMBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQE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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;letter-spacing:-0.16px;white-space:nowrap">Wireless
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1349.17px;letter-spacing:-0.66px;white-space:nowrap">Telecommunication
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2884.25px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3587.06px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:648px;letter-spacing:-0.98px;white-space:nowrap">T-Mobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1305.97px;white-space:nowrap">USA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1723.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1981.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1725.83px;white-space:nowrap">2.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2268.41px;white-space:nowrap">2/15/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9501.64px;white-space:nowrap">472,049</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1725.83px;white-space:nowrap">3.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2357.39px;white-space:nowrap">4/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:7352.2px;white-space:nowrap">1,820,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9368.2px;white-space:nowrap">1,748,560</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1620.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:648px;white-space:nowrap">Vmed</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1110.42px;white-space:nowrap">O2 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1368.31px;white-space:nowrap">UK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1635.03px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2373.23px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2462.14px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2666.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2755.58px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3262.53px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3902.92px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4276.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4365.5px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4703.47px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:792px;white-space:nowrap">3.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1103.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1245.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1334.58px;white-space:nowrap">1/31/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:7485.64px;white-space:nowrap">610,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:9501.64px;white-space:nowrap">673,319</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2009.22px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:648px;white-space:nowrap">Zegona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1235.11px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1848.78px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2053.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2142.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2649.17px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3289.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3627.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3716.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4179.02px;white-space:nowrap">8.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4579.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4721.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:792px;white-space:nowrap">7/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:9501.64px;white-space:nowrap">463,710</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2481.78px;left:9368.2px;white-space:nowrap">3,357,638</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2760.79px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2760.79px;left:1166.46px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2760.79px;left:2177.69px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2760.79px;left:2855.42px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2760.79px;left:3422.02px;white-space:nowrap">$101,308,156)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:2760.79px;left:4726.09px;letter-spacing:50.75px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2794.66px;left:9190.23px;white-space:nowrap">103,828,862</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:3197.79px;left:583.15px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3208.34px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3208.34px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3208.34px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3208.34px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3208.34px;left:3537.45px;white-space:nowrap">6.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3482.37px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3482.37px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3482.37px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3482.37px;left:2337.61px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3682.07px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:648px;letter-spacing:-0.66px;white-space:nowrap">TransDigm</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:1424.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:1513.31px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:1860.11px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:2215.58px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:2606.98px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:3004.09px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:3404.09px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:3848.94px;white-space:nowrap">J, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:4017.84px;white-space:nowrap">6.796%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.85px;left:4649.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:1418.8px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:1925.67px;white-space:nowrap">2/28/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:7485.64px;white-space:nowrap">264,657</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3870.85px;left:9501.64px;white-space:nowrap">265,738</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4198.3px;left:648px;white-space:nowrap">Air
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4198.3px;left:914.72px;white-space:nowrap">Freight
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4198.3px;left:1501.36px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4198.3px;left:1661.36px;white-space:nowrap">Logistics
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4198.3px;left:2408.16px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4398px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:648px;white-space:nowrap">Rand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:1074.95px;white-space:nowrap">Parent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:1590.81px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:1973.23px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:2328.7px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:2720.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:3117.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:3517.22px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:3962.06px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4394.79px;left:4157.69px;white-space:nowrap">7.296%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:2103.48px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:2476.92px;white-space:nowrap">3/18/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:7485.64px;white-space:nowrap">538,398</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.79px;left:9501.64px;white-space:nowrap">533,965</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4914.23px;left:648px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4914.23px;left:1572.38px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4914.23px;left:2594.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4917.44px;left:2959.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5113.93px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:648px;white-space:nowrap">Clarios</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:1190.34px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:1697.3px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:1961.28px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:2316.75px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:2699.33px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:3606.44px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:3899.88px;white-space:nowrap">6 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:4033.31px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:4495.66px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.72px;left:4892.77px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:1236.84px;white-space:nowrap">7.106%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:3179.89px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:3775.75px;white-space:nowrap">1/28/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:7485.64px;white-space:nowrap">131,578</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.72px;left:9501.64px;white-space:nowrap">131,769</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5589.69px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5630.16px;left:648px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5630.16px;left:1332.3px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5630.16px;left:2070.19px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:648px;white-space:nowrap">EMRLD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:1252.53px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:1946.05px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:2210.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:2565.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:2956.91px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:3535.19px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.65px;left:4442.3px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:792px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:1189.11px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:1589.11px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:2033.95px;white-space:nowrap">6.856%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:2665.52px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:3350.2px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:3839.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:3977px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:4483.88px;white-space:nowrap">8/04/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:7485.64px;white-space:nowrap">427,733</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018.65px;left:9501.64px;white-space:nowrap">428,535</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:648px;white-space:nowrap">Quikrete</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:1297.14px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:2008.63px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:2355.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:2710.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:3102.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:3499.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:3899.41px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:4344.25px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.13px;left:4628.86px;white-space:nowrap">6.606%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:2103.48px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:2699.34px;white-space:nowrap">3/19/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:7485.64px;white-space:nowrap">453,094</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6407.13px;left:9501.64px;white-space:nowrap">453,769</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.58px;left:9501.64px;white-space:nowrap">882,304</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6948.86px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6948.86px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6948.86px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6948.86px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6948.86px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6948.86px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7062.02px;left:648px;white-space:nowrap">Chemicals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7062.02px;left:1492.84px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7261.72px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:648px;white-space:nowrap">Nouryon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:1297.22px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:1910.89px;letter-spacing:-3.67px;white-space:nowrap">BV,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:2198.55px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:2554.02px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:2942.53px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:3342.53px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:3787.38px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:3983px;white-space:nowrap">5.383%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.51px;left:4614.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:792px;white-space:nowrap">EURIBOR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:1565.44px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:1703.33px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:2210.2px;white-space:nowrap">4/03/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:5761.27px;white-space:nowrap">Netherlands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7450.51px;left:9501.64px;white-space:nowrap">505,404</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7737.48px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7777.95px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7777.95px;left:1608.39px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7777.95px;left:2311.2px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7777.95px;left:2471.2px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7777.95px;left:3182.45px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:648px;white-space:nowrap">Madison </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:1297.22px;white-space:nowrap">IAQ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:1617.3px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:1999.72px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:2355.19px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:2746.59px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:3164.56px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:3561.67px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:3961.67px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.44px;left:4406.52px;white-space:nowrap">6.702%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:792px;white-space:nowrap">(6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:2103.48px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:2610.36px;white-space:nowrap">6/21/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:7485.64px;white-space:nowrap">439,295</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.44px;left:9501.64px;white-space:nowrap">440,070</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:648px;white-space:nowrap">PG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:923.63px;white-space:nowrap">Polaris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:1457.14px;white-space:nowrap">BidCo</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:1937.38px;white-space:nowrap">SARL, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:2444.25px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:2799.72px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:3191.13px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:3609.09px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:4006.2px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8362.92px;left:4406.2px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:792px;white-space:nowrap">7.046%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:2735.05px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:3330.91px;white-space:nowrap">3/26/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:5734.55px;white-space:nowrap">Luxembourg</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:7485.64px;white-space:nowrap">198,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.92px;left:9501.64px;white-space:nowrap">199,396</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.37px;left:9501.64px;white-space:nowrap">639,466</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9096.65px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9096.65px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9096.65px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9096.65px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9096.65px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9096.65px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9209.82px;left:648px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9209.82px;left:1990.34px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9209.82px;left:2861.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9409.51px;left:518.33px;white-space:nowrap">e,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:648px;white-space:nowrap">CommScope, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:1661.67px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:2008.47px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:2363.94px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:2755.34px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:3173.31px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:3570.42px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:3970.42px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.3px;left:4415.27px;white-space:nowrap">9.606%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:2103.48px;white-space:nowrap">5.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:2699.34px;white-space:nowrap">12/18/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:7485.64px;white-space:nowrap">405,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9598.3px;left:9501.64px;white-space:nowrap">412,648</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9925.75px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9925.75px;left:1483.7px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9925.75px;left:2097.3px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9925.75px;left:3039.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9925.75px;left:3199.41px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9925.75px;left:3679.56px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10125.44px;left:518.33px;white-space:nowrap">e,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:648px;white-space:nowrap">Boots </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:1101.59px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:1590.73px;white-space:nowrap">Bidco</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:2035.42px;white-space:nowrap">Ltd. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:2346.75px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:2817.92px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:3173.39px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:3564.8px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:3961.91px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.23px;left:4361.91px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:792px;white-space:nowrap">7.384%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:1423.56px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:2197.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:2686.14px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:2824.03px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:3330.91px;white-space:nowrap">7/16/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:7485.64px;white-space:nowrap">187,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.23px;left:9501.64px;white-space:nowrap">187,791</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10601.21px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10641.68px;left:648px;white-space:nowrap">Containers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10641.68px;left:1528.16px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10641.68px;left:1688.16px;white-space:nowrap">Packaging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10641.68px;left:2532.92px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10841.37px;left:596.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:648px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:1474.21px;letter-spacing:0px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:2291.43px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:3001.93px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:3347.74px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:3702.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:4092.65px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10838.16px;left:4492.06px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:792px;white-space:nowrap">Closing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:1370.05px;white-space:nowrap">Date </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:1752.47px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:2149.58px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:2549.58px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:2994.42px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:3190.05px;white-space:nowrap">7.606%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:3821.61px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:4506.3px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11030.16px;left:4995.2px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:792px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:1387.86px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:7485.64px;white-space:nowrap">442,268</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11222.16px;left:9501.64px;white-space:nowrap">442,460</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">20</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:503.33px;left:583.15px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3537.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Containers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1528.16px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1688.16px;white-space:nowrap">Packaging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2532.92px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:549.48px;white-space:nowrap">e,i</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1474.21px;letter-spacing:0px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2291.43px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3001.93px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3347.74px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3702.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4092.65px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4492.06px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">Delayed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1423.48px;white-space:nowrap">Draw </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1841.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2238.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2638.41px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3083.25px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3278.87px;white-space:nowrap">7.606%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3910.44px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:4595.12px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5084.03px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:792px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:1387.86px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:7797.05px;white-space:nowrap">232</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:9724.06px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1368.39px;left:9813.05px;white-space:nowrap">232</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1695.84px;left:9501.64px;white-space:nowrap">442,692</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1910.12px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1910.12px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1910.12px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1910.12px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1910.12px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1910.12px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2023.29px;left:648px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2023.29px;left:1599.17px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2026.5px;left:1963.86px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2222.98px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:648px;letter-spacing:-1.47px;white-space:nowrap">Verde
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1110.58px;white-space:nowrap">Purchaser
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1884.25px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2266.67px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2622.14px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3013.55px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3600.66px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:4490.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:4887.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:1236.84px;white-space:nowrap">8.296%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:1868.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:3179.89px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:3553.33px;letter-spacing:-1.48px;white-space:nowrap">11/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:7574.63px;white-space:nowrap">72,646</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.77px;left:9590.63px;white-space:nowrap">73,032</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2739.22px;left:648px;white-space:nowrap">Electrical
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2739.22px;left:1404.02px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2739.22px;left:2275.11px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2938.91px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:648px;white-space:nowrap">WEC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:1065.73px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:1332.45px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:2043.94px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:2390.73px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:2746.2px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3137.61px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3555.58px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3952.69px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:4352.69px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:792px;white-space:nowrap">6.579%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:1423.56px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:2735.05px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:3330.91px;white-space:nowrap">1/27/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:7485.64px;white-space:nowrap">440,550</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.7px;left:9501.64px;white-space:nowrap">441,358</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3414.68px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3455.15px;left:648px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3455.15px;left:1768.16px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:648px;white-space:nowrap">Banijay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:1217.22px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:2257.77px;white-space:nowrap">SAS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:2666.83px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:3022.3px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:3413.7px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:3810.81px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:4210.81px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:4655.66px;white-space:nowrap">B3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:792px;white-space:nowrap">7.072%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:2735.05px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:3330.91px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:7485.64px;white-space:nowrap">174,546</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3843.63px;left:9501.64px;white-space:nowrap">175,146</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4043.33px;left:596.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:648px;white-space:nowrap">Playtika</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:1252.69px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:1839.72px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:2319.87px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:2675.34px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:3066.75px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:3463.86px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:3863.86px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:4308.7px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:4593.31px;white-space:nowrap">7.221%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:2103.48px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:2699.34px;white-space:nowrap">3/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:7485.64px;white-space:nowrap">433,867</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4232.12px;left:9501.64px;white-space:nowrap">430,908</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.56px;left:9501.64px;white-space:nowrap">606,054</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4773.84px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4773.84px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4773.84px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4773.84px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4773.84px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4773.84px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4887.01px;left:648px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4887.01px;left:1083.39px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4887.01px;left:1821.28px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5086.7px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:648px;white-space:nowrap">Chobani </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:1288.47px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:1670.89px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:2026.36px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:2417.77px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:2818.16px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:3182.69px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:3579.8px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:3979.8px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.49px;left:4424.64px;white-space:nowrap">6.856%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:2103.48px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:2610.36px;white-space:nowrap">10/25/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:7485.64px;white-space:nowrap">503,734</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5275.49px;left:9501.64px;white-space:nowrap">506,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5602.94px;left:648px;white-space:nowrap">Ground
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5602.94px;left:1270.11px;letter-spacing:-0.46px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5602.94px;left:2434.64px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5802.63px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:648px;white-space:nowrap">Genesee </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:1341.83px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:1493px;letter-spacing:-0.16px;white-space:nowrap">Wyoming,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:2247.3px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:2594.09px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:2949.56px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:3340.97px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:3758.94px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:4156.05px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.42px;left:4556.05px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:792px;white-space:nowrap">6.046%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:2735.05px;white-space:nowrap">1.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:3330.91px;white-space:nowrap">4/10/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:7485.64px;white-space:nowrap">297,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5991.42px;left:9501.64px;white-space:nowrap">297,457</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6278.4px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6318.87px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6318.87px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6318.87px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6318.87px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6318.87px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6318.87px;left:3324.02px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:648px;white-space:nowrap">Bausch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:1226.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:1364.02px;white-space:nowrap">Lomb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:1808.7px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:2288.86px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:2644.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:3035.73px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:3400.27px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:3797.37px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:4197.38px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.35px;left:4642.22px;white-space:nowrap">8.356%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:2103.48px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:2476.92px;white-space:nowrap">9/29/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:7485.64px;white-space:nowrap">272,835</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.35px;left:9501.64px;white-space:nowrap">273,290</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:648px;white-space:nowrap">Bausch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:1226.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:1364.02px;white-space:nowrap">Lomb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:1808.7px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:2288.86px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:2644.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:3032.84px;white-space:nowrap">Third </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:3433px;white-space:nowrap">Amendment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:4340.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.84px;left:4737.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:1236.84px;white-space:nowrap">8.606%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:3179.89px;white-space:nowrap">4.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:3775.75px;white-space:nowrap">1/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:7485.64px;white-space:nowrap">736,965</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7095.84px;left:9501.64px;white-space:nowrap">741,018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:648px;white-space:nowrap">Medline </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:1252.77px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:1946.28px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:2210.27px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:2565.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:2957.14px;white-space:nowrap">2028 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:3357.53px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:4246.98px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:4644.09px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:1236.84px;white-space:nowrap">6.356%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:3179.89px;white-space:nowrap">2%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:3553.33px;white-space:nowrap">10/23/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:7485.64px;white-space:nowrap">399,272</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.32px;left:9501.64px;white-space:nowrap">400,076</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7811.77px;left:9368.2px;white-space:nowrap">1,414,384</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8026.05px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8026.05px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8026.05px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8026.05px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8026.05px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8026.05px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8098.74px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8139.21px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8139.21px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8139.21px;left:1581.67px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8139.21px;left:2364.25px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8139.21px;left:2524.25px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8139.21px;left:3227.06px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:648px;white-space:nowrap">Phoenix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:1270.66px;letter-spacing:-0.8px;white-space:nowrap">Guarantor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:2071.12px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:2417.92px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:2773.39px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:3164.8px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:3561.91px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:3961.91px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:4406.75px;white-space:nowrap">B5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8335.7px;left:4691.36px;white-space:nowrap">6.856%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:2103.48px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:2610.36px;white-space:nowrap">2/21/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:7485.64px;white-space:nowrap">454,267</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8527.7px;left:9501.64px;white-space:nowrap">455,273</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:648px;white-space:nowrap">Phoenix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:1270.66px;white-space:nowrap">Newco, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:1848.62px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:2195.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:2550.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:2942.3px;white-space:nowrap">Sixth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:3333.62px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:4240.73px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:4637.84px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:1236.84px;white-space:nowrap">6.856%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:3179.89px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:3686.77px;letter-spacing:-1.48px;white-space:nowrap">11/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:7485.64px;white-space:nowrap">536,915</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8916.18px;left:9501.64px;white-space:nowrap">538,292</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:648px;letter-spacing:-0.85px;white-space:nowrap">Waystar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:1270.34px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:2293.23px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:2640.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:2995.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:3386.91px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:3804.87px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:4201.98px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9112.67px;left:4601.98px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:792px;white-space:nowrap">6.606%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:2735.05px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:3330.91px;white-space:nowrap">10/22/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:7485.64px;white-space:nowrap">205,231</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.67px;left:9501.64px;white-space:nowrap">206,087</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9632.11px;left:9368.2px;white-space:nowrap">1,199,652</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9846.4px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9846.4px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9846.4px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9846.4px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9846.4px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9846.4px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9919.09px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9959.56px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9959.56px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9959.56px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9959.56px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9959.56px;left:2968.7px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:648px;white-space:nowrap">Caesars </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:1288.23px;white-space:nowrap">Entertainment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:2373.23px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:2720.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:3075.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:3466.91px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:3864.02px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:4264.02px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.04px;left:4708.86px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:792px;white-space:nowrap">6.606%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:2735.05px;white-space:nowrap">2.25%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:3330.91px;white-space:nowrap">2/06/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:7485.64px;white-space:nowrap">488,813</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10348.04px;left:9501.64px;white-space:nowrap">488,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:648px;white-space:nowrap">Fertitta </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:1190.34px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:2230.89px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:2613.31px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:2968.78px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:3360.19px;white-space:nowrap">Initial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:3778.16px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:4175.27px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:4575.27px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10544.53px;left:5020.11px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:792px;white-space:nowrap">7.577%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:2735.05px;white-space:nowrap">3.25%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:3330.91px;white-space:nowrap">1/29/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:7485.64px;white-space:nowrap">467,660</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:9501.64px;white-space:nowrap">468,584</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:648px;white-space:nowrap">Flutter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:1145.89px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:1884.09px;letter-spacing:-3.67px;white-space:nowrap">BV,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:2171.75px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:2527.22px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:2918.62px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:3319.02px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:4208.47px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:4605.58px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:1236.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:1432.47px;white-space:nowrap">6.046%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:2064.03px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:2748.72px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:3237.62px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:3375.52px;white-space:nowrap">1.75%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:3971.37px;white-space:nowrap">12/02/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:6134.78px;white-space:nowrap">Ireland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:7485.64px;white-space:nowrap">236,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:9501.64px;white-space:nowrap">235,986</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11324.71px;left:596.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:648px;white-space:nowrap">Great </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:1092.61px;white-space:nowrap">Canadian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:1822.06px;white-space:nowrap">Gaming </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:2426.75px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:2906.91px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:3262.37px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:3653.78px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:4050.89px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:4450.89px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.5px;left:4895.73px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:792px;white-space:nowrap">9.074%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:2735.05px;white-space:nowrap">4.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:3330.91px;letter-spacing:-1.48px;white-space:nowrap">11/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11513.5px;left:9501.64px;white-space:nowrap">425,484</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:648px;white-space:nowrap">IRB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:959.17px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:1546.2px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:2026.36px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:2381.83px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:2773.23px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:3173.62px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:3760.73px;white-space:nowrap">Replacement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11709.98px;left:4747.92px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:1636.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:1832.47px;white-space:nowrap">6.856%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:2464.03px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:3148.72px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:3637.62px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:3775.52px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:4282.39px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:7485.64px;white-space:nowrap">585,395</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11901.98px;left:9501.64px;white-space:nowrap">585,896</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">21</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:503.33px;left:583.15px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3537.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2968.7px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Scientific
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1332.69px;white-space:nowrap">Games </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1892.84px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2559.88px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2823.86px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3179.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3570.73px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3971.13px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4860.58px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1189.11px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1589.11px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2033.95px;white-space:nowrap">7.286%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2665.52px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3350.2px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3839.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3977px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:4350.44px;white-space:nowrap">4/04/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">455,394</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9501.64px;white-space:nowrap">455,722</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1503.84px;left:9368.2px;white-space:nowrap">2,660,546</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:2248.23px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2030.98px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:648px;white-space:nowrap">Hunter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1172.69px;white-space:nowrap">Douglas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1848.63px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2195.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2550.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2942.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3339.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3739.41px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4184.25px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4468.86px;white-space:nowrap">7.546%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2103.48px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2699.34px;white-space:nowrap">1/16/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:5761.27px;white-space:nowrap">Netherlands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:7485.64px;white-space:nowrap">399,429</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:9501.64px;white-space:nowrap">400,178</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2547.22px;left:648px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2547.22px;left:1448.31px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2746.91px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:648px;white-space:nowrap">Alliant </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:1128.23px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:1795.27px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:2729.09px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:3111.52px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:3466.98px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:3858.39px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:4276.36px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:4673.47px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:1236.84px;white-space:nowrap">7.103%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:1868.41px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3179.89px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3775.75px;white-space:nowrap">9/19/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">434,511</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:9501.64px;white-space:nowrap">435,032</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3263.15px;left:648px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3263.15px;left:834.64px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3263.15px;left:1537.45px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3462.84px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:648px;white-space:nowrap">Ahead </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:1154.73px;letter-spacing:0px;white-space:nowrap">DB
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:1421.06px;letter-spacing:0px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:2087.71px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:2469.75px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:2824.84px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:3215.86px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:3612.59px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:4012.2px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:4456.66px;white-space:nowrap">B3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.63px;left:4740.89px;white-space:nowrap">7.296%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:2103.48px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:2476.92px;white-space:nowrap">2/03/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:7485.64px;white-space:nowrap">201,639</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.63px;left:9501.64px;white-space:nowrap">202,059</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3938.61px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3979.08px;left:648px;white-space:nowrap">Machinery
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3979.08px;left:1483.86px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:648px;white-space:nowrap">Chart </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:1083.7px;white-space:nowrap">Industries,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:1866.28px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:2213.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:2568.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:2951.13px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:3858.23px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:4151.67px;white-space:nowrap">7 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:4285.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4175.56px;left:4682.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:1236.84px;white-space:nowrap">6.792%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:1868.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:3179.89px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:3686.77px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:7485.64px;white-space:nowrap">907,833</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4367.56px;left:9501.64px;white-space:nowrap">912,940</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:648px;white-space:nowrap">CPM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:1048px;white-space:nowrap">Holdings, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:1759.48px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:2106.28px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:2461.75px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:2853.16px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:3271.13px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:3668.23px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:4068.23px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:4513.08px;white-space:nowrap">8.829%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:2103.48px;white-space:nowrap">4.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:2610.36px;white-space:nowrap">9/28/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:7485.64px;white-space:nowrap">365,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:9501.64px;white-space:nowrap">360,220</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:648px;white-space:nowrap">Filtration </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:1305.97px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:1795.11px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:2275.27px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:2630.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:3022.14px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:3422.53px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:4302.92px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.53px;left:4765.27px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:1636.84px;white-space:nowrap">7.327%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:2268.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:2953.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:3442px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:3579.89px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:3953.33px;white-space:nowrap">10/23/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:7485.64px;white-space:nowrap">453,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:9501.64px;white-space:nowrap">455,419</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:648px;white-space:nowrap">TK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:896.91px;white-space:nowrap">Elevator </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:1528.31px;white-space:nowrap">Midco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:1999.56px;white-space:nowrap">GmbH, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:2550.73px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:2906.2px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:3297.61px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:3694.72px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:4094.72px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.01px;left:4539.56px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:792px;white-space:nowrap">7.237%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:2735.05px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:3108.48px;white-space:nowrap">4/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:5966.03px;white-space:nowrap">Germany</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:7485.64px;white-space:nowrap">290,869</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.01px;left:9501.64px;white-space:nowrap">292,796</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:9368.2px;white-space:nowrap">2,021,375</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6074.74px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6074.74px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6074.74px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6074.74px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6074.74px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6074.74px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6147.44px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6187.91px;left:648px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6187.91px;left:1145.89px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:648px;white-space:nowrap">Clear </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:1074.8px;white-space:nowrap">Channel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:1715.27px;white-space:nowrap">Outdoor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:2337.84px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:3049.33px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:3396.13px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:3751.59px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.39px;left:4143px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:792px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:1681.45px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:2078.56px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:2478.56px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:2923.41px;white-space:nowrap">8.471%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:3554.97px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:4239.66px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:4728.56px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:4866.45px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.39px;left:792px;white-space:nowrap">8/23/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.39px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.39px;left:7485.64px;white-space:nowrap">370,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.39px;left:9501.64px;white-space:nowrap">369,967</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:648px;white-space:nowrap">CSC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:1030.27px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:1697.3px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:2079.72px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:2435.19px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:2823.7px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:3223.7px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:3668.55px;white-space:nowrap">B5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:3953.16px;white-space:nowrap">9%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:4273.31px;white-space:nowrap">(PRIME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6964.88px;left:4877.77px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:792px;white-space:nowrap">1.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:1298.88px;white-space:nowrap">4/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:7485.64px;white-space:nowrap">457,734</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:9501.64px;white-space:nowrap">451,537</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:648px;white-space:nowrap">DIRECTV </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:1394.72px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:2132.92px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:2515.34px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:2870.81px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:3262.22px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:3662.61px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:4552.06px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.36px;left:4949.17px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:1236.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:1432.47px;white-space:nowrap">9.82%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:1975.05px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:2659.73px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:3148.64px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:3286.53px;white-space:nowrap">5.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:3882.39px;white-space:nowrap">8/02/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:7485.64px;white-space:nowrap">900,501</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:9501.64px;white-space:nowrap">894,742</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:648px;white-space:nowrap">Gray </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:1039.17px;white-space:nowrap">Media, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:1563.86px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:1910.66px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:2266.13px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:2657.53px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:3054.64px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:3454.64px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:3899.48px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:4103.94px;white-space:nowrap">7.443%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:2103.48px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:2476.92px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:7485.64px;white-space:nowrap">520,515</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7933.84px;left:9501.64px;white-space:nowrap">520,661</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.29px;left:9368.2px;white-space:nowrap">2,236,907</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8475.57px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8475.57px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8475.57px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8475.57px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8475.57px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8475.57px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8588.74px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8588.74px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8588.74px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8588.74px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8588.74px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8588.74px;left:2924.09px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8788.43px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:648px;letter-spacing:-0.72px;white-space:nowrap">CQP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:1036.28px;white-space:nowrap">Holdco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:1578.78px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:1842.77px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:2198.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:2589.64px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:3007.61px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:3404.72px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:3804.72px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8785.22px;left:4249.56px;white-space:nowrap">6.296%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:2103.48px;white-space:nowrap">2%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:2476.92px;white-space:nowrap">12/31/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:7352.2px;white-space:nowrap">1,517,987</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:9368.2px;white-space:nowrap">1,521,410</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9264.2px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9304.67px;left:648px;white-space:nowrap">Passenger
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9304.67px;left:1495.89px;white-space:nowrap">Airlines
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9304.67px;left:2127.22px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:648px;white-space:nowrap">AAdvantage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:1564.25px;white-space:nowrap">Loyalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:2115.66px;letter-spacing:-0.96px;white-space:nowrap">IP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:2308.39px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:2664.17px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:3019.64px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:3411.05px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:3811.44px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.15px;left:4691.83px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:1636.84px;white-space:nowrap">7.575%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:2268.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:2953.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:3442px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:3579.89px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:4175.75px;white-space:nowrap">5/28/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:7574.63px;white-space:nowrap">44,888</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9693.15px;left:9590.63px;white-space:nowrap">45,252</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:648px;white-space:nowrap">AAdvantage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:1564.25px;white-space:nowrap">Loyalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:2115.66px;letter-spacing:-0.96px;white-space:nowrap">IP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:2308.39px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:2664.17px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:3019.64px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:3411.05px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:3808.16px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:4208.16px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9889.64px;left:4653px;white-space:nowrap">6.575%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:2103.48px;white-space:nowrap">2.25%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:2699.34px;white-space:nowrap">4/20/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:7485.64px;white-space:nowrap">770,846</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10081.64px;left:9501.64px;white-space:nowrap">768,726</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10409.08px;left:9501.64px;white-space:nowrap">813,978</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10623.37px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10623.37px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10623.37px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10623.37px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10623.37px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10623.37px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10736.53px;left:648px;white-space:nowrap">Pharmaceuticals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10736.53px;left:1964.25px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10936.22px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:648px;white-space:nowrap">Endo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:1066.13px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:1679.8px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:2391.28px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:2738.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:3093.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:3484.95px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:3885.34px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10933.01px;left:4774.8px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:1636.84px;white-space:nowrap">8.356%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:2268.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:2953.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:3442px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:3579.89px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:3953.33px;white-space:nowrap">4/23/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:7485.64px;white-space:nowrap">384,033</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11125.01px;left:9501.64px;white-space:nowrap">385,425</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11411.99px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11452.46px;left:648px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11452.46px;left:1652.77px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11452.46px;left:2355.58px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:648px;white-space:nowrap">Dun </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:985.97px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:1137.14px;white-space:nowrap">Bradstreet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:1919.72px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:2355.42px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:2826.59px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:3182.06px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:3573.47px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:4453.86px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.94px;left:4850.97px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:1236.84px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:1521.45px;white-space:nowrap">6.603%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:2153.02px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:2837.7px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:3326.61px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:3464.5px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:4060.36px;white-space:nowrap">1/18/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:7485.64px;white-space:nowrap">434,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">434,811</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

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<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:503.33px;left:583.15px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3537.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1652.77px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2355.58px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-0.36px;white-space:nowrap">WestJet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1267.45px;white-space:nowrap">Loyalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1818.86px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2082.84px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2438.31px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2829.72px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3247.69px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3644.8px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4044.8px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4489.64px;white-space:nowrap">7.546%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2103.48px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2699.34px;white-space:nowrap">2/14/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">370,312</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9501.64px;white-space:nowrap">370,863</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1503.84px;left:9501.64px;white-space:nowrap">805,674</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1790.81px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:648px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:1368.16px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:648px;white-space:nowrap">Cloud </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1110.5px;white-space:nowrap">Software </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1786.36px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2319.95px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2666.75px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3022.22px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3413.62px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3831.59px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4293.94px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4691.05px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1236.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1432.47px;white-space:nowrap">7.796%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2064.03px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2748.72px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3237.62px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3375.52px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3882.39px;white-space:nowrap">3/30/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:7485.64px;white-space:nowrap">747,022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:9501.64px;white-space:nowrap">749,144</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:648px;white-space:nowrap">McAfee </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:1234.87px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:1715.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:2070.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:2461.91px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:2859.02px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:3259.02px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:3703.86px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:3988.47px;white-space:nowrap">7.327%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:4620.03px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:1418.8px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:1792.23px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:7485.64px;white-space:nowrap">481,369</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:9501.64px;white-space:nowrap">466,526</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:648px;white-space:nowrap">Proofpoint, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:1466.28px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:1813.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2168.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2559.95px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2957.06px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3357.06px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3801.91px;white-space:nowrap">7.327%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:4433.47px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:1418.8px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:1792.23px;white-space:nowrap">8/31/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:7485.64px;white-space:nowrap">519,390</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:9501.64px;white-space:nowrap">520,852</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:648px;white-space:nowrap">UKG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1083.62px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1430.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1785.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:2177.3px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:2595.27px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:2992.37px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:3392.37px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:3837.22px;white-space:nowrap">7.31%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:4379.8px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:1418.8px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:1792.23px;white-space:nowrap">2/10/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:7485.64px;white-space:nowrap">455,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3385.22px;left:9501.64px;white-space:nowrap">455,869</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:9368.2px;white-space:nowrap">2,192,391</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3926.95px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3926.95px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3926.95px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3926.95px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3926.95px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3926.95px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3999.64px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:648px;white-space:nowrap">Specialty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:1395.03px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:1875.19px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:648px;white-space:nowrap">PetSmart </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1359.33px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1741.75px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2097.22px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2488.62px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2906.59px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3303.7px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3703.7px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:4148.55px;white-space:nowrap">8.206%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2103.48px;white-space:nowrap">3.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2699.34px;letter-spacing:-1.7px;white-space:nowrap">2/11/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:7485.64px;white-space:nowrap">447,137</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:9501.64px;white-space:nowrap">446,857</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:648px;white-space:nowrap">White </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:1101.44px;white-space:nowrap">Cap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:1439.41px;white-space:nowrap">Supply </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:1973.08px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:2640.11px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:3022.53px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:3378px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:3769.41px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:4166.52px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:4566.52px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:5011.36px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:792px;white-space:nowrap">7.577%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:2735.05px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3330.91px;white-space:nowrap">10/19/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:7352.2px;white-space:nowrap">1,032,160</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:9368.2px;white-space:nowrap">1,031,959</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.53px;left:9368.2px;white-space:nowrap">1,478,816</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:5358.81px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:5358.81px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:5358.81px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:5358.81px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:5358.81px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:5358.81px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5471.98px;left:648px;letter-spacing:-1.19px;white-space:nowrap">Textiles,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5471.98px;left:1314.95px;white-space:nowrap">Apparel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5471.98px;left:1955.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5471.98px;left:2115.11px;white-space:nowrap">Luxury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5471.98px;left:2693px;white-space:nowrap">Goods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5471.98px;left:3244.09px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5671.67px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:648px;white-space:nowrap">Flash </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:1083.7px;white-space:nowrap">Charm, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:1652.69px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:1999.48px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:2354.95px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:2746.36px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:3143.47px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:3543.47px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:3988.31px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:4272.92px;white-space:nowrap">7.776%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:2103.48px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:2610.36px;white-space:nowrap">3/02/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:7485.64px;white-space:nowrap">435,593</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:9501.64px;white-space:nowrap">409,808</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:1166.46px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:1844.39px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:2677.59px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:3166.65px;white-space:nowrap">Interests</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:4055.91px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.48px;left:4622.51px;white-space:nowrap">$24,026,322)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6139.48px;left:5876.32px;letter-spacing:51.55px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6173.35px;left:9279.22px;white-space:nowrap">24,103,672</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6554.21px;left:648px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6554.21px;left:1436.87px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6554.21px;left:2670.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6554.21px;left:3074.17px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6554.21px;left:3852.2px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6554.21px;left:4863.82px;white-space:nowrap">10.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6787.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:648px;white-space:nowrap">Armenia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:1288.23px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:2213.08px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:2586.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:2675.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:3182.61px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:3556.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:3645.19px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:3983.16px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:4178.78px;white-space:nowrap">3.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:4401.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:4543.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:4632.38px;white-space:nowrap">2/02/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:6028.22px;white-space:nowrap">Armenia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6784.56px;left:9501.64px;white-space:nowrap">783,814</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6984.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.04px;left:648px;white-space:nowrap">Benin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.04px;left:1101.67px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.04px;left:2026.52px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.04px;left:2400.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:1761.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:2224.11px;white-space:nowrap">7.96%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:2766.69px;white-space:nowrap">2/13/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:6214.78px;white-space:nowrap">Benin</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:7485.64px;white-space:nowrap">425,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7177.53px;left:9501.64px;white-space:nowrap">412,054</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:2295.12px;white-space:nowrap">4.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:2926.69px;white-space:nowrap">1/19/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:6214.78px;white-space:nowrap">Benin</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:7485.64px;white-space:nowrap">258,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7374.01px;left:9501.64px;white-space:nowrap">275,209</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:2295.12px;white-space:nowrap">4.95%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:2837.7px;white-space:nowrap">1/22/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:6214.78px;white-space:nowrap">Benin</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7570.5px;left:9501.64px;white-space:nowrap">612,806</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7810.66px;left:648px;white-space:nowrap">Brazil </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7810.66px;left:1092.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7810.66px;left:2017.37px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7810.66px;left:2391.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:1761.53px;white-space:nowrap">3.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:2393.09px;white-space:nowrap">6/12/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:7352.2px;white-space:nowrap">2,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8007.15px;left:9368.2px;white-space:nowrap">2,075,150</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:1761.53px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:2081.69px;white-space:nowrap">10/20/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:2704.5px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:7485.64px;white-space:nowrap">730,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8203.63px;left:9501.64px;white-space:nowrap">722,727</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8403.32px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8400.11px;left:648px;white-space:nowrap">Bulgaria </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8400.11px;left:1279.48px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8400.11px;left:2204.33px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8400.11px;left:2578px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:2295.12px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:2615.28px;white-space:nowrap">3/05/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:6036.97px;white-space:nowrap">Bulgaria</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:7485.64px;white-space:nowrap">260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8596.6px;left:9501.64px;white-space:nowrap">253,973</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:1725.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:2063.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:2259.42px;white-space:nowrap">3.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:2890.98px;white-space:nowrap">9/05/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:6036.97px;white-space:nowrap">Bulgaria</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:7485.64px;white-space:nowrap">360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8793.08px;left:9501.64px;white-space:nowrap">424,032</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8992.78px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:648px;white-space:nowrap">Cameroon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:1439.48px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:2364.33px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:2738px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:2826.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:3333.86px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:3707.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:3796.44px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:4134.41px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:4330.03px;white-space:nowrap">5.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:4641.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8989.57px;left:4783.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9181.57px;left:792px;white-space:nowrap">7/07/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9181.57px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9181.57px;left:5876.97px;white-space:nowrap">Cameroon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9181.57px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9181.57px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9181.57px;left:9501.64px;white-space:nowrap">638,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.73px;left:648px;white-space:nowrap">Chile </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.73px;left:1057.06px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.73px;left:1981.91px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9421.73px;left:2355.58px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:1761.53px;white-space:nowrap">5.65%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:2304.11px;white-space:nowrap">1/13/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:6259.39px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9618.22px;left:9501.64px;white-space:nowrap">310,035</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:1725.83px;white-space:nowrap">4.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:2268.41px;white-space:nowrap">1/22/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:6259.39px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:7485.64px;white-space:nowrap">920,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9814.7px;left:9501.64px;white-space:nowrap">933,340</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:648px;white-space:nowrap">Colombia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:1368.31px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:2293.16px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:2666.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:2755.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:3262.69px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:3636.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:3725.27px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:3814.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:3956.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:4045.42px;letter-spacing:-1.48px;white-space:nowrap">11/14/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10011.19px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10054.87px;left:5948.14px;white-space:nowrap">Colombia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10054.87px;left:7352.2px;white-space:nowrap">1,240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10054.87px;left:9368.2px;white-space:nowrap">1,274,100</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10254.56px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:648px;white-space:nowrap">Costa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:1110.42px;white-space:nowrap">Rica </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:1474.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:2399.8px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:2773.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:2862.37px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:3369.33px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:3743px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:3831.91px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:4169.88px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:4365.5px;white-space:nowrap">6.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:4765.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10251.35px;left:4908.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10443.35px;left:792px;white-space:nowrap">2/19/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10443.35px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10443.35px;left:5841.5px;white-space:nowrap">Costa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10443.35px;left:6303.92px;white-space:nowrap">Rica</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10443.35px;left:7352.2px;white-space:nowrap">1,360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10443.35px;left:9368.2px;white-space:nowrap">1,399,100</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10643.05px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:648px;white-space:nowrap">Dominican </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:1448.31px;white-space:nowrap">Republic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:2115.34px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:3040.19px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:3413.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:3502.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:4009.72px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:4383.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:4472.3px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:4810.27px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:5005.89px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:5094.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:5237.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.84px;left:792px;white-space:nowrap">7/19/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.84px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10639.84px;left:5868.14px;white-space:nowrap">Dominican
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.84px;left:6001.42px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.84px;left:7352.2px;white-space:nowrap">1,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.84px;left:9368.2px;white-space:nowrap">1,632,000</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11031.53px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:648px;white-space:nowrap">Eagle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:1101.67px;white-space:nowrap">Funding
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:1724.33px;white-space:nowrap">Luxco</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:2195.73px;white-space:nowrap">SARL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:2613.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:2702.61px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:3209.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:3547.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:3636.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:4099.02px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:4321.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:4463.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:4552.61px;white-space:nowrap">8/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11028.32px;left:9501.64px;white-space:nowrap">804,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:648px;white-space:nowrap">Ecopetrol</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:1368.39px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:1581.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:1670.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:2177.69px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:2551.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:2640.27px;white-space:nowrap">8.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:3040.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:3182.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:3271.83px;white-space:nowrap">1/13/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11224.81px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11268.49px;left:5948.14px;white-space:nowrap">Colombia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11268.49px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11268.49px;left:9501.64px;white-space:nowrap">524,734</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11468.18px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11464.97px;left:648px;white-space:nowrap">Egypt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11464.97px;left:1101.59px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11464.97px;left:2026.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11464.97px;left:2400.11px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:2295.12px;white-space:nowrap">7.6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:2748.72px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:6214.86px;white-space:nowrap">Egypt</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:7485.64px;white-space:nowrap">930,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11661.46px;left:9501.64px;white-space:nowrap">940,481</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:2188.41px;white-space:nowrap">8.625%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:2819.97px;white-space:nowrap">2/04/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:6214.86px;white-space:nowrap">Egypt</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11857.94px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">711,194</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">23</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1436.87px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2670.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3074.17px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3852.2px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4863.82px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:549.48px;white-space:nowrap">b,j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:648px;white-space:nowrap">Electricite</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:1385.97px;white-space:nowrap">de </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:1608.39px;white-space:nowrap">France </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2150.81px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2364.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2453.16px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2933.39px;white-space:nowrap">Sub</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3218.08px;white-space:nowrap">. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3306.98px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3680.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3769.56px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:4232.14px;white-space:nowrap">9.125% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:4819.25px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:792px;white-space:nowrap">6/14/33, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:1414.73px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:1788.02px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:2464.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:2552.94px;white-space:nowrap">Perpetual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:7485.64px;white-space:nowrap">535,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:9501.64px;white-space:nowrap">614,381</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1135.92px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:648px;white-space:nowrap">Gabonese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:1430.81px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:2053.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:2142.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:2649.25px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:3022.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:3111.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:3449.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:3645.42px;white-space:nowrap">6.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:4045.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:4188.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:4276.98px;white-space:nowrap">2/06/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:6143.61px;white-space:nowrap">Gabon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:7485.64px;white-space:nowrap">810,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1132.71px;left:9501.64px;white-space:nowrap">667,952</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1332.41px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1329.2px;left:648px;white-space:nowrap">Guatemala </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1329.2px;left:1475.11px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1329.2px;left:2399.95px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1329.2px;left:2773.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:2295.13px;white-space:nowrap">6.6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:2748.72px;white-space:nowrap">6/13/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:5841.34px;white-space:nowrap">Guatemala</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:7352.2px;white-space:nowrap">1,480,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1525.68px;left:9368.2px;white-space:nowrap">1,520,064</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:2188.41px;white-space:nowrap">7.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:2730.98px;white-space:nowrap">10/04/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:5841.34px;white-space:nowrap">Guatemala</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1722.16px;left:9501.64px;white-space:nowrap">429,294</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1921.86px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:648px;white-space:nowrap">Hashemite </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:1457.22px;white-space:nowrap">Kingdom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:2133.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:2311.05px;white-space:nowrap">Jordan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:2800.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:2889.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:3396.13px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:3734.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:3823px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:4160.97px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:4356.59px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:4579.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1918.65px;left:4721.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2110.65px;left:792px;white-space:nowrap">1/13/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2110.65px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2110.65px;left:6134.78px;white-space:nowrap">Jordan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2110.65px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2110.65px;left:9501.64px;white-space:nowrap">466,883</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2310.34px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:648px;white-space:nowrap">Hungary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:1297.22px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:2222.06px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:2595.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:2684.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:3191.59px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:3529.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:3618.47px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:3956.44px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:4152.06px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:4463.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:4605.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:4694.64px;white-space:nowrap">6/16/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:6019.23px;white-space:nowrap">Hungary</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:7352.2px;white-space:nowrap">1,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2307.13px;left:9368.2px;white-space:nowrap">1,162,569</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2506.83px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:648px;white-space:nowrap">Indonesia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:1386.36px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:2311.2px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:2684.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:2773.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:3280.73px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:3654.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:3743.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:4205.89px;white-space:nowrap">4.35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:4517.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:4659.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:4748.47px;white-space:nowrap">1/08/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:5930.09px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2503.62px;left:9501.64px;white-space:nowrap">903,019</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2703.31px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:648px;white-space:nowrap">Iraq </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:968.16px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:1893px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:2266.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:2355.58px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:2862.53px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:3236.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:3325.11px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:3663.08px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:3858.7px;white-space:nowrap">5.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:4081.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:4223.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:4312.3px;white-space:nowrap">1/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:6348.3px;white-space:nowrap">Iraq</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2700.1px;left:9501.64px;white-space:nowrap">795,455</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2899.8px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:648px;white-space:nowrap">Istanbul </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:1252.84px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:2177.77px;letter-spacing:-0.99px;white-space:nowrap">Municipality</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:3001.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:3090.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:3597.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:3935.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:4024.48px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:4362.45px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:4558.08px;white-space:nowrap">10.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:4869.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2896.59px;left:5011.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3088.59px;left:792px;white-space:nowrap">12/06/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3088.59px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3088.59px;left:6105.41px;letter-spacing:-0.85px;white-space:nowrap">Turkiye</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3088.59px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3088.59px;left:9501.64px;white-space:nowrap">704,484</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3288.28px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:648px;white-space:nowrap">Ivory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:1039.17px;white-space:nowrap">Coast </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:1501.59px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:2426.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:2800.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:2889.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:3395.97px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:3769.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:3858.55px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:4196.52px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:4392.14px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:4792.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3285.07px;left:4934.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:792px;white-space:nowrap">1/30/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:5814.86px;white-space:nowrap">Ivory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:6206.03px;white-space:nowrap">Coast</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:7352.2px;white-space:nowrap">1,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.07px;left:9368.2px;white-space:nowrap">1,269,534</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:648px;white-space:nowrap">Mexico </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:1199.25px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:2124.09px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:2497.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:2586.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:3093.63px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:3467.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:3556.2px;white-space:nowrap">2.659</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:3956.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:4098.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:4187.77px;white-space:nowrap">5/24/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.55px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.24px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.24px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.24px;left:9501.64px;white-space:nowrap">259,146</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3916.93px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:648px;white-space:nowrap">Montenegro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:1546.36px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:2471.2px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:2844.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:2933.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:3440.73px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:3778.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:3867.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:4330.19px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:4730.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:4872.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:792px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:5770.09px;white-space:nowrap">Montenegro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:7485.64px;white-space:nowrap">490,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:9501.64px;white-space:nowrap">554,339</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4345.89px;left:648px;white-space:nowrap">Panama </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4345.89px;left:1288.39px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4345.89px;left:2213.23px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4345.89px;left:2586.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:1761.53px;white-space:nowrap">8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:2081.69px;white-space:nowrap">3/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:6028.06px;white-space:nowrap">Panama</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.37px;left:9501.64px;white-space:nowrap">217,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:1725.83px;white-space:nowrap">7.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:2179.42px;white-space:nowrap">3/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:6028.06px;white-space:nowrap">Panama</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:7485.64px;white-space:nowrap">780,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4738.86px;left:9501.64px;white-space:nowrap">837,408</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4938.55px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:648px;white-space:nowrap">Paraguay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:1377.38px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:2302.22px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:2675.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:2764.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:3271.75px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:3645.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:3734.33px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:4072.3px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:4267.92px;white-space:nowrap">3.849</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:4668.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4935.34px;left:4810.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.34px;left:792px;white-space:nowrap">6/28/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.34px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.34px;left:5939.08px;white-space:nowrap">Paraguay</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.34px;left:7352.2px;white-space:nowrap">1,620,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.34px;left:9368.2px;white-space:nowrap">1,472,175</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:648px;white-space:nowrap">Peru </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:1030.42px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:1955.27px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:2328.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:2417.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:2924.8px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:3298.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:3387.38px;white-space:nowrap">2.783</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:3787.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:3930.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:4018.94px;white-space:nowrap">1/23/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.82px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.51px;left:6286.03px;white-space:nowrap">Peru</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.51px;left:7485.64px;white-space:nowrap">950,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.51px;left:9501.64px;white-space:nowrap">857,308</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5567.2px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:648px;white-space:nowrap">Perusahaan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:1555.34px;white-space:nowrap">Perseroan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:2338px;white-space:nowrap">Persero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:2942.69px;letter-spacing:-0.96px;white-space:nowrap">PT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:3188.7px;white-space:nowrap">Perusahaan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:4096.05px;white-space:nowrap">Listrik </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:4558.31px;white-space:nowrap">Negara</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5563.99px;left:5083.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:1298.95px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:1672.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:2295.13px;white-space:nowrap">5.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:2606.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:2748.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:2837.7px;white-space:nowrap">5/21/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:5930.09px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5755.99px;left:9501.64px;white-space:nowrap">408,570</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5996.16px;left:648px;white-space:nowrap">Petroleos</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5996.16px;left:1368.39px;white-space:nowrap">Mexicanos</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5996.16px;left:2133.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:1725.83px;white-space:nowrap">6.49%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:2268.41px;white-space:nowrap">1/23/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:7485.64px;white-space:nowrap">540,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.64px;left:9501.64px;white-space:nowrap">541,318</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:1725.83px;white-space:nowrap">6.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:2179.42px;white-space:nowrap">2/16/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6389.13px;left:9501.64px;white-space:nowrap">438,759</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:648px;white-space:nowrap">Philippines </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:1466.28px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:2391.13px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:2764.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:2853.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:3360.66px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:3734.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:3823.23px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:4045.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:4187.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:4276.83px;white-space:nowrap">2/04/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6585.61px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.29px;left:5850.17px;white-space:nowrap">Philippines</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.29px;left:7485.64px;white-space:nowrap">790,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.29px;left:9501.64px;white-space:nowrap">823,161</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6828.99px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:648px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:1145.97px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:1759.64px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:2195.34px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:2462.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:2551.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:3058.08px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:3431.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:3520.66px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:3858.63px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:4054.25px;white-space:nowrap">3.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:4365.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:4507.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:4596.83px;white-space:nowrap">4/23/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:6277.05px;white-space:nowrap">India</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:7485.64px;white-space:nowrap">890,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.78px;left:9501.64px;white-space:nowrap">858,642</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7025.47px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7022.26px;left:648px;white-space:nowrap">Romania </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7022.26px;left:1332.77px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7022.26px;left:2257.61px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7022.26px;left:2631.28px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:2295.13px;white-space:nowrap">5.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:2926.69px;white-space:nowrap">2/22/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:5983.69px;white-space:nowrap">Romania</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7218.74px;left:9501.64px;white-space:nowrap">894,759</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:2188.41px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:2508.56px;white-space:nowrap">2/27/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:5983.69px;white-space:nowrap">Romania</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:7352.2px;white-space:nowrap">1,610,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.23px;left:9368.2px;white-space:nowrap">1,565,141</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7614.92px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7611.71px;left:648px;white-space:nowrap">Serbia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7611.71px;left:1154.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7611.71px;left:2079.8px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7611.71px;left:2453.47px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:2295.13px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:2748.72px;white-space:nowrap">9/26/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:6161.5px;white-space:nowrap">Serbia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:7485.64px;white-space:nowrap">830,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7808.2px;left:9501.64px;white-space:nowrap">877,484</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:1725.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:2063.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:2259.42px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:2802px;white-space:nowrap">5/26/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:6161.5px;white-space:nowrap">Serbia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:7485.64px;white-space:nowrap">510,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8004.68px;left:9501.64px;white-space:nowrap">527,924</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8244.85px;left:648px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8244.85px;left:1101.75px;white-space:nowrap">Africa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8244.85px;left:1555.19px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8244.85px;left:2480.03px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8244.85px;left:2853.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:1761.53px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:2393.09px;white-space:nowrap">6/22/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:5761.27px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:6215.02px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.33px;left:9501.64px;white-space:nowrap">448,148</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:1761.53px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:2393.09px;white-space:nowrap">4/20/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:5761.27px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:6215.02px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8637.82px;left:9501.64px;white-space:nowrap">419,317</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8837.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:1341.83px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:1679.72px;white-space:nowrap">Corridor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:2302.06px;white-space:nowrap">CJSC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:2719.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:2808.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:3315.73px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:3689.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:3778.31px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:4116.28px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:4311.91px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:4712.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8834.3px;left:4854.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9026.3px;left:792px;white-space:nowrap">3/24/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9026.3px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9026.3px;left:5867.98px;white-space:nowrap">Azerbaijan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9026.3px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9026.3px;left:9501.64px;white-space:nowrap">809,737</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.47px;left:648px;letter-spacing:-0.85px;white-space:nowrap">Turkiye</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.47px;left:1211.05px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.47px;left:2135.89px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.47px;left:2509.56px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:1725.83px;white-space:nowrap">9.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:2357.39px;white-space:nowrap">7/13/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:2891.22px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:6105.41px;letter-spacing:-0.85px;white-space:nowrap">Turkiye</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:7352.2px;white-space:nowrap">1,260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.95px;left:9368.2px;white-space:nowrap">1,403,709</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9662.65px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:648px;white-space:nowrap">Uzbekistan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:1483.94px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:2408.78px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:2782.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:2871.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:3378.31px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:3716.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:3805.19px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:4143.16px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:4338.78px;white-space:nowrap">6.9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:4561.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.44px;left:4703.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:792px;white-space:nowrap">2/28/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:5832.52px;white-space:nowrap">Uzbekistan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:7485.64px;white-space:nowrap">720,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:9501.64px;white-space:nowrap">745,969</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:1166.46px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:1955.32px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:3188.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:3592.63px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:4370.66px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:5382.28px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10130.45px;left:5948.88px;white-space:nowrap">$37,006,222)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:10130.45px;left:7131.12px;letter-spacing:54.09px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10164.32px;left:9279.22px;white-space:nowrap">38,221,670</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10545.18px;left:648px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10545.18px;left:2026.42px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10545.18px;left:3038.04px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10819.21px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10819.21px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10819.21px;left:2088.78px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11018.91px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:648px;white-space:nowrap">BDS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:1021.44px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:1288.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:1377.22px;white-space:nowrap">2021-FL9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:2062.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:2142.22px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:2248.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:2337.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:2800.42px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:3129.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:3218.16px;white-space:nowrap">5.534</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:3618.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:3760.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:3849.72px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:3903px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:4534.41px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11015.7px;left:5023.31px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:792px;white-space:nowrap">1.184</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:1334.66px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:1476.84px;letter-spacing:-1.48px;white-space:nowrap">11/16/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:2087.78px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:7485.64px;white-space:nowrap">132,691</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11207.7px;left:9501.64px;white-space:nowrap">132,870</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11407.39px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:648px;white-space:nowrap">Black </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:1083.7px;white-space:nowrap">Diamond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:1768.47px;white-space:nowrap">CLO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:2141.91px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:2408.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:2497.69px;white-space:nowrap">2024-1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:3102.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:3191.52px;white-space:nowrap">D1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:3396.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:3484.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:3947.53px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:4276.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:4365.27px;white-space:nowrap">8.768</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:4765.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11404.18px;left:4907.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:845.28px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:2103.48px;white-space:nowrap">4.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:2414.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:2557.16px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:2699.34px;white-space:nowrap">10/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:3322.16px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11596.18px;left:9501.64px;white-space:nowrap">914,468</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11795.88px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:648px;white-space:nowrap">Citigroup </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:1332.77px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:2053.16px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:2450.66px;letter-spacing:-0.85px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:2898.08px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:3155.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:3244.88px;white-space:nowrap">2007-AMC3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:4098.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:4178.7px;white-space:nowrap">A2D</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:4489.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:4578.86px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11792.67px;left:4907.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:792px;white-space:nowrap">4.817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:1476.84px;white-space:nowrap">1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:2735.05px;white-space:nowrap">0.464</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:3135.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:3277.7px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:3419.89px;white-space:nowrap">3/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:3953.72px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:7352.2px;white-space:nowrap">1,408,095</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11984.67px;left:9368.2px;white-space:nowrap">1,197,462</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">24</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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</div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2026.42px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3038.04px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1012.53px;white-space:nowrap">Economy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1715.11px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2239.72px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2337.45px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2835.58px;white-space:nowrap">1 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2969.02px;white-space:nowrap">Sponsor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3609.41px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3902.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3991.83px;white-space:nowrap">2021-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4490.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4570.11px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4765.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4854.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">1.91</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1103.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1245.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1334.58px;white-space:nowrap">10/20/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1957.39px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">546,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9501.64px;white-space:nowrap">449,730</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1376.09px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:648px;white-space:nowrap">Northwoods </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1546.2px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2088.7px;white-space:nowrap">22 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2311.12px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2578px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2666.91px;white-space:nowrap">2020-22A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3360.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3449.72px;white-space:nowrap">DRR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3796.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3885.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4347.84px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4676.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:792px;white-space:nowrap">9.268</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1476.84px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2735.05px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3046.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3188.72px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3330.91px;white-space:nowrap">9/16/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3864.73px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9501.64px;white-space:nowrap">913,025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1892.32px;left:9368.2px;white-space:nowrap">3,607,555</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2106.61px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2106.61px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2106.61px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2106.61px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2106.61px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2106.61px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2171.34px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2171.34px;left:1159.04px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2171.34px;left:2537.45px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2171.34px;left:3549.07px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2171.34px;left:4115.68px;white-space:nowrap">$3,581,820)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:2171.34px;left:5248.92px;letter-spacing:51.04px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2205.21px;left:9368.2px;white-space:nowrap">3,607,555</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2586.07px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2586.07px;left:1848.49px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2586.07px;left:3582.18px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2586.07px;left:4593.8px;white-space:nowrap">10.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2860.1px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2860.1px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2860.1px;left:2088.78px;white-space:nowrap">10.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3059.8px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:648px;white-space:nowrap">BANK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:1083.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:1172.61px;white-space:nowrap">2024-BNK48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:2088.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:2177.69px;white-space:nowrap">XA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:2391.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:2480.03px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:2737.84px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:3066.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:3155.58px;white-space:nowrap">1.146</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:3555.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:3698.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:3787.14px;white-space:nowrap">10/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:7352.2px;white-space:nowrap">9,680,778</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.59px;left:9501.64px;white-space:nowrap">794,009</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3256.28px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.07px;left:648px;white-space:nowrap">BANK5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.07px;left:1172.69px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:792px;white-space:nowrap">2024-5YR10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:1779.34px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:2081.69px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:2339.5px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:2757.23px;white-space:nowrap">1.189%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:3388.8px;white-space:nowrap">10/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:4011.61px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:7263.22px;white-space:nowrap">14,858,316</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3449.55px;left:9501.64px;white-space:nowrap">640,619</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:792px;white-space:nowrap">2024-5YR12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:1779.34px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:2081.69px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:2339.5px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:2757.23px;white-space:nowrap">0.498%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:3388.8px;white-space:nowrap">12/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:4011.61px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:7275.09px;letter-spacing:-1.19px;white-space:nowrap">11,029,718</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3646.04px;left:9501.64px;white-space:nowrap">218,658</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:792px;white-space:nowrap">2024-5YR7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:1690.36px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:1992.7px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:2250.52px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:2668.25px;white-space:nowrap">1.334%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:3299.81px;white-space:nowrap">6/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:7263.22px;white-space:nowrap">10,894,265</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.52px;left:9501.64px;white-space:nowrap">490,565</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4042.22px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4039.01px;left:648px;white-space:nowrap">BBCMS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4039.01px;left:1261.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4039.01px;left:1978.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4039.01px;left:2337.45px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:792px;white-space:nowrap">2022-C14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:2561.53px;white-space:nowrap">0.693%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:3193.09px;white-space:nowrap">2/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:7263.22px;white-space:nowrap">10,427,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4235.49px;left:9501.64px;white-space:nowrap">347,557</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:792px;white-space:nowrap">2024-5C29, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:1672.62px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:1974.97px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:2232.78px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:2650.52px;white-space:nowrap">1.599%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:3282.08px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:7263.22px;white-space:nowrap">16,430,246</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4431.98px;left:9501.64px;white-space:nowrap">935,867</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:792px;white-space:nowrap">2024-5C31, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:1672.62px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:1974.97px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:2232.78px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:2650.52px;white-space:nowrap">1.061%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:3282.08px;white-space:nowrap">12/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:7352.2px;white-space:nowrap">4,847,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4628.46px;left:9501.64px;white-space:nowrap">197,232</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:792px;white-space:nowrap">2024-C26, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:2561.53px;white-space:nowrap">1.013%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:3193.09px;white-space:nowrap">5/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:7352.2px;white-space:nowrap">5,704,997</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4824.95px;left:9501.64px;white-space:nowrap">412,860</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5024.64px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5021.43px;left:648px;white-space:nowrap">Benchmark </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5021.43px;left:1501.67px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5021.43px;left:2219.17px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5021.43px;left:2577.69px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:792px;white-space:nowrap">2024-V10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:1574.81px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:1877.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:2134.97px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:2552.7px;white-space:nowrap">1.305%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:3184.27px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:7263.22px;white-space:nowrap">14,079,221</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5217.91px;left:9501.64px;white-space:nowrap">658,802</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2024-V11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:1562.94px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:1865.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:2123.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:2540.83px;white-space:nowrap">0.56%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:3083.41px;letter-spacing:-1.48px;white-space:nowrap">11/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:7263.22px;white-space:nowrap">20,387,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5414.4px;left:9501.64px;white-space:nowrap">451,164</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5614.09px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5610.88px;left:648px;white-space:nowrap">BMO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5610.88px;left:1056.91px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5610.88px;left:1774.41px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5610.88px;left:2132.92px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:792px;white-space:nowrap">2024-5C6, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:2561.53px;white-space:nowrap">1.353%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:3193.09px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:7263.22px;white-space:nowrap">12,363,644</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5807.37px;left:9501.64px;white-space:nowrap">579,008</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:792px;white-space:nowrap">2024-5C8, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:2561.53px;white-space:nowrap">1.021%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:3193.09px;white-space:nowrap">12/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:7352.2px;white-space:nowrap">5,934,990</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6003.85px;left:9501.64px;white-space:nowrap">231,823</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6203.55px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:648px;white-space:nowrap">CD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:923.55px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:1641.05px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:1999.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:2088.47px;white-space:nowrap">2017-CD4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:2817.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:2906.67px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:3013.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:3102.3px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:3431.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:3520.03px;white-space:nowrap">3.947</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:3920.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:4062.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:4151.59px;white-space:nowrap">5/10/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:7352.2px;white-space:nowrap">1,032,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.34px;left:9501.64px;white-space:nowrap">968,407</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.5px;left:648px;white-space:nowrap">CFCRE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.5px;left:1243.55px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.5px;left:2141.44px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.5px;left:2858.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.5px;left:3217.45px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6640.2px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:792px;letter-spacing:-1.32px;white-space:nowrap">2011-C2,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:1482.78px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:1678.41px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:2140.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:2558.72px;white-space:nowrap">5.249%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:3190.28px;white-space:nowrap">12/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:7485.64px;white-space:nowrap">424,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6636.99px;left:9501.64px;white-space:nowrap">395,608</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:792px;white-space:nowrap">2016-C7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:1485.83px;white-space:nowrap">A3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:1770.44px;white-space:nowrap">3.839%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:2402px;white-space:nowrap">12/10/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:7485.64px;white-space:nowrap">908,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.47px;left:9501.64px;white-space:nowrap">892,303</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7033.17px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7029.96px;left:648px;white-space:nowrap">Citigroup </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7029.96px;left:1332.77px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7029.96px;left:2230.66px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7029.96px;left:2948.16px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7029.96px;left:3306.67px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7229.65px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:792px;white-space:nowrap">2015-GC27, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:1708.09px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:1912.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:2375.12px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:2792.86px;white-space:nowrap">4.396%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:3424.42px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:7352.2px;white-space:nowrap">1,095,939</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7226.44px;left:9368.2px;white-space:nowrap">1,054,568</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:792px;white-space:nowrap">2015-GC33, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:1708.09px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:2330.28px;white-space:nowrap">4.545%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:2961.84px;white-space:nowrap">9/10/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:7485.64px;white-space:nowrap">137,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7422.92px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">116,952</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7663.09px;left:648px;white-space:nowrap">COMM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7663.09px;left:1199.02px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7663.09px;left:1916.52px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7663.09px;left:2275.03px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7862.78px;left:476.93px;white-space:nowrap">b,c,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:792px;white-space:nowrap">2012-CR3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:1610.2px;letter-spacing:-5.91px;white-space:nowrap">F,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:1779.11px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:2241.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:2659.42px;white-space:nowrap">4.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:3202px;white-space:nowrap">10/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:3824.81px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:7485.64px;white-space:nowrap">395,189</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7859.57px;left:9590.63px;white-space:nowrap">24,154</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:792px;white-space:nowrap">2013-CR12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:1690.36px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:2019.27px;white-space:nowrap">4.3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:2472.86px;white-space:nowrap">10/10/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:7485.64px;white-space:nowrap">380,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:9501.64px;white-space:nowrap">359,717</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8255.75px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:792px;white-space:nowrap">2013-CR13, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:1699.19px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:1903.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:2366.22px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:2783.95px;white-space:nowrap">4.944%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:3415.52px;letter-spacing:-1.48px;white-space:nowrap">11/10/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:7352.2px;white-space:nowrap">1,233,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:9501.64px;white-space:nowrap">718,210</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8452.24px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:792px;white-space:nowrap">2014-CR16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:1699.19px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:1903.64px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:2321.37px;white-space:nowrap">4.777%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:2952.94px;white-space:nowrap">4/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:7485.64px;white-space:nowrap">912,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:9501.64px;white-space:nowrap">864,930</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8648.72px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:792px;white-space:nowrap">2014-CR17, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:1699.19px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:1903.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:2366.22px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:2783.95px;white-space:nowrap">4.843%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:3415.52px;white-space:nowrap">5/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:7485.64px;white-space:nowrap">725,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:9501.64px;white-space:nowrap">583,049</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8845.21px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:792px;white-space:nowrap">2014-CR19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:1699.19px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:1903.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:2366.22px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:2783.95px;white-space:nowrap">4.496%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:3415.52px;white-space:nowrap">8/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:7574.63px;white-space:nowrap">91,381</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:9590.63px;white-space:nowrap">88,936</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9041.69px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:792px;white-space:nowrap">2014-CR20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:1699.19px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:1903.64px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:2321.37px;white-space:nowrap">4.671%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:2952.94px;letter-spacing:-1.48px;white-space:nowrap">11/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:7485.64px;white-space:nowrap">829,464</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:9501.64px;white-space:nowrap">802,893</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:792px;white-space:nowrap">2014-UBS3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:1699.27px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:2028.17px;white-space:nowrap">4.012%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:2659.73px;white-space:nowrap">6/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:7485.64px;white-space:nowrap">366,548</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:9501.64px;white-space:nowrap">351,382</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9434.66px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:792px;white-space:nowrap">2014-UBS5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:1699.27px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:2028.17px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:2445.91px;white-space:nowrap">4.193%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:3077.47px;white-space:nowrap">9/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:7485.64px;white-space:nowrap">478,041</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9431.45px;left:9501.64px;white-space:nowrap">472,245</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9631.14px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:792px;white-space:nowrap">2015-CR22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:1699.19px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:1894.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:2312.55px;white-space:nowrap">3.926%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:2944.11px;white-space:nowrap">3/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:7485.64px;white-space:nowrap">370,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9627.93px;left:9501.64px;white-space:nowrap">354,150</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:792px;white-space:nowrap">2015-DC1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:1601.37px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:1930.28px;white-space:nowrap">3.724%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:2561.84px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">377,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9824.42px;left:9501.64px;white-space:nowrap">371,364</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10024.11px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:792px;white-space:nowrap">2015-DC1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:1610.2px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:1805.83px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:2223.56px;white-space:nowrap">4.035%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:2855.12px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:7485.64px;white-space:nowrap">906,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.9px;left:9501.64px;white-space:nowrap">863,205</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10220.6px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:792px;white-space:nowrap">2015-LC19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:1672.62px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:2285.98px;white-space:nowrap">3.829%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:2917.55px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:3451.37px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:7485.64px;white-space:nowrap">621,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10217.39px;left:9501.64px;white-space:nowrap">613,303</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10457.55px;left:648px;letter-spacing:-0.99px;white-space:nowrap">CSAIL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10457.55px;left:1148.94px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10457.55px;left:2046.83px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10457.55px;left:2764.33px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10457.55px;left:3122.84px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10657.25px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:792px;white-space:nowrap">2015-C1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:1485.83px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:1788.17px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:2205.91px;white-space:nowrap">3.791%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:2837.47px;white-space:nowrap">4/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:7485.64px;white-space:nowrap">506,049</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.04px;left:9525.39px;letter-spacing:-3.39px;white-space:nowrap">503,111</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10853.73px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:792px;white-space:nowrap">2015-C2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:1485.83px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:1788.17px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:2205.91px;white-space:nowrap">3.849%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:2837.47px;white-space:nowrap">6/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:7485.64px;white-space:nowrap">384,512</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10850.52px;left:9501.64px;white-space:nowrap">384,157</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11050.22px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:792px;white-space:nowrap">2015-C2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:1494.66px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:1690.28px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:2108.02px;white-space:nowrap">4.208%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:2739.58px;white-space:nowrap">6/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:7485.64px;white-space:nowrap">471,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11047.01px;left:9501.64px;white-space:nowrap">457,652</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:792px;white-space:nowrap">2015-C3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:1485.83px;white-space:nowrap">A4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:1770.44px;white-space:nowrap">3.718%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:2402px;white-space:nowrap">8/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:7485.64px;white-space:nowrap">109,536</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11243.49px;left:9501.64px;white-space:nowrap">109,166</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:792px;white-space:nowrap">2016-C5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:1485.83px;white-space:nowrap">A5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:1770.44px;white-space:nowrap">3.757%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:2402px;letter-spacing:-1.48px;white-space:nowrap">11/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:7485.64px;white-space:nowrap">404,736</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11439.97px;left:9501.64px;white-space:nowrap">403,040</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11639.67px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:648px;white-space:nowrap">DBUBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:1243.7px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:1961.2px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:2319.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:2408.62px;letter-spacing:-1.32px;white-space:nowrap">2011-LC3A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:3206.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:3295.11px;white-space:nowrap">D</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:3410.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:3499.56px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:3962.14px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:4290.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:4379.88px;white-space:nowrap">5.351</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:4780.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11636.46px;left:4922.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11828.46px;left:792px;white-space:nowrap">8/10/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11828.46px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11828.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11828.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11828.46px;left:7485.64px;white-space:nowrap">442,086</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11828.46px;left:9501.64px;white-space:nowrap">424,820</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">25</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1848.49px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3582.18px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4593.8px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1136.91px;white-space:nowrap">Multi-family
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1990.27px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2870.81px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3455.03px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4199.09px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4557.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2019-01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1468.09px;white-space:nowrap">M10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1868.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2330.83px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2748.56px;white-space:nowrap">7.714%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3380.13px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3967.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4447.16px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5084.66px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:792px;white-space:nowrap">3.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1476.84px;white-space:nowrap">10/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7352.2px;white-space:nowrap">1,055,502</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9368.2px;white-space:nowrap">1,073,282</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">2020-01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1468.09px;white-space:nowrap">M10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1868.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2330.83px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2748.56px;white-space:nowrap">8.214%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3380.13px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3967.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4447.16px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:5084.66px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:792px;white-space:nowrap">3.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1476.84px;white-space:nowrap">3/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7352.2px;white-space:nowrap">1,434,128</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9368.2px;white-space:nowrap">1,473,936</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1961.06px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:648px;white-space:nowrap">GS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:923.63px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1644.02px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2388.08px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2746.59px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2157.54px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:792px;white-space:nowrap">2013-GC13, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1699.27px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2001.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2464.19px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2881.92px;white-space:nowrap">3.884%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:3513.48px;white-space:nowrap">7/10/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:7485.64px;white-space:nowrap">525,320</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:9501.64px;white-space:nowrap">517,419</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:792px;white-space:nowrap">2014-GC24, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1708.09px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1903.72px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2321.45px;white-space:nowrap">4.419%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2953.02px;white-space:nowrap">9/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:7352.2px;white-space:nowrap">1,080,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:9368.2px;white-space:nowrap">1,017,138</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2550.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:792px;white-space:nowrap">2014-GC24, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:1708.09px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:1912.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:2375.13px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:2792.86px;white-space:nowrap">4.44%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:3335.44px;white-space:nowrap">9/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:7485.64px;white-space:nowrap">485,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:9501.64px;white-space:nowrap">309,279</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2746.99px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:792px;white-space:nowrap">2019-GC42, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:1708.09px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:2010.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:2268.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:2685.98px;white-space:nowrap">0.805%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:3317.55px;white-space:nowrap">9/10/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:7263.22px;white-space:nowrap">13,737,259</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:9501.64px;white-space:nowrap">363,912</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2943.48px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:648px;letter-spacing:-4.12px;white-space:nowrap">J.P.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:947.45px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:1534.41px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:2041.36px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:2939.25px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:3659.64px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:4403.7px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.27px;left:4762.22px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3139.96px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:792px;white-space:nowrap">2007-CB20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:1690.36px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:1885.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:2348.56px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:2766.3px;white-space:nowrap">8.002%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:3397.86px;white-space:nowrap">2/12/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:7574.63px;white-space:nowrap">18,494</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3136.75px;left:9590.63px;white-space:nowrap">24,335</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3336.45px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:792px;white-space:nowrap">2012-C6, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:1494.66px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:1690.28px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:2152.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:2570.59px;white-space:nowrap">4.964%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:3202.16px;white-space:nowrap">5/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:7485.64px;white-space:nowrap">432,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3333.24px;left:9501.64px;white-space:nowrap">419,457</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:792px;letter-spacing:-1.08px;white-space:nowrap">2013-LC11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:1660.75px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:1865.2px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:2282.94px;white-space:nowrap">4.196%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:2914.5px;white-space:nowrap">4/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:7485.64px;white-space:nowrap">574,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3529.72px;left:9590.63px;white-space:nowrap">54,303</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3729.42px;left:523.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:792px;letter-spacing:-1.08px;white-space:nowrap">2013-LC11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:1660.75px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:1856.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:2318.95px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:2736.69px;white-space:nowrap">3.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:3279.27px;white-space:nowrap">4/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:7352.2px;white-space:nowrap">1,390,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.21px;left:9590.63px;white-space:nowrap">54,877</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:648px;white-space:nowrap">JPMBB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:1225.89px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:2123.78px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:2844.17px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:3588.23px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:3946.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4166.07px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:792px;white-space:nowrap">2013-C12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:2205.83px;white-space:nowrap">3.94%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:2748.41px;white-space:nowrap">7/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:7485.64px;white-space:nowrap">521,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4162.86px;left:9501.64px;white-space:nowrap">481,918</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4362.55px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:792px;white-space:nowrap">2013-C14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:2668.41px;white-space:nowrap">4.038%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:3299.97px;white-space:nowrap">8/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4359.34px;left:9501.64px;white-space:nowrap">387,245</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4559.03px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:792px;white-space:nowrap">2014-C18, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:2668.41px;white-space:nowrap">4.503%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:3299.97px;white-space:nowrap">2/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:7485.64px;white-space:nowrap">513,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.82px;left:9501.64px;white-space:nowrap">464,270</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4755.52px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:1583.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:2197px;white-space:nowrap">4.548%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:2828.56px;white-space:nowrap">9/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:7485.64px;white-space:nowrap">364,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4752.31px;left:9501.64px;white-space:nowrap">338,905</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4952px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:2205.83px;white-space:nowrap">4.548%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:2837.39px;white-space:nowrap">9/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:7485.64px;white-space:nowrap">436,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.79px;left:9501.64px;white-space:nowrap">397,439</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5148.49px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:2668.41px;white-space:nowrap">4.048%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:3299.97px;white-space:nowrap">9/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:7485.64px;white-space:nowrap">287,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5145.28px;left:9501.64px;white-space:nowrap">245,898</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:792px;white-space:nowrap">2015-C31, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:1574.81px;white-space:nowrap">A3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:1859.42px;white-space:nowrap">3.801%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:2490.98px;white-space:nowrap">8/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:7574.63px;white-space:nowrap">41,132</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.76px;left:9590.63px;white-space:nowrap">41,037</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:792px;white-space:nowrap">2016-C1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:1485.83px;white-space:nowrap">A5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:1770.44px;white-space:nowrap">3.576%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:2402px;white-space:nowrap">3/17/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:7485.64px;white-space:nowrap">275,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.25px;left:9501.64px;white-space:nowrap">272,999</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:648px;white-space:nowrap">JPMDB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:1234.72px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:2132.61px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:2853px;white-space:nowrap">Securities </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:3597.06px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:3955.58px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:792px;white-space:nowrap">2018-C8, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:1494.66px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:1690.28px;white-space:nowrap">4.522%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:2321.84px;white-space:nowrap">6/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:7485.64px;white-space:nowrap">504,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:9501.64px;white-space:nowrap">473,851</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6174.59px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:792px;white-space:nowrap">2018-C8, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:1494.66px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:1699.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:2116.84px;white-space:nowrap">4.756%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:2748.41px;white-space:nowrap">6/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:7485.64px;white-space:nowrap">402,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:9501.64px;white-space:nowrap">358,458</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6371.08px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:648px;letter-spacing:-1.98px;white-space:nowrap">LSTAR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:1196.28px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:2094.17px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:2811.67px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:3170.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:3259.09px;white-space:nowrap">2017-5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:3757.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:3837.38px;white-space:nowrap">A5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:4033.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:4121.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:4584.56px;white-space:nowrap">3.549</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:4984.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:5127.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.87px;left:792px;white-space:nowrap">3/10/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.87px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.87px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.87px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.87px;left:7352.2px;white-space:nowrap">1,149,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.87px;left:9368.2px;white-space:nowrap">1,120,294</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6759.56px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:1813.08px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:2222.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:2391.28px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:3022.53px;white-space:nowrap">Merrill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:3502.45px;letter-spacing:-0.99px;white-space:nowrap">Lynch
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:3965.03px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.35px;left:4323.55px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:792px;white-space:nowrap">2013-C10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:1583.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:2197px;white-space:nowrap">3.979%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:2828.56px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:7485.64px;white-space:nowrap">342,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6952.83px;left:9501.64px;white-space:nowrap">322,297</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7152.53px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:792px;white-space:nowrap">2013-C10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:1583.64px;letter-spacing:-5.91px;white-space:nowrap">F,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:1752.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:2215.13px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:2632.86px;white-space:nowrap">3.979%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:3264.42px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:7352.2px;white-space:nowrap">1,988,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7149.32px;left:9501.64px;white-space:nowrap">185,668</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7349.01px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:792px;white-space:nowrap">2013-C12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:2668.41px;white-space:nowrap">4.704%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:3299.97px;white-space:nowrap">10/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:7485.64px;white-space:nowrap">416,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7345.8px;left:9501.64px;white-space:nowrap">389,999</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:792px;white-space:nowrap">2015-C22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:2205.83px;white-space:nowrap">3.984%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:2837.39px;white-space:nowrap">4/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:7352.2px;white-space:nowrap">1,263,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.29px;left:9368.2px;white-space:nowrap">1,098,068</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7741.98px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.77px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.77px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.77px;left:1813.08px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.77px;left:2355.58px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.77px;left:2441.59px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.77px;left:2800.11px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:792px;letter-spacing:-1.08px;white-space:nowrap">2016-UB11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:1678.48px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:1882.94px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:2300.67px;white-space:nowrap">3.691%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:2932.23px;white-space:nowrap">8/15/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:7485.64px;white-space:nowrap">663,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7935.26px;left:9501.64px;white-space:nowrap">642,229</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:792px;white-space:nowrap">2018-H3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:1494.66px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:1699.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:2116.84px;white-space:nowrap">4.812%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:2748.41px;white-space:nowrap">7/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:7485.64px;white-space:nowrap">404,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8131.74px;left:9501.64px;white-space:nowrap">378,562</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:648px;white-space:nowrap">SG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:923.63px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:1821.52px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:2541.91px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:3285.97px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:3644.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:3733.39px;white-space:nowrap">2016-C5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:4347.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:4427.22px;white-space:nowrap">A4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:4622.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:4711.83px;white-space:nowrap">3.055</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:5112.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8328.22px;left:5254.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8520.22px;left:792px;white-space:nowrap">10/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8520.22px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8520.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8520.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8520.22px;left:7352.2px;white-space:nowrap">1,034,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8520.22px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,011,877</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8719.92px;left:523.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:648px;letter-spacing:-1.77px;white-space:nowrap">TIAA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:1039.25px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:1412.77px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:1910.81px;white-space:nowrap">CDO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:2310.81px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:2577.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:2666.59px;white-space:nowrap">2003-1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:3271.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:3360.42px;white-space:nowrap">E</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:3467.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:3556.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:4018.63px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:4107.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:4249.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:4338.78px;white-space:nowrap">12/28/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:7352.2px;white-space:nowrap">1,081,996</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.71px;left:9902.03px;white-space:nowrap">95</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8916.4px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:648px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:1021.44px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:1919.33px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:2636.83px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:2995.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:3084.25px;white-space:nowrap">2017-C3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:3698px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:3786.91px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:3902.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:3991.36px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:4320.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:4409.09px;white-space:nowrap">4.358</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:4809.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8913.19px;left:4951.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.19px;left:792px;white-space:nowrap">8/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.19px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.19px;left:7485.64px;white-space:nowrap">498,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.19px;left:9501.64px;white-space:nowrap">457,968</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.36px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Wells
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.36px;left:1080.66px;white-space:nowrap">Fargo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.36px;left:1543.08px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.36px;left:2440.97px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.36px;left:3158.47px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.36px;left:3516.98px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9545.05px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:792px;white-space:nowrap">2013-LC12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:1672.63px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:1877.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:2339.66px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:2757.39px;white-space:nowrap">3.788%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:3388.95px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:7485.64px;white-space:nowrap">356,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.84px;left:9501.64px;white-space:nowrap">202,034</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9741.54px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:792px;white-space:nowrap">2014-LC16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:1672.63px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:1877.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:2339.66px;white-space:nowrap">3.938%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:2971.22px;white-space:nowrap">8/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:7485.64px;white-space:nowrap">659,045</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.33px;left:9590.63px;white-space:nowrap">79,780</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9938.02px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:792px;white-space:nowrap">2015-C30, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:2668.41px;white-space:nowrap">4.548%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:3299.97px;white-space:nowrap">9/15/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:7485.64px;white-space:nowrap">265,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9934.81px;left:9501.64px;white-space:nowrap">257,840</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:792px;white-space:nowrap">2015-C31, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:1574.81px;white-space:nowrap">A4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:1859.42px;white-space:nowrap">3.695%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:2490.98px;letter-spacing:-1.48px;white-space:nowrap">11/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:7485.64px;white-space:nowrap">712,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10131.3px;left:9501.64px;white-space:nowrap">710,278</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:792px;white-space:nowrap">2015-C31, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:1788.09px;white-space:nowrap">3.852%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:2419.66px;letter-spacing:-1.48px;white-space:nowrap">11/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:7485.64px;white-space:nowrap">215,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.78px;left:9501.64px;white-space:nowrap">187,633</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10527.48px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:792px;white-space:nowrap">2015-LC22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:1663.8px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:1966.14px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:2383.88px;white-space:nowrap">4.207%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:3015.44px;white-space:nowrap">9/15/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:7485.64px;white-space:nowrap">360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10524.27px;left:9501.64px;white-space:nowrap">359,170</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:792px;white-space:nowrap">2015-NXS3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:1699.27px;white-space:nowrap">A4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:1983.88px;white-space:nowrap">3.617%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:2615.44px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:7485.64px;white-space:nowrap">663,228</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10720.75px;left:9501.64px;white-space:nowrap">661,719</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:792px;white-space:nowrap">2015-NXS4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:1699.27px;white-space:nowrap">A4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:1983.88px;white-space:nowrap">3.718%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:2615.44px;white-space:nowrap">12/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:7485.64px;white-space:nowrap">324,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10917.23px;left:9501.64px;white-space:nowrap">323,375</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11116.93px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:792px;white-space:nowrap">2015-SG1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:1610.28px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:1805.91px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:2223.64px;white-space:nowrap">4.434%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:2855.2px;white-space:nowrap">9/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:7485.64px;white-space:nowrap">559,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11113.72px;left:9501.64px;white-space:nowrap">540,000</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11313.41px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:792px;white-space:nowrap">2019-C52, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:2561.53px;white-space:nowrap">1.558%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:3193.09px;white-space:nowrap">8/15/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:7352.2px;white-space:nowrap">6,754,782</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11310.2px;left:9501.64px;white-space:nowrap">331,441</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11509.9px;left:554.72px;white-space:nowrap">k,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:792px;white-space:nowrap">2024-5C1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:2561.53px;white-space:nowrap">1.028%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:3193.09px;white-space:nowrap">7/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:7263.22px;white-space:nowrap">12,841,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11506.69px;left:9501.64px;white-space:nowrap">456,659</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11706.38px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11703.17px;left:648px;white-space:nowrap">WFRBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11703.17px;left:1270.19px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11703.17px;left:2168.08px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11703.17px;left:2885.58px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11703.17px;left:3244.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11902.87px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:792px;white-space:nowrap">2012-C9, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:1494.66px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:1690.28px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:2152.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:2570.59px;white-space:nowrap">4.719%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:3202.16px;letter-spacing:-1.48px;white-space:nowrap">11/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:7485.64px;white-space:nowrap">349,626</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11899.66px;left:9501.64px;white-space:nowrap">347,098</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">26</div></div>
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1848.49px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3582.18px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4593.8px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">WFRBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1270.19px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2168.08px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2885.58px;letter-spacing:-0.59px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3333px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2013-C15, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2668.41px;white-space:nowrap">4.147%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3299.97px;white-space:nowrap">8/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">515,444</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">265,464</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:792px;white-space:nowrap">2014-C21, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2205.83px;white-space:nowrap">4.234%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2837.39px;white-space:nowrap">8/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7485.64px;white-space:nowrap">365,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9501.64px;white-space:nowrap">346,521</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1583.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2197px;white-space:nowrap">4.28%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2739.58px;white-space:nowrap">10/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7485.64px;white-space:nowrap">275,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9501.64px;white-space:nowrap">257,992</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.29px;left:9279.22px;white-space:nowrap">37,839,505</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2115.57px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2115.57px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2115.57px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2115.57px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2115.57px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2115.57px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2180.31px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2180.31px;left:1166.46px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2180.31px;left:2366.95px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2180.31px;left:4100.64px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2180.31px;left:5112.26px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2180.31px;left:5678.86px;white-space:nowrap">$40,593,755)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:2180.31px;left:6921.98px;letter-spacing:53.36px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2214.18px;left:9279.22px;white-space:nowrap">37,839,505</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2595.04px;left:648px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2595.04px;left:2381.69px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2595.04px;left:3393.31px;white-space:nowrap">23.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:648px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:1261.59px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:1937.22px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:2695.73px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:3647.06px;white-space:nowrap">(FNMA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:4260.19px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:4722.53px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2869.07px;left:5113.78px;white-space:nowrap">16.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:648px;white-space:nowrap">FNMA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:1190.19px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:1409.72px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:1813.08px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:2133.23px;white-space:nowrap">1/01/49 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:2711.52px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:2809.25px;white-space:nowrap">8/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:7574.63px;white-space:nowrap">99,198</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3065.55px;left:9590.63px;white-space:nowrap">98,200</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3265.25px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:3351.28px;white-space:nowrap">2.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:3801.98px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:4202.06px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:7352.2px;white-space:nowrap">6,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3262.04px;left:9368.2px;white-space:nowrap">4,917,231</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3461.73px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:3351.28px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:3668.55px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:4068.62px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3458.52px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,711,929</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3658.22px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:3351.28px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:3668.55px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:4068.62px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:7352.2px;white-space:nowrap">4,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3655.01px;left:9368.2px;white-space:nowrap">3,893,728</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3854.7px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:3351.28px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:3801.98px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:4202.06px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:7263.22px;white-space:nowrap">21,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3851.49px;left:9279.22px;white-space:nowrap">20,892,102</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4051.19px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:3351.28px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:3668.55px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:4068.62px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:7263.22px;white-space:nowrap">27,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4047.98px;left:9279.22px;white-space:nowrap">27,377,408</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4331.74px;left:9279.22px;white-space:nowrap">58,890,598</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:648px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:1634.87px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:2310.5px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:3069.02px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:4020.34px;white-space:nowrap">(GNMA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:4660.19px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:5122.53px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4659.19px;left:5513.78px;white-space:nowrap">7.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:2957.22px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:3410.81px;white-space:nowrap">8/20/49 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:3989.09px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:4086.83px;white-space:nowrap">3/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:7485.64px;white-space:nowrap">315,712</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4855.67px;left:9501.64px;white-space:nowrap">281,299</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:2957.22px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:3410.81px;white-space:nowrap">10/20/49
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:4078.08px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:4175.81px;white-space:nowrap">1/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:7574.63px;white-space:nowrap">75,341</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.16px;left:9590.63px;white-space:nowrap">71,396</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5251.85px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:2957.22px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:3410.81px;white-space:nowrap">8/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:7352.2px;white-space:nowrap">9,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5248.64px;left:9368.2px;white-space:nowrap">8,517,770</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:2957.22px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:3277.37px;white-space:nowrap">5/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:7485.64px;white-space:nowrap">102,239</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5445.13px;left:9501.64px;white-space:nowrap">100,828</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5644.82px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:2957.22px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:3277.37px;white-space:nowrap">8/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:7352.2px;white-space:nowrap">8,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5641.61px;left:9368.2px;white-space:nowrap">7,809,267</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:2957.22px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:3410.81px;white-space:nowrap">5/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:7574.63px;white-space:nowrap">37,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5838.09px;left:9590.63px;white-space:nowrap">37,914</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6037.79px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:2957.22px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:3410.81px;white-space:nowrap">8/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:7275.09px;letter-spacing:-1.19px;white-space:nowrap">11,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.58px;left:9279.22px;white-space:nowrap">10,973,749</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6318.34px;left:9279.22px;white-space:nowrap">27,792,223</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6597.36px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6597.36px;left:1166.46px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6597.36px;left:2900.15px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6597.36px;left:3911.77px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6597.36px;left:4478.37px;white-space:nowrap">$86,575,490)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6597.36px;left:5667.19px;letter-spacing:51.35px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6631.23px;left:9279.22px;white-space:nowrap">86,682,821</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7012.09px;left:648px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7012.09px;left:1770.56px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7012.09px;left:3504.25px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7012.09px;left:4515.87px;letter-spacing:-2.21px;white-space:nowrap">11.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7286.12px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7286.12px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7286.12px;left:2088.78px;letter-spacing:-1.77px;white-space:nowrap">11.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7485.82px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:648px;white-space:nowrap">A&amp;D </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:1021.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:1738.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:2097.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:2186.36px;white-space:nowrap">2024-NQM1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:3057.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:3137.92px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:3333.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:3422.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:3885.11px;white-space:nowrap">6.195</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:4285.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:4427.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:4516.67px;white-space:nowrap">2/25/69</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:7352.2px;white-space:nowrap">1,271,038</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.61px;left:9368.2px;white-space:nowrap">1,276,235</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7722.77px;left:648px;white-space:nowrap">Alternative </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7722.77px;left:1448.39px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7722.77px;left:1845.89px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7722.77px;left:2204.41px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7922.47px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:792px;white-space:nowrap">2005-38, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:1459.27px;white-space:nowrap">A3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:1743.87px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:2161.61px;white-space:nowrap">5.167%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:2793.17px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:3477.86px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:3966.77px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:4104.66px;white-space:nowrap">0.814%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:4789.5px;white-space:nowrap">9/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:7485.64px;white-space:nowrap">337,587</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.26px;left:9501.64px;white-space:nowrap">307,320</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8118.95px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:792px;white-space:nowrap">2005-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:1468.09px;white-space:nowrap">1A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:1841.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:2259.42px;white-space:nowrap">5.129%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:2890.98px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:3575.67px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:4064.58px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8115.74px;left:4202.47px;white-space:nowrap">0.774%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8307.74px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/20/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8307.74px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8307.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8307.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8307.74px;left:7485.64px;white-space:nowrap">882,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8307.74px;left:9501.64px;white-space:nowrap">865,493</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8507.44px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:792px;white-space:nowrap">2006-OA10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:1699.27px;white-space:nowrap">1A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:2072.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:2490.59px;white-space:nowrap">4.929%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:3122.16px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:3895.83px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:4518.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8504.22px;left:4696.37px;white-space:nowrap">1-year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:792px;letter-spacing:-0.72px;white-space:nowrap">CMT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:1180.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:1318.02px;white-space:nowrap">0.96%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:1913.87px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:7485.64px;white-space:nowrap">176,381</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8696.22px;left:9501.64px;white-space:nowrap">158,839</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8895.92px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:792px;white-space:nowrap">2006-OA10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:1699.27px;white-space:nowrap">3A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:2072.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:2490.59px;white-space:nowrap">4.847%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:3122.16px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:3806.84px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:4295.75px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.71px;left:4433.64px;white-space:nowrap">0.494%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.71px;left:792px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.71px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.71px;left:7485.64px;white-space:nowrap">404,757</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9084.71px;left:9501.64px;white-space:nowrap">358,842</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9284.4px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:792px;white-space:nowrap">2006-OA10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:1699.27px;white-space:nowrap">4A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:2072.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:2490.59px;white-space:nowrap">4.847%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:3122.16px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:3806.84px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:4295.75px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9281.19px;left:4433.64px;white-space:nowrap">0.494%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9473.19px;left:792px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9473.19px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9473.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9473.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9473.19px;left:7352.2px;white-space:nowrap">2,315,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9473.19px;left:9368.2px;white-space:nowrap">1,970,835</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9672.89px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:792px;white-space:nowrap">2006-OA7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:1610.28px;white-space:nowrap">1A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:1983.87px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:2401.61px;white-space:nowrap">3.223%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:3033.17px;white-space:nowrap">6/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:7485.64px;white-space:nowrap">763,976</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9669.68px;left:9501.64px;white-space:nowrap">709,782</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9869.37px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:792px;white-space:nowrap">2006-OA7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:1610.28px;white-space:nowrap">1A2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:1983.87px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:2401.61px;white-space:nowrap">4.909%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:3033.17px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:3806.84px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:4429.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9866.16px;left:4607.39px;white-space:nowrap">1-year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:792px;letter-spacing:-0.72px;white-space:nowrap">CMT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:1180.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:1318.02px;white-space:nowrap">0.94%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:1913.87px;white-space:nowrap">6/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:7485.64px;white-space:nowrap">261,961</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10058.16px;left:9501.64px;white-space:nowrap">256,994</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10257.86px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:792px;white-space:nowrap">2007-OH1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:1610.28px;white-space:nowrap">A1D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:2010.44px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:2428.17px;white-space:nowrap">4.677%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:3059.73px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:3744.42px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:4233.33px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10254.65px;left:4371.22px;white-space:nowrap">0.324%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10446.65px;left:792px;white-space:nowrap">4/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10446.65px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10446.65px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10446.65px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10446.65px;left:7485.64px;white-space:nowrap">306,248</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10446.65px;left:9501.64px;white-space:nowrap">267,241</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10646.34px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:648px;white-space:nowrap">American </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:1368.23px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:1839.48px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:2559.87px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:3384.02px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:3742.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:3831.44px;white-space:nowrap">2007-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:4329.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:4418.55px;white-space:nowrap">GA1C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:4854.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:4943.16px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10643.13px;left:5271.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:792px;white-space:nowrap">4.657</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:1476.84px;white-space:nowrap">1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:2735.05px;white-space:nowrap">0.304</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:3135.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:3277.7px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:3419.89px;white-space:nowrap">5/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:7485.64px;white-space:nowrap">582,346</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10835.13px;left:9501.64px;white-space:nowrap">340,779</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11034.83px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:648px;white-space:nowrap">Bear </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:1030.42px;white-space:nowrap">Stearns
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:1617.45px;letter-spacing:-4.92px;white-space:nowrap">ALT-A
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:2082.92px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:2441.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:2530.34px;white-space:nowrap">2005-10</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:3117.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:3206.44px;letter-spacing:-2.97px;white-space:nowrap">11A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:3568.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:3657.14px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:3985.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:4074.87px;white-space:nowrap">4.967</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:4475.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11031.62px;left:4617.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:2103.48px;white-space:nowrap">0.614</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:2503.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:2788.33px;white-space:nowrap">1/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:7574.63px;white-space:nowrap">84,242</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.62px;left:9590.63px;white-space:nowrap">79,471</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11423.31px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:648px;white-space:nowrap">Chevy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:1145.97px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:1652.92px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:2275.58px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:2569.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:2658px;white-space:nowrap">2006-4A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:3262.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:3343px;white-space:nowrap">A2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:3538.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:3627.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:4090.19px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:4419.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:4507.92px;white-space:nowrap">4.647</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:4908.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.1px;left:5050.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:2103.48px;white-space:nowrap">0.294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:2503.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:2788.33px;letter-spacing:-1.48px;white-space:nowrap">11/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:7485.64px;white-space:nowrap">420,878</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11612.1px;left:9501.64px;white-space:nowrap">372,319</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11811.79px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:1243.55px;white-space:nowrap">Seasoned
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:2008.62px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:2479.87px;white-space:nowrap">Risk </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:2832.53px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:3463.86px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11808.58px;left:3822.37px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:792px;white-space:nowrap">2017-3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:1379.11px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:1690.28px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:2152.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:2570.59px;white-space:nowrap">4.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:3113.17px;white-space:nowrap">7/25/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:7485.64px;white-space:nowrap">351,543</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12005.07px;left:9501.64px;white-space:nowrap">344,189</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">27</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1770.56px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3504.25px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4515.87px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1243.55px;white-space:nowrap">Seasoned </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2008.63px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2479.88px;white-space:nowrap">Risk </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2832.53px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3463.86px;letter-spacing:-0.59px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3911.28px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2019-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1379.11px;white-space:nowrap">M, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1601.3px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2063.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2481.61px;white-space:nowrap">4.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3024.19px;white-space:nowrap">8/25/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">685,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">662,253</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:792px;white-space:nowrap">2019-4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1379.11px;white-space:nowrap">M, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1601.3px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2063.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2481.61px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2935.2px;white-space:nowrap">2/25/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7485.64px;white-space:nowrap">346,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9501.64px;white-space:nowrap">328,492</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1577.06px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1243.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1818.39px;white-space:nowrap">Debt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2200.81px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2618.78px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:792px;white-space:nowrap">2015-DNA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1716.92px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2330.28px;white-space:nowrap">13.814%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:3050.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:3637.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:4117.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:4755.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:792px;white-space:nowrap">9.464%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1476.84px;white-space:nowrap">4/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:7352.2px;white-space:nowrap">1,279,168</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:9368.2px;white-space:nowrap">1,299,775</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:792px;white-space:nowrap">2015-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:1725.83px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:1921.45px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:2339.19px;white-space:nowrap">14.964%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:3059.73px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:3646.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4126.77px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4764.27px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:792px;white-space:nowrap">10.614%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1565.83px;white-space:nowrap">5/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:7485.64px;white-space:nowrap">825,893</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:9501.64px;white-space:nowrap">845,459</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:792px;white-space:nowrap">2016-DNA1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:1716.92px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:2330.28px;white-space:nowrap">14.464%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:3050.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:3637.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:4117.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2547.3px;left:4755.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:792px;letter-spacing:-1.19px;white-space:nowrap">10.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:1553.95px;white-space:nowrap">7/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:7352.2px;white-space:nowrap">2,785,848</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:9368.2px;white-space:nowrap">2,894,490</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2938.99px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:1243.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:1818.39px;white-space:nowrap">REMIC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:2375.5px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:2734.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:792px;white-space:nowrap">2020-DNA4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:2881.84px;white-space:nowrap">14.464%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.27px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:929.89px;letter-spacing:-1.19px;white-space:nowrap">10.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1691.84px;white-space:nowrap">8/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:7485.64px;white-space:nowrap">966,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:9368.2px;white-space:nowrap">1,277,751</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:792px;white-space:nowrap">2020-DNA5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2881.84px;white-space:nowrap">15.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:3513.41px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:4100.36px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:4580.44px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:5217.94px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11.5%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:1375.98px;white-space:nowrap">10/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:7485.64px;white-space:nowrap">491,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:9501.64px;white-space:nowrap">682,048</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:792px;white-space:nowrap">2020-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2890.75px;white-space:nowrap">12.064%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:929.89px;white-space:nowrap">7.714%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:1614.73px;white-space:nowrap">3/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:7485.64px;white-space:nowrap">625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:9501.64px;white-space:nowrap">750,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:792px;white-space:nowrap">2020-HQA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:2890.75px;white-space:nowrap">14.464%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:929.89px;letter-spacing:-1.19px;white-space:nowrap">10.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:1691.84px;white-space:nowrap">7/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:7352.2px;white-space:nowrap">1,027,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:9368.2px;white-space:nowrap">1,354,515</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:792px;white-space:nowrap">2021-DNA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:2881.84px;white-space:nowrap">10.6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:3424.42px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:4011.38px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:4491.45px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:5128.95px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:792px;white-space:nowrap">6.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:1387.86px;white-space:nowrap">10/25/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:7485.64px;white-space:nowrap">299,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:9501.64px;white-space:nowrap">370,757</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:792px;white-space:nowrap">2022-DNA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:1716.92px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:2028.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:2490.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:2908.41px;white-space:nowrap">8.1%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:3362px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:3948.95px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:4429.03px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:5066.53px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:792px;white-space:nowrap">3.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:1387.86px;white-space:nowrap">2/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:9501.64px;white-space:nowrap">467,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:792px;white-space:nowrap">2023-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:1725.83px;white-space:nowrap">M1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:2143.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:2606.3px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:3024.03px;white-space:nowrap">7.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:3477.63px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:4064.58px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:4544.66px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:5182.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:792px;white-space:nowrap">3.35%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:1387.86px;white-space:nowrap">6/25/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5655.17px;left:9501.64px;white-space:nowrap">731,342</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5854.87px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5851.66px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5851.66px;left:1243.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5851.66px;left:1815.5px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5851.66px;left:2174.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:792px;white-space:nowrap">2018-DNA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:2881.84px;white-space:nowrap">12.214%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.14px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:929.89px;white-space:nowrap">7.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:1614.73px;white-space:nowrap">9/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:7485.64px;white-space:nowrap">389,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6240.14px;left:9501.64px;white-space:nowrap">452,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:792px;white-space:nowrap">2018-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:2890.75px;white-space:nowrap">15.464%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6436.63px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:929.89px;letter-spacing:-2.37px;white-space:nowrap">11.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:1679.97px;white-space:nowrap">10/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:7352.2px;white-space:nowrap">1,619,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6628.63px;left:9368.2px;white-space:nowrap">2,030,333</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:792px;white-space:nowrap">2019-DNA1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:2881.84px;white-space:nowrap">15.214%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6825.11px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:929.89px;white-space:nowrap">10.864%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:1703.72px;white-space:nowrap">1/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:2237.55px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:7485.64px;white-space:nowrap">315,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7017.11px;left:9501.64px;white-space:nowrap">389,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:792px;white-space:nowrap">2019-DNA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:2881.84px;white-space:nowrap">14.964%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7213.6px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:929.89px;white-space:nowrap">10.614%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:1703.72px;white-space:nowrap">3/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:2237.55px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:7485.64px;white-space:nowrap">252,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7405.6px;left:9501.64px;white-space:nowrap">296,651</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:792px;white-space:nowrap">2019-HQA1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:2890.75px;white-space:nowrap">16.714%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7602.08px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:929.89px;white-space:nowrap">12.364%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:1703.72px;white-space:nowrap">2/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:2237.55px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:7485.64px;white-space:nowrap">254,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7794.08px;left:9501.64px;white-space:nowrap">312,952</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:792px;white-space:nowrap">2019-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:2890.75px;white-space:nowrap">15.714%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7990.56px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:929.89px;letter-spacing:-1.19px;white-space:nowrap">11.364%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:1691.84px;white-space:nowrap">4/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:7485.64px;white-space:nowrap">298,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8182.56px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">358,114</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8382.26px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8379.05px;left:648px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8379.05px;left:1136.91px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8379.05px;left:2017.45px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8379.05px;left:2601.67px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8379.05px;left:3345.73px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8379.05px;left:3704.25px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:792px;white-space:nowrap">2016-C01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:2285.98px;white-space:nowrap">16.214%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8575.53px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:792px;letter-spacing:-1.19px;white-space:nowrap">11.864%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:1553.95px;white-space:nowrap">8/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:7485.64px;white-space:nowrap">826,061</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.53px;left:9501.64px;white-space:nowrap">870,404</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:792px;white-space:nowrap">2016-C02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:2285.98px;white-space:nowrap">16.714%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.02px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:792px;white-space:nowrap">12.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:1565.83px;white-space:nowrap">9/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:7352.2px;white-space:nowrap">2,291,576</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.02px;left:9368.2px;white-space:nowrap">2,437,567</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:792px;white-space:nowrap">2016-C03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:2285.98px;white-space:nowrap">16.214%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9352.5px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:792px;letter-spacing:-1.19px;white-space:nowrap">11.864%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:1553.95px;white-space:nowrap">10/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:7352.2px;white-space:nowrap">1,285,523</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9544.5px;left:9368.2px;white-space:nowrap">1,373,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:792px;white-space:nowrap">2016-C03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:1583.64px;white-space:nowrap">2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:2285.98px;white-space:nowrap">17.214%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9740.99px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:792px;white-space:nowrap">12.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:1565.83px;white-space:nowrap">10/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:7485.64px;white-space:nowrap">237,627</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.99px;left:9501.64px;white-space:nowrap">255,851</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:792px;white-space:nowrap">2016-C04, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:2285.98px;white-space:nowrap">14.714%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:3006.53px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10129.47px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:792px;white-space:nowrap">10.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:1565.83px;white-space:nowrap">1/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:7485.64px;white-space:nowrap">264,754</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10321.47px;left:9501.64px;white-space:nowrap">284,984</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:792px;white-space:nowrap">2016-C05, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:1583.64px;white-space:nowrap">2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:2285.98px;white-space:nowrap">15.214%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:3006.53px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.96px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:792px;white-space:nowrap">10.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:1565.83px;white-space:nowrap">1/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:7485.64px;white-space:nowrap">266,456</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.96px;left:9501.64px;white-space:nowrap">287,914</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:792px;white-space:nowrap">2016-C06, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:2285.98px;white-space:nowrap">13.714%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:3006.53px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10906.44px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:792px;white-space:nowrap">9.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:1476.84px;white-space:nowrap">4/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:7485.64px;white-space:nowrap">393,950</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11098.44px;left:9501.64px;white-space:nowrap">425,999</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11298.13px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:792px;white-space:nowrap">2020-R01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:1583.64px;white-space:nowrap">1B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:1957.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:2419.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:2837.55px;white-space:nowrap">7.714%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:3469.11px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:4056.06px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:4536.14px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.92px;left:5173.64px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:792px;white-space:nowrap">3.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:1476.84px;white-space:nowrap">1/25/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:7485.64px;white-space:nowrap">459,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11486.92px;left:9501.64px;white-space:nowrap">470,600</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11686.62px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:792px;white-space:nowrap">2022-R02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:1583.64px;white-space:nowrap">2B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:1957.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:2419.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:2837.55px;white-space:nowrap">8.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:3380.13px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:3967.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:4447.16px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11683.41px;left:5084.66px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:792px;white-space:nowrap">4.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:1298.88px;white-space:nowrap">1/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:7485.64px;white-space:nowrap">402,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11875.41px;left:9501.64px;white-space:nowrap">419,520</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">28</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUCCAYAAACkLpAdAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsY0TURSG0WtkEaAN3AEtuANEh5tOtqVsK/SACEgeCSHiWeLTCnvPSSb54wm+Gd3TWmsAAAAACh92AwAAAIBbCQ0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADInI/jeN2N3pGfM/NxNwIA3szT7+f3v64AOk9zX+8c70n+O+eZ+bIbvSPfZubzbgQAAAD82Xlmvu5G78inmfmxGwEAb8aXOuCt+aMB/tFprbXbAAAAANzEMUgAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyJx3AwAAAO7TcRzPM3Pd7aAkNAAAADyul5m57EZQOq21dhsAAACAm7jRAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkDnvBgAAANyn4zieZ+a620FJaAAAAHhcLzNz2Y2gdFpr7TYAAAAAN3GjAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEDmvBsAAABwn47jeJ6Z624HJaEBAADgcb3MzGU3gtJprbXbAAAAANzEjQYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAPxqx44FAAAAAAb5W09iZ2EEAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsBENAAAAwEY0AAAAABvRAAAAAGxEAwAAALARDQAAAMBGNAAAAAAb0QAAAABsRAMAAACwEQ0AAADARjQAAAAAG9EAAAAAbEQDAAAAsB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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1770.56px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3504.25px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4515.87px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1136.91px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2017.45px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2601.67px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3345.73px;letter-spacing:-0.59px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3793.16px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2022-R02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1583.64px;white-space:nowrap">2M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1983.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2446.37px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2864.11px;white-space:nowrap">7.35%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3406.69px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3993.64px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4473.72px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5111.22px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:792px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1165.44px;white-space:nowrap">1/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1768.96px;letter-spacing:50.41px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7352.2px;white-space:nowrap">1,640,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9368.2px;white-space:nowrap">1,680,591</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1572.57px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:648px;white-space:nowrap">GSR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1039.17px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1759.56px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2157.06px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2515.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2604.48px;white-space:nowrap">2007-OA1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3333.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3422.77px;white-space:nowrap">2A3A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3814.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3903.08px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4231.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4320.81px;white-space:nowrap">4.777</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4721.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4863.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2103.48px;white-space:nowrap">0.424</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2503.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2788.33px;white-space:nowrap">5/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7485.64px;white-space:nowrap">492,105</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9501.64px;white-space:nowrap">272,004</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1961.06px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:648px;letter-spacing:-0.29px;white-space:nowrap">HarborView</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1525.42px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2245.81px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2643.31px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3001.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3090.73px;white-space:nowrap">2005-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3588.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3677.84px;white-space:nowrap">1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3873.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3962.45px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:4291.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:4380.19px;white-space:nowrap">4.985</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:4780.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:4922.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2103.48px;white-space:nowrap">0.634</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2503.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2788.33px;white-space:nowrap">5/19/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:7485.64px;white-space:nowrap">400,620</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">113,429</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2349.54px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:648px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1119.25px;white-space:nowrap">RE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1385.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1652.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1741.75px;white-space:nowrap">2021-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:2239.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:2328.86px;white-space:nowrap">B1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:2524.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:2613.47px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3076.05px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3404.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3493.78px;white-space:nowrap">8.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3716.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3858.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3947.37px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:4000.66px;white-space:nowrap">30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:4534.33px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:792px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:1429.5px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:1567.39px;white-space:nowrap">4.15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:1878.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2021.06px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2163.25px;white-space:nowrap">1/25/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:9501.64px;white-space:nowrap">306,185</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2738.02px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:648px;letter-spacing:-4.12px;white-space:nowrap">J.P.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:947.45px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:1534.41px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:2251.91px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:2610.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:792px;white-space:nowrap">2024-9, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1370.28px;letter-spacing:-2.37px;white-space:nowrap">A11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1732px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:2194.58px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:2612.31px;white-space:nowrap">5.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:3065.91px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:3652.86px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:4132.94px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:4770.44px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:792px;white-space:nowrap">1.35%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:1387.86px;white-space:nowrap">2/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:7485.64px;white-space:nowrap">425,375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:9501.64px;white-space:nowrap">426,485</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:792px;white-space:nowrap">2025-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:1370.28px;letter-spacing:-2.37px;white-space:nowrap">A11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:1732px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:2194.58px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:2612.31px;white-space:nowrap">5.6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:3065.91px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:3652.86px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:4132.94px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:4770.44px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:792px;white-space:nowrap">1.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:1387.86px;white-space:nowrap">7/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:7485.64px;white-space:nowrap">497,585</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:9501.64px;white-space:nowrap">497,061</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3711.48px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:648px;white-space:nowrap">LHOME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:1261.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:1978.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:2337.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:2426.36px;letter-spacing:-0.32px;white-space:nowrap">2023-RTL2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:3223.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:3304.02px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:3499.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:3588.62px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:4051.2px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:4140.19px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:4282.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:4371.36px;white-space:nowrap">6/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:7485.64px;white-space:nowrap">786,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.27px;left:9501.64px;white-space:nowrap">787,869</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:648px;letter-spacing:-4.41px;white-space:nowrap">MFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:1009.64px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:1368.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:1457.06px;white-space:nowrap">2024-NPL1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:2266.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:2346.59px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:2542.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:2631.2px;white-space:nowrap">6.33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:2942.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:3084.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:3173.78px;white-space:nowrap">9/25/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3904.75px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:7485.64px;white-space:nowrap">643,349</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:9501.64px;white-space:nowrap">644,562</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4148.13px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:1813.08px;white-space:nowrap">Re-REMIC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:2628px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:2986.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3075.42px;white-space:nowrap">2010-R4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3689.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3778.08px;white-space:nowrap">4B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3973.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4062.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4525.27px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4854.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:792px;letter-spacing:-2.37px;white-space:nowrap">3.117</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1180.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1322.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1411.69px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1464.97px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:2096.37px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:2585.28px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:2723.17px;white-space:nowrap">0.344</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:3123.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:3265.83px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:3408.02px;white-space:nowrap">2/26/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:7485.64px;white-space:nowrap">339,093</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:9501.64px;white-space:nowrap">316,897</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4536.61px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:1813.08px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:2649.09px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3369.48px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3766.98px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4125.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4214.41px;white-space:nowrap">2024-4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4712.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4792.69px;letter-spacing:-8.87px;white-space:nowrap">AF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4979.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:1254.58px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:1583.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:1672.31px;white-space:nowrap">5.7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:1894.73px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2037px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2125.91px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2179.19px;white-space:nowrap">30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2712.86px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:3192.94px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:3830.44px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:3968.33px;white-space:nowrap">1.35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:4279.73px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:4422px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:4564.19px;white-space:nowrap">9/25/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:7485.64px;white-space:nowrap">243,417</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:9501.64px;white-space:nowrap">243,210</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4925.1px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:648px;letter-spacing:-0.29px;white-space:nowrap">MortgageIT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:1504.8px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:1863.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:1952.22px;white-space:nowrap">2005-3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2450.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2539.33px;white-space:nowrap">M2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2761.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2850.5px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3179.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3268.23px;white-space:nowrap">5.262</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3668.62px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3810.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3899.8px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3953.08px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:4584.48px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:5073.39px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:792px;white-space:nowrap">0.909</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:1334.66px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:1476.84px;white-space:nowrap">8/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:7574.63px;white-space:nowrap">50,760</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:9590.63px;white-space:nowrap">49,101</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5313.58px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:648px;white-space:nowrap">Saluda </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:1190.66px;white-space:nowrap">Grade </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:1670.97px;white-space:nowrap">Alternative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:2471.36px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3188.86px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3547.37px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:792px;letter-spacing:-0.26px;white-space:nowrap">2024-RTL4,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:1669.66px;white-space:nowrap">A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:1954.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:2416.84px;white-space:nowrap">7.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:2870.44px;white-space:nowrap">2/25/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:7352.2px;white-space:nowrap">1,227,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5506.86px;left:9368.2px;white-space:nowrap">1,233,768</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:792px;letter-spacing:-0.26px;white-space:nowrap">2024-RTL5,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:1669.66px;white-space:nowrap">A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:1954.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:2416.84px;white-space:nowrap">7.762%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:3048.41px;white-space:nowrap">4/25/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:7352.2px;white-space:nowrap">1,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.34px;left:9368.2px;white-space:nowrap">1,413,594</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5903.03px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:648px;white-space:nowrap">Structured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:1421.75px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:1866.36px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:2586.75px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:3493.78px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:3624.25px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:3982.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:4071.67px;white-space:nowrap">2007-AR1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:4792.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:4881.05px;white-space:nowrap">2A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5899.82px;left:5165.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:792px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1120.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1209.73px;white-space:nowrap">4.827</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1610.12px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1752.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1841.3px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1894.58px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:2525.98px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3014.89px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3152.78px;white-space:nowrap">0.474</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3553.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3695.44px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3837.62px;white-space:nowrap">1/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:7485.64px;white-space:nowrap">460,514</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:9501.64px;white-space:nowrap">406,654</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6291.52px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:648px;letter-spacing:-4.43px;white-space:nowrap">Towd</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:1065.97px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:1475.11px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:2192.61px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:2551.12px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:792px;white-space:nowrap">2018-5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:1379.11px;white-space:nowrap">M1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:1690.28px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:2152.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:2570.59px;white-space:nowrap">3.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:3113.17px;white-space:nowrap">7/25/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:7485.64px;white-space:nowrap">815,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:9501.64px;white-space:nowrap">689,019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:792px;white-space:nowrap">2019-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:1370.28px;white-space:nowrap">A2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:1654.89px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:2117.47px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:2535.2px;white-space:nowrap">3.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:3077.78px;white-space:nowrap">12/25/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:7352.2px;white-space:nowrap">1,033,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:9501.64px;white-space:nowrap">928,841</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6880.97px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:648px;letter-spacing:-1.48px;white-space:nowrap">WaMu</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:1148.78px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:1869.17px;white-space:nowrap">Pass-Through
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:2918.55px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:3760.34px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:4118.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:4207.77px;white-space:nowrap">2005-AR13</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6877.76px;left:5017.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:792px;white-space:nowrap">A1C3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:1192.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:1281.14px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:1609.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:1698.87px;white-space:nowrap">5.447</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:2099.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:2241.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:2330.44px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:2383.72px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:3015.12px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:3504.03px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:3641.92px;white-space:nowrap">1.094</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:4042.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:4184.58px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:4326.77px;white-space:nowrap">10/25/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:7485.64px;white-space:nowrap">183,403</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:9501.64px;white-space:nowrap">181,356</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.21px;left:9279.22px;white-space:nowrap">39,830,221</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7611.49px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7611.49px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7611.49px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7611.49px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7611.49px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7611.49px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7676.23px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7676.23px;left:1166.46px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7676.23px;left:2289.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7676.23px;left:4022.71px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7676.23px;left:5034.33px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7676.23px;left:5600.93px;white-space:nowrap">$38,027,142)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7676.23px;left:6817.42px;letter-spacing:53.07px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7710.09px;left:9279.22px;white-space:nowrap">39,830,221</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8090.95px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8090.95px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8090.95px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8090.95px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8090.95px;left:5371.83px;white-space:nowrap">12.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8364.99px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8364.99px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8364.99px;left:2088.78px;white-space:nowrap">12.7%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8564.68px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8561.47px;left:648px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8561.47px;left:1199.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:792px;white-space:nowrap">304, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:1147.86px;white-space:nowrap">C37, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:1530.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:1788.09px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:2241.69px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:7574.63px;white-space:nowrap">47,085</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8757.96px;left:9813.05px;white-space:nowrap">952</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:792px;white-space:nowrap">4000, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:1236.84px;white-space:nowrap">PI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:1476.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:1734.73px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:2188.33px;white-space:nowrap">1/15/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:7485.64px;white-space:nowrap">268,046</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8954.44px;left:9590.63px;white-space:nowrap">36,485</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:792px;white-space:nowrap">4077, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:1236.84px;white-space:nowrap">IK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:1476.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:1734.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:2054.89px;white-space:nowrap">7/15/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:7485.64px;white-space:nowrap">769,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9150.92px;left:9501.64px;white-space:nowrap">164,064</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:792px;white-space:nowrap">4105, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:1236.84px;white-space:nowrap">HI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:1485.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:1743.56px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:2197.16px;white-space:nowrap">7/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:7485.64px;white-space:nowrap">292,423</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9347.41px;left:9590.63px;white-space:nowrap">15,909</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9547.1px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:792px;white-space:nowrap">4839, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:1236.84px;white-space:nowrap">WS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:1583.48px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:1841.3px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:2259.03px;white-space:nowrap">1.646%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:2890.59px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:3477.55px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:3957.62px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9543.89px;left:4595.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:792px;white-space:nowrap">5.986%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:1476.84px;white-space:nowrap">8/15/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:7352.2px;white-space:nowrap">4,324,829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9735.89px;left:9501.64px;white-space:nowrap">592,549</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9935.59px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:792px;white-space:nowrap">4945, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:1236.84px;white-space:nowrap">SL, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:1521.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:2197px;white-space:nowrap">1.586%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:2828.56px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:3415.52px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:3895.59px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:4533.09px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.38px;left:4670.98px;white-space:nowrap">5.936%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10124.38px;left:792px;white-space:nowrap">1/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10124.38px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10124.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10124.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10124.38px;left:7352.2px;white-space:nowrap">4,168,652</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10124.38px;left:9501.64px;white-space:nowrap">486,301</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:792px;white-space:nowrap">4984, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:1236.84px;white-space:nowrap">IL, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:1459.19px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:1717px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:2170.59px;white-space:nowrap">6/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:2704.42px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:7352.2px;white-space:nowrap">4,202,409</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10320.86px;left:9501.64px;white-space:nowrap">882,383</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10520.56px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:792px;white-space:nowrap">5002, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:1236.84px;white-space:nowrap">SJ, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:1512.47px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:1770.28px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:2188.02px;white-space:nowrap">1.636%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:2819.58px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:3406.53px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:3886.61px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:4524.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10517.35px;left:4662px;white-space:nowrap">5.986%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.35px;left:792px;white-space:nowrap">7/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.35px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.35px;left:7352.2px;white-space:nowrap">6,395,574</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10709.35px;left:9501.64px;white-space:nowrap">740,737</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10909.04px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:792px;letter-spacing:-1.98px;white-space:nowrap">5011,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:1224.97px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:1527.31px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:1785.12px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:2202.86px;white-space:nowrap">1.786%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:2834.42px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:3421.37px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:3901.45px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:4538.95px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10905.83px;left:4676.84px;white-space:nowrap">6.136%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11097.83px;left:792px;white-space:nowrap">9/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11097.83px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11097.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11097.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11097.83px;left:7352.2px;white-space:nowrap">6,969,939</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11097.83px;left:9501.64px;white-space:nowrap">903,337</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:792px;white-space:nowrap">5024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:1236.84px;white-space:nowrap">HI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:1485.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:1743.56px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:2197.16px;white-space:nowrap">10/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:7352.2px;white-space:nowrap">8,063,965</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11294.31px;left:9368.2px;white-space:nowrap">1,835,357</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:792px;white-space:nowrap">5093, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:1233.95px;white-space:nowrap">YI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:1474.03px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:1731.84px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:2185.44px;white-space:nowrap">12/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:7352.2px;white-space:nowrap">3,364,657</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11490.8px;left:9501.64px;white-space:nowrap">801,707</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:792px;white-space:nowrap">5134, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:1236.84px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:1485.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:1743.56px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:2063.72px;white-space:nowrap">8/25/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:7352.2px;white-space:nowrap">6,820,138</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11687.28px;left:9368.2px;white-space:nowrap">1,365,139</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:792px;white-space:nowrap">5349, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:1236.84px;white-space:nowrap">IB, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:1476.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:1734.73px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:2054.89px;white-space:nowrap">12/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:7352.2px;white-space:nowrap">3,929,646</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11883.77px;left:9501.64px;white-space:nowrap">873,212</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">29</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUDCAYAAABvckO4AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsU0DURRFwWdkESB6oBREme6GVugBEZAsDYC+g2NLy87EN/jBi85Ke9q2bQAAAAAKD6sBAAAAwLWEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGTOl8vlfTU6kO+ZeVyNAIC7ep6Zz9WIQ3Ib3MIe72qPb+YfO8/M62p0IB8z87IaAQAAAL87z8zbanQgTzPztRoBAHflSx1/cRvcwh7vao9v5h87bdu22gAAAABcxc8gAQAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:5371.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:518.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1243.55px;white-space:nowrap">Multi-family
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2096.91px;white-space:nowrap">Structured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2879.48px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3350.73px;white-space:nowrap">Risk </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3703.39px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4061.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2021-MN1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1627.94px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1939.11px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2401.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2819.42px;white-space:nowrap">8.1%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3273.02px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3859.97px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4340.05px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4977.55px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:792px;white-space:nowrap">3.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1387.86px;white-space:nowrap">1/25/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7485.64px;white-space:nowrap">555,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9501.64px;white-space:nowrap">574,476</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">2021-MN3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1627.94px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1939.11px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2401.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2819.42px;white-space:nowrap">8.35%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3362px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3948.95px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4429.03px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:5066.53px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:792px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1165.44px;letter-spacing:-1.48px;white-space:nowrap">11/25/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7352.2px;white-space:nowrap">1,746,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9368.2px;white-space:nowrap">1,812,161</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1961.06px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:648px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1101.28px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2157.54px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:792px;white-space:nowrap">2010-35, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1468.09px;white-space:nowrap">SG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1788.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2045.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2463.72px;white-space:nowrap">1.936%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:3095.28px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:3682.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:4162.31px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:4799.81px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:792px;white-space:nowrap">6.286%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1476.84px;white-space:nowrap">4/25/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:7485.64px;white-space:nowrap">479,669</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:9590.63px;white-space:nowrap">51,194</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2546.02px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2011-101,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:1545.2px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:1847.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:2105.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:2523.09px;white-space:nowrap">1.436%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:3154.66px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:3741.61px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:4221.69px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:4859.19px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:792px;white-space:nowrap">5.786%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:1476.84px;white-space:nowrap">10/25/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:7352.2px;white-space:nowrap">1,089,006</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:9501.64px;white-space:nowrap">100,250</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:792px;white-space:nowrap">2012-127, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1557.08px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1797.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:2054.97px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:2508.56px;letter-spacing:-1.48px;white-space:nowrap">11/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:7485.64px;white-space:nowrap">240,659</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:9590.63px;white-space:nowrap">49,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:792px;white-space:nowrap">2015-30, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1725.91px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:2179.5px;white-space:nowrap">5/25/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:7352.2px;white-space:nowrap">1,880,095</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:9501.64px;white-space:nowrap">260,510</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:792px;white-space:nowrap">2016-3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1379.11px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1628.02px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1885.83px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:2205.98px;white-space:nowrap">2/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:7352.2px;white-space:nowrap">1,270,319</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:9501.64px;white-space:nowrap">188,575</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3523.96px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:792px;white-space:nowrap">2017-32, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:1468.09px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2445.98px;white-space:nowrap">1.686%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:3077.55px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:3664.5px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:4144.58px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:4782.08px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:792px;white-space:nowrap">6.036%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:1476.84px;white-space:nowrap">5/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:7352.2px;white-space:nowrap">5,429,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:9501.64px;white-space:nowrap">582,659</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3912.45px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:792px;white-space:nowrap">2018-20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:1468.09px;white-space:nowrap">SB, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2445.98px;white-space:nowrap">1.786%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:3077.55px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:3664.5px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:4144.58px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:4782.08px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:792px;white-space:nowrap">6.136%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:1476.84px;white-space:nowrap">3/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:7352.2px;white-space:nowrap">2,471,940</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4101.24px;left:9501.64px;white-space:nowrap">229,201</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4300.93px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:792px;white-space:nowrap">2018-38, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:1468.09px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:2445.98px;white-space:nowrap">1.736%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:3077.55px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:3664.5px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:4144.58px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.72px;left:4782.08px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:792px;white-space:nowrap">6.086%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:1476.84px;white-space:nowrap">6/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:7352.2px;white-space:nowrap">4,550,241</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4489.72px;left:9501.64px;white-space:nowrap">533,557</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4689.42px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:792px;white-space:nowrap">2019-43, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:1468.09px;white-space:nowrap">JS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:1743.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:2001.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:2419.27px;white-space:nowrap">1.586%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:3050.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:3637.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:4117.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.21px;left:4755.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:792px;white-space:nowrap">5.936%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:1476.84px;white-space:nowrap">8/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:7352.2px;white-space:nowrap">2,443,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.21px;left:9501.64px;white-space:nowrap">251,833</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5077.9px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:792px;white-space:nowrap">2019-61, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:1468.09px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:1663.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:1921.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:2339.27px;white-space:nowrap">1.536%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:2970.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:3557.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:4037.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5074.69px;left:4675.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:792px;white-space:nowrap">5.886%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:1476.84px;letter-spacing:-1.48px;white-space:nowrap">11/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:7352.2px;white-space:nowrap">4,915,744</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5266.69px;left:9501.64px;white-space:nowrap">602,521</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:792px;white-space:nowrap">2020-76, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:1468.09px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:1708.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:1965.98px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:2419.58px;letter-spacing:-1.48px;white-space:nowrap">11/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:7352.2px;white-space:nowrap">6,017,331</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.17px;left:9368.2px;white-space:nowrap">1,379,613</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:792px;white-space:nowrap">2021-14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:1468.09px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:1717px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:1974.81px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:2428.41px;letter-spacing:-1.48px;white-space:nowrap">11/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:7352.2px;white-space:nowrap">7,939,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5659.66px;left:9368.2px;white-space:nowrap">1,727,719</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:792px;white-space:nowrap">374, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:1147.86px;white-space:nowrap">6, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:1325.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:1583.56px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:2037.16px;white-space:nowrap">8/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:7574.63px;white-space:nowrap">61,605</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.14px;left:9614.38px;letter-spacing:-3.96px;white-space:nowrap">10,111</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:792px;white-space:nowrap">378, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:1147.86px;white-space:nowrap">19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:1414.73px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:1672.55px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:1992.7px;white-space:nowrap">Strip, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:2410.59px;white-space:nowrap">6/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:7485.64px;white-space:nowrap">167,625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6052.63px;left:9590.63px;white-space:nowrap">23,484</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:792px;white-space:nowrap">427, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:1147.86px;white-space:nowrap">C93, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:1530.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:1788.09px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:2241.69px;white-space:nowrap">8/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:7352.2px;white-space:nowrap">5,880,037</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:9368.2px;white-space:nowrap">1,038,794</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6448.81px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:648px;white-space:nowrap">GNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:1128px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2012-113,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:1545.2px;white-space:nowrap">ID, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:1794.11px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:2051.92px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:2505.52px;white-space:nowrap">9/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:7485.64px;white-space:nowrap">698,906</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.08px;left:9501.64px;white-space:nowrap">105,050</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:792px;white-space:nowrap">2012-128, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:1557.08px;white-space:nowrap">IA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:1797.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:2054.97px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:2508.56px;white-space:nowrap">10/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:7352.2px;white-space:nowrap">1,631,708</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6838.56px;left:9501.64px;white-space:nowrap">263,506</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:792px;white-space:nowrap">2012-140, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:1557.08px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:1805.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:2063.8px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:2517.39px;letter-spacing:-1.48px;white-space:nowrap">11/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:7352.2px;white-space:nowrap">1,649,921</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7035.05px;left:9501.64px;white-space:nowrap">268,340</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:792px;white-space:nowrap">2012-146, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:1557.08px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:1814.89px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:2135.05px;white-space:nowrap">12/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:7485.64px;white-space:nowrap">440,233</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.53px;left:9590.63px;white-space:nowrap">92,674</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:792px;white-space:nowrap">2013-34, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:1468.09px;white-space:nowrap">IH, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:1717px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:1974.81px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:2428.41px;white-space:nowrap">3/20/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:7485.64px;white-space:nowrap">858,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7428.02px;left:9501.64px;white-space:nowrap">163,239</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7627.71px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:792px;white-space:nowrap">2013-H08, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:1583.64px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:2508.09px;white-space:nowrap">1.519%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:3139.66px;white-space:nowrap">2/20/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:7352.2px;white-space:nowrap">1,419,377</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7624.5px;left:9590.63px;white-space:nowrap">49,109</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7824.2px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2014-119,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:1545.2px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:1847.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:2105.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:2523.09px;white-space:nowrap">1.135%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:3154.66px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:3839.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:4328.25px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7820.99px;left:4466.14px;white-space:nowrap">5.486%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:792px;white-space:nowrap">8/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:7352.2px;white-space:nowrap">1,282,472</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">112,142</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8212.68px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:792px;white-space:nowrap">2014-60, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:1468.09px;white-space:nowrap">SD, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:1779.27px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:2037.08px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:2454.81px;white-space:nowrap">1.715%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:3086.38px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:3771.06px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:4259.97px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8209.47px;left:4397.86px;white-space:nowrap">6.066%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:792px;white-space:nowrap">4/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:7352.2px;white-space:nowrap">3,032,421</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:9501.64px;white-space:nowrap">344,796</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:792px;white-space:nowrap">2014-76, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:1725.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:2046.06px;white-space:nowrap">5/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:7485.64px;white-space:nowrap">613,987</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:9501.64px;white-space:nowrap">128,227</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8797.65px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:792px;white-space:nowrap">2014-H21, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:2499.27px;white-space:nowrap">1.551%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:3130.83px;white-space:nowrap">10/20/64</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:7352.2px;white-space:nowrap">2,961,702</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:9590.63px;white-space:nowrap">59,045</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:792px;white-space:nowrap">2015-52, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:1468.09px;white-space:nowrap">KI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:1708.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:1965.98px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:2419.58px;letter-spacing:-1.48px;white-space:nowrap">11/20/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:7485.64px;white-space:nowrap">539,598</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:9590.63px;white-space:nowrap">22,777</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:792px;white-space:nowrap">2015-53, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:1468.09px;white-space:nowrap">MI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:1734.73px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:1992.55px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:2312.7px;white-space:nowrap">4/16/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:7352.2px;white-space:nowrap">1,467,318</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:9501.64px;white-space:nowrap">292,186</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:792px;white-space:nowrap">2015-64, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:1465.2px;white-space:nowrap">YI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:1705.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:1963.09px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:2283.25px;letter-spacing:-1.48px;white-space:nowrap">11/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:7485.64px;white-space:nowrap">929,894</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:9501.64px;white-space:nowrap">138,527</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:792px;white-space:nowrap">2015-79, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:1468.09px;white-space:nowrap">GI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:1725.91px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:1983.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:2303.88px;white-space:nowrap">10/20/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:7485.64px;white-space:nowrap">368,599</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:9590.63px;white-space:nowrap">75,875</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9780.07px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:792px;white-space:nowrap">2015-H10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:2499.27px;white-space:nowrap">2.081%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:3130.83px;white-space:nowrap">4/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:7352.2px;white-space:nowrap">1,830,244</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:9590.63px;white-space:nowrap">79,198</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9976.56px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:792px;white-space:nowrap">2015-H20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2490.44px;white-space:nowrap">1.829%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:3122px;white-space:nowrap">8/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:7352.2px;white-space:nowrap">2,218,690</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:9590.63px;white-space:nowrap">58,500</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10173.04px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:792px;white-space:nowrap">2015-H20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:1583.64px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:2508.09px;letter-spacing:-1.48px;white-space:nowrap">2.811%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:3127.78px;white-space:nowrap">8/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:7352.2px;white-space:nowrap">2,659,140</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:9501.64px;white-space:nowrap">123,310</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10369.52px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:792px;white-space:nowrap">2015-H23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:2499.27px;white-space:nowrap">1.757%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:3130.83px;white-space:nowrap">9/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:7352.2px;white-space:nowrap">2,335,249</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:9590.63px;white-space:nowrap">49,879</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10566.01px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:792px;white-space:nowrap">2015-H25, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:1583.64px;white-space:nowrap">EI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:2499.27px;white-space:nowrap">1.859%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:3130.83px;white-space:nowrap">10/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:7352.2px;white-space:nowrap">1,647,603</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:9590.63px;white-space:nowrap">45,912</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:792px;white-space:nowrap">2016-42, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:1725.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:2046.06px;white-space:nowrap">2/20/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:7352.2px;white-space:nowrap">1,500,498</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:9501.64px;white-space:nowrap">296,637</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10958.98px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:792px;white-space:nowrap">2016-H03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:2490.44px;white-space:nowrap">1.96%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:3033.02px;white-space:nowrap">1/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:7352.2px;white-space:nowrap">6,849,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10955.77px;left:9501.64px;white-space:nowrap">260,150</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11155.46px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:792px;white-space:nowrap">2016-H03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:1583.64px;white-space:nowrap">DI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:2508.09px;white-space:nowrap">1.987%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:3139.66px;white-space:nowrap">12/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:7352.2px;white-space:nowrap">2,257,086</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11152.25px;left:9590.63px;white-space:nowrap">76,066</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11351.95px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:792px;white-space:nowrap">2016-H06, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:1583.64px;white-space:nowrap">DI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:2508.09px;white-space:nowrap">1.744%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:3139.66px;white-space:nowrap">7/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:7352.2px;white-space:nowrap">3,649,930</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11348.74px;left:9501.64px;white-space:nowrap">127,572</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11548.43px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:792px;white-space:nowrap">2016-H09, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:2499.27px;white-space:nowrap">2.045%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:3130.83px;white-space:nowrap">4/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:7352.2px;white-space:nowrap">3,248,236</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:9501.64px;white-space:nowrap">132,431</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11744.92px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:792px;white-space:nowrap">2016-H10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:2490.44px;white-space:nowrap">1.703%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:3122px;white-space:nowrap">4/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:7352.2px;white-space:nowrap">4,694,650</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">114,165</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11941.4px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:792px;white-space:nowrap">2016-H18, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:1583.64px;white-space:nowrap">QI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:1841.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:2099.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:2517px;white-space:nowrap">2.51%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:3059.58px;white-space:nowrap">6/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:7352.2px;white-space:nowrap">1,649,715</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:9590.63px;white-space:nowrap">85,690</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">30</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:5371.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">GNMA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1216.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2016-H22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2490.44px;white-space:nowrap">2.874%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3122px;white-space:nowrap">10/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7352.2px;white-space:nowrap">2,426,785</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">107,414</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1380.57px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:792px;white-space:nowrap">2016-H23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1583.64px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2508.09px;white-space:nowrap">2.882%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3139.66px;white-space:nowrap">10/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7352.2px;white-space:nowrap">6,689,461</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9501.64px;white-space:nowrap">289,446</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1577.06px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:792px;white-space:nowrap">2016-H24, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1583.64px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2508.09px;white-space:nowrap">1.651%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3139.66px;white-space:nowrap">10/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7352.2px;white-space:nowrap">1,745,336</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9590.63px;white-space:nowrap">35,046</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:792px;white-space:nowrap">2017-26, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1468.09px;white-space:nowrap">MI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1734.73px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1992.55px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2312.7px;letter-spacing:-1.48px;white-space:nowrap">11/20/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:7352.2px;white-space:nowrap">2,077,721</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:9501.64px;white-space:nowrap">385,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:792px;white-space:nowrap">2017-42, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:1468.09px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:1717px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:1974.81px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:2428.41px;white-space:nowrap">8/20/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:7485.64px;white-space:nowrap">767,132</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:9501.64px;white-space:nowrap">141,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:792px;white-space:nowrap">2017-93, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:1465.2px;white-space:nowrap">TI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:1696.3px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:1954.11px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:2274.27px;white-space:nowrap">3/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:7574.63px;white-space:nowrap">89,626</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:9813.05px;white-space:nowrap">520</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2362.99px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:792px;white-space:nowrap">2017-H02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:2499.27px;white-space:nowrap">2.325%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:3130.83px;white-space:nowrap">1/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:7352.2px;white-space:nowrap">1,727,369</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:9590.63px;white-space:nowrap">66,267</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2559.48px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:792px;white-space:nowrap">2017-H06, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:2499.27px;white-space:nowrap">2.389%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:3130.83px;white-space:nowrap">2/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:7352.2px;white-space:nowrap">2,951,179</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:9590.63px;white-space:nowrap">91,055</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2755.96px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:792px;white-space:nowrap">2017-H08, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:1583.64px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:2508.09px;white-space:nowrap">2.257%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3139.66px;white-space:nowrap">3/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:7352.2px;white-space:nowrap">3,914,478</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:9501.64px;white-space:nowrap">125,663</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2952.45px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:792px;white-space:nowrap">2017-H09, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:1583.64px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:1841.45px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:2259.19px;white-space:nowrap">1.892%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:2890.75px;white-space:nowrap">4/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:7352.2px;white-space:nowrap">4,584,209</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:9501.64px;white-space:nowrap">135,069</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3148.93px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2017-H11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:1571.77px;white-space:nowrap">DI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:1820.67px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:2078.48px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:2496.22px;white-space:nowrap">2.09%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:3038.8px;white-space:nowrap">5/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">3,011,452</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:9501.64px;white-space:nowrap">149,365</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3345.42px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:792px;white-space:nowrap">2017-H12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:1583.64px;white-space:nowrap">QI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:1841.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:2099.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:2517px;white-space:nowrap">2.405%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:3148.56px;white-space:nowrap">5/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:7352.2px;white-space:nowrap">2,548,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:9590.63px;white-space:nowrap">96,638</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3541.9px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:792px;white-space:nowrap">2017-H16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:1583.64px;white-space:nowrap">IG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:1841.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:2099.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:2517px;white-space:nowrap">1.469%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:3148.56px;white-space:nowrap">7/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:7352.2px;white-space:nowrap">6,093,768</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:9501.64px;white-space:nowrap">155,074</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3738.38px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:792px;white-space:nowrap">2017-H16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1583.64px;white-space:nowrap">JI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1797px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2054.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2472.55px;white-space:nowrap">1.705%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:3104.11px;white-space:nowrap">8/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:3637.94px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:7352.2px;white-space:nowrap">8,015,325</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:9501.64px;white-space:nowrap">348,963</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3934.87px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:792px;white-space:nowrap">2017-H19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:1583.64px;white-space:nowrap">MI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:1850.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:2108.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:2525.83px;white-space:nowrap">2.076%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:3157.39px;white-space:nowrap">4/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:7352.2px;white-space:nowrap">1,591,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:9590.63px;white-space:nowrap">61,585</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:792px;white-space:nowrap">2018-127, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:1557.08px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:1805.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:2063.8px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:2383.95px;white-space:nowrap">10/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">2,612,110</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:9501.64px;white-space:nowrap">518,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:792px;white-space:nowrap">2018-94, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:1459.27px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:1699.34px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:1957.16px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:2410.75px;white-space:nowrap">7/20/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:7352.2px;white-space:nowrap">1,105,296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:9501.64px;white-space:nowrap">227,473</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4524.32px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:792px;white-space:nowrap">2018-H02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:1583.64px;white-space:nowrap">EI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:2499.27px;white-space:nowrap">2.331%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:3130.83px;white-space:nowrap">1/20/68</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:7352.2px;white-space:nowrap">6,703,761</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:9501.64px;white-space:nowrap">291,687</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4720.81px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:792px;white-space:nowrap">2018-H05, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:2499.27px;white-space:nowrap">2.315%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:3130.83px;white-space:nowrap">2/20/68</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:7352.2px;white-space:nowrap">4,298,425</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:9501.64px;white-space:nowrap">189,973</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4917.29px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:792px;white-space:nowrap">2018-H15, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:1583.64px;white-space:nowrap">KI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:2499.27px;white-space:nowrap">2.087%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:3130.83px;white-space:nowrap">8/20/68</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:7352.2px;white-space:nowrap">3,143,380</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">116,805</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5113.77px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2019-110,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:1545.2px;white-space:nowrap">SQ, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:1865.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:2123.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:2540.83px;white-space:nowrap">1.585%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:3172.39px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:3857.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:4345.98px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:4483.87px;white-space:nowrap">5.936%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.56px;left:792px;white-space:nowrap">9/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.56px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.56px;left:7352.2px;white-space:nowrap">3,626,626</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.56px;left:9501.64px;white-space:nowrap">394,244</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5502.26px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:792px;white-space:nowrap">2019-152, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:1557.08px;white-space:nowrap">ES, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:1859.42px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:2117.23px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:2534.97px;white-space:nowrap">1.585%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:3166.53px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:3851.22px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:4340.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.05px;left:4478.02px;white-space:nowrap">5.936%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5691.05px;left:792px;white-space:nowrap">12/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5691.05px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5691.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5691.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5691.05px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">2,189,119</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5691.05px;left:9501.64px;white-space:nowrap">245,601</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5890.74px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:792px;white-space:nowrap">2019-83, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">SY,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:1749.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:2007.62px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:2425.36px;white-space:nowrap">1.635%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:3056.92px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:3741.61px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:4230.52px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5887.53px;left:4368.41px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6079.53px;left:792px;white-space:nowrap">7/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6079.53px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6079.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6079.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6079.53px;left:7352.2px;white-space:nowrap">3,283,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6079.53px;left:9501.64px;white-space:nowrap">379,149</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6279.23px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:792px;white-space:nowrap">2019-89, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:1468.09px;white-space:nowrap">PS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:2445.98px;white-space:nowrap">1.635%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:3077.55px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:3762.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:4251.14px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6276.02px;left:4389.03px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6468.02px;left:792px;white-space:nowrap">7/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6468.02px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6468.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6468.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6468.02px;left:7352.2px;white-space:nowrap">4,054,231</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6468.02px;left:9501.64px;white-space:nowrap">437,538</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6667.71px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:792px;white-space:nowrap">2019-96, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">SY,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:1749.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:2007.62px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:2425.36px;white-space:nowrap">1.635%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:3056.92px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:3741.61px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:4230.52px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6664.5px;left:4368.41px;white-space:nowrap">5.986%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.5px;left:792px;white-space:nowrap">8/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.5px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.5px;left:7352.2px;white-space:nowrap">3,732,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.5px;left:9501.64px;white-space:nowrap">442,179</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:792px;white-space:nowrap">2020-13, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:1459.27px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:1699.34px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:1957.16px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:2277.31px;white-space:nowrap">3/20/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:7352.2px;white-space:nowrap">7,872,235</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7052.99px;left:9368.2px;white-space:nowrap">1,043,951</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:792px;white-space:nowrap">2020-167, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:1557.08px;white-space:nowrap">PI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:1797.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:2054.97px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:2508.56px;letter-spacing:-1.48px;white-space:nowrap">11/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:7352.2px;white-space:nowrap">4,664,412</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7249.47px;left:9501.64px;white-space:nowrap">820,946</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:792px;white-space:nowrap">2020-175, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:1557.08px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:1805.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:2063.8px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:2383.95px;letter-spacing:-1.48px;white-space:nowrap">11/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:7352.2px;white-space:nowrap">5,021,388</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7445.96px;left:9501.64px;white-space:nowrap">809,738</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7645.65px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:792px;white-space:nowrap">2020-63, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:1459.27px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:1761.61px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:2019.42px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:2437.16px;white-space:nowrap">1.535%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:3068.72px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:3753.41px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:4242.31px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7642.44px;left:4380.2px;white-space:nowrap">5.886%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7834.44px;left:792px;white-space:nowrap">8/20/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7834.44px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7834.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7834.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7834.44px;left:7352.2px;white-space:nowrap">4,034,412</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7834.44px;left:9501.64px;white-space:nowrap">460,997</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8034.13px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:792px;white-space:nowrap">2020-63, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:1468.09px;white-space:nowrap">PS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:2445.98px;white-space:nowrap">1.635%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:3077.55px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:3762.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:4251.14px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8030.92px;left:4389.03px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8222.92px;left:792px;white-space:nowrap">4/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8222.92px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8222.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8222.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8222.92px;left:7352.2px;white-space:nowrap">4,827,036</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8222.92px;left:9501.64px;white-space:nowrap">595,374</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8422.62px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:792px;white-space:nowrap">2020-63, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">SP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:1749.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:2007.62px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:2425.36px;white-space:nowrap">1.635%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:3056.92px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:3741.61px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:4230.52px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8419.41px;left:4368.41px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.41px;left:792px;white-space:nowrap">5/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.41px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.41px;left:7352.2px;white-space:nowrap">3,721,101</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.41px;left:9501.64px;white-space:nowrap">447,494</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8811.1px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:792px;white-space:nowrap">2020-96, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:1468.09px;white-space:nowrap">KS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:2445.98px;white-space:nowrap">1.685%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:3077.55px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:3762.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:4251.14px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.89px;left:4389.03px;white-space:nowrap">6.036%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.89px;left:792px;white-space:nowrap">7/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.89px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.89px;left:7275.09px;letter-spacing:-1.19px;white-space:nowrap">11,790,709</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.89px;left:9368.2px;white-space:nowrap">1,508,785</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9199.59px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:792px;white-space:nowrap">2020-97, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:1468.09px;white-space:nowrap">QS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:1788.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:2045.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:2463.72px;white-space:nowrap">1.685%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:3095.28px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:3779.97px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:4268.87px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9196.38px;left:4406.77px;white-space:nowrap">6.036%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9388.38px;left:792px;white-space:nowrap">7/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9388.38px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9388.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9388.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9388.38px;left:7352.2px;white-space:nowrap">3,106,397</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9388.38px;left:9501.64px;white-space:nowrap">419,582</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9588.07px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2021-116,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:1545.2px;white-space:nowrap">ES, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:1847.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:2105.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:2523.09px;white-space:nowrap">1.746%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:3154.66px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:3839.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:4328.25px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9584.86px;left:4466.14px;white-space:nowrap">6.086%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/20/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:7352.2px;white-space:nowrap">6,045,579</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:9501.64px;white-space:nowrap">665,814</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:792px;white-space:nowrap">2021-122, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:1557.08px;white-space:nowrap">GI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2072.7px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2526.3px;letter-spacing:-1.48px;white-space:nowrap">11/20/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:7352.2px;white-space:nowrap">6,370,641</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:9368.2px;white-space:nowrap">1,525,218</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:792px;white-space:nowrap">2021-156, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:1557.08px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:1814.89px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:2268.48px;white-space:nowrap">7/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:7352.2px;white-space:nowrap">7,691,124</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:9368.2px;white-space:nowrap">1,495,724</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:792px;white-space:nowrap">2021-214, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:1548.25px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:1788.33px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:2046.14px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:2366.3px;white-space:nowrap">12/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:7352.2px;white-space:nowrap">4,827,566</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10366.31px;left:9501.64px;white-space:nowrap">964,162</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:792px;white-space:nowrap">2021-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">IP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:1687.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:1945.36px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:2265.52px;white-space:nowrap">4/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:7352.2px;white-space:nowrap">6,475,632</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10562.8px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,113,888</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10762.49px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:792px;white-space:nowrap">2021-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:1468.09px;white-space:nowrap">SM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:1797px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:2054.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:2472.55px;white-space:nowrap">1.835%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:3104.11px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:3788.8px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:4277.7px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.28px;left:4415.59px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10951.28px;left:792px;white-space:nowrap">4/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10951.28px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10951.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10951.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10951.28px;left:7275.09px;letter-spacing:-1.19px;white-space:nowrap">11,331,205</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10951.28px;left:9368.2px;white-space:nowrap">1,435,395</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11150.98px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:792px;white-space:nowrap">2021-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:1468.09px;white-space:nowrap">SQ, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:1788.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:2045.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:2463.72px;white-space:nowrap">1.835%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:3095.28px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:3779.97px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:4268.87px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11147.77px;left:4406.77px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:792px;white-space:nowrap">4/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:7352.2px;white-space:nowrap">3,822,385</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:9501.64px;white-space:nowrap">492,162</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11539.46px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:792px;white-space:nowrap">2021-77, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1468.09px;white-space:nowrap">SM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1797px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2054.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2472.55px;white-space:nowrap">1.835%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:3104.11px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:3788.8px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:4277.7px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:4415.59px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11728.25px;left:792px;white-space:nowrap">5/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11728.25px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11728.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11728.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11728.25px;left:7352.2px;white-space:nowrap">5,632,036</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11728.25px;left:9501.64px;white-space:nowrap">730,787</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">31</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:5371.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">GNMA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1216.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2021-98, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1468.09px;white-space:nowrap">SK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2445.98px;white-space:nowrap">1.835%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3077.55px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3762.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4251.14px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4389.03px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:792px;white-space:nowrap">6/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7352.2px;white-space:nowrap">8,900,461</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9368.2px;white-space:nowrap">1,149,619</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1572.57px;left:596.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">2023-35, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1468.09px;white-space:nowrap">SH, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1779.27px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2037.08px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2454.81px;white-space:nowrap">2.102%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3086.38px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3673.33px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4153.41px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4790.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:792px;white-space:nowrap">6.45%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1387.86px;white-space:nowrap">2/20/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7275.09px;letter-spacing:-1.19px;white-space:nowrap">12,179,119</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9368.2px;white-space:nowrap">1,059,169</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:792px;white-space:nowrap">2024-186, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1557.08px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1814.89px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2135.05px;white-space:nowrap">9/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:7352.2px;white-space:nowrap">7,630,802</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:9368.2px;white-space:nowrap">1,165,304</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2157.54px;left:627.28px;white-space:nowrap">l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:792px;white-space:nowrap">2024-32, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1725.91px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2143.64px;white-space:nowrap">0.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2597.23px;white-space:nowrap">6/16/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:7263.22px;white-space:nowrap">10,689,978</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:9501.64px;white-space:nowrap">523,973</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:792px;white-space:nowrap">2024-4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1379.11px;white-space:nowrap">IG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1636.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1894.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2214.89px;white-space:nowrap">12/20/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:7352.2px;white-space:nowrap">3,614,656</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:9501.64px;white-space:nowrap">641,621</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.26px;left:9279.22px;white-space:nowrap">46,182,185</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2892.54px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2892.54px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2892.54px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2892.54px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2892.54px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2892.54px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:1159.04px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:1937.06px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:3137.55px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:4871.24px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:5882.86px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2957.28px;left:6449.46px;white-space:nowrap">$48,602,035)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:2957.28px;left:7653.95px;letter-spacing:57.73px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2991.15px;left:9279.22px;white-space:nowrap">46,182,185</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:1166.46px;white-space:nowrap">Long
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:1710.7px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:2240.48px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:3463.14px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:4029.74px;white-space:nowrap">$399,047,182)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3364.73px;left:5353.49px;letter-spacing:51.11px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3398.59px;left:9190.23px;white-space:nowrap">400,527,604</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3612.88px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4019.62px;left:648px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4019.62px;left:1225.73px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4019.62px;left:1755.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4019.62px;left:2978.18px;letter-spacing:-2.21px;white-space:nowrap">11.5%</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:4541.7px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:4541.7px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4473.97px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4281.97px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4473.97px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4477.18px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:4541.7px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4473.97px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:4687.07px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:4687.07px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4687.07px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4687.07px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:4687.07px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4687.07px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4774.83px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4774.83px;left:1792.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4774.83px;left:2037.26px;white-space:nowrap">Deposit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4774.83px;left:2826.22px;white-space:nowrap">2.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5008.39px;left:596.12px;white-space:nowrap">n</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:648px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:1057.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:1226.2px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:1857.45px;white-space:nowrap">NA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:2168.63px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:2711.2px;white-space:nowrap">3/02/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:7280.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5005.18px;left:9368.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:648px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:1377.45px;white-space:nowrap">Imperial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:1990.97px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:2400.11px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:2578px;white-space:nowrap">Commerce, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:3449.25px;white-space:nowrap">4.62%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:3991.83px;white-space:nowrap">2/09/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:7280.2px;white-space:nowrap">1,800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.67px;left:9368.2px;white-space:nowrap">1,801,163</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:648px;white-space:nowrap">Mizuho </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:1208.23px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:1617.38px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:1973.16px;white-space:nowrap">4.58%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:2515.73px;white-space:nowrap">8/06/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:6188.06px;white-space:nowrap">Japan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:7280.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5398.15px;left:9368.2px;white-space:nowrap">2,000,048</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:648px;letter-spacing:-1.04px;white-space:nowrap">Toronto-Dominion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:1955.27px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:2364.41px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:2835.58px;white-space:nowrap">4.62%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:3378.16px;white-space:nowrap">4/02/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:7280.2px;white-space:nowrap">1,850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:9368.2px;white-space:nowrap">1,850,188</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:1166.46px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:2311.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:2555.71px;white-space:nowrap">Deposit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:3344.68px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:3911.28px;white-space:nowrap">$7,400,000)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5873.65px;left:5039.79px;letter-spacing:50.91px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5907.52px;left:9368.2px;white-space:nowrap">7,401,399</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:6207.9px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6207.9px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6207.9px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6295.66px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6295.66px;left:1848.49px;white-space:nowrap">Papers
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6295.66px;left:2571.14px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6529.22px;left:518.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:648px;white-space:nowrap">ABN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:1012.61px;white-space:nowrap">AMRO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:1537.06px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:2159.72px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:2524.33px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:2817.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:2906.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:3369.33px;white-space:nowrap">4.41%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:3823px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:3911.91px;white-space:nowrap">9/03/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:5761.27px;white-space:nowrap">Netherlands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:7280.2px;white-space:nowrap">1,850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6526.01px;left:9368.2px;white-space:nowrap">1,842,323</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6725.71px;left:596.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:648px;white-space:nowrap">BPCE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:1128.16px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:1341.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:1430.5px;white-space:nowrap">4.33%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:1884.17px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:1973.08px;white-space:nowrap">8/18/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:7280.2px;white-space:nowrap">1,800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.5px;left:9368.2px;white-space:nowrap">1,796,108</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6922.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:648px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:1804.02px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:2213.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:2382.22px;white-space:nowrap">Australia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:3004.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:3093.63px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:3556.2px;white-space:nowrap">4.7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:3778.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:3920.89px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:4009.8px;white-space:nowrap">4/09/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:6001.5px;white-space:nowrap">Australia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:7280.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6918.98px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,750,112</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7118.67px;left:596.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:648px;white-space:nowrap">Lloyds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:1154.95px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:1564.09px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:1768.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:1857.53px;white-space:nowrap">4.39%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:2311.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:2400.11px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:7280.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.46px;left:9368.2px;white-space:nowrap">1,739,813</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7315.16px;left:518.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:648px;letter-spacing:-0.72px;white-space:nowrap">NRW
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:1071.67px;white-space:nowrap">Bank</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:1436.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:1525.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:1987.84px;white-space:nowrap">4.36%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:2441.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:2530.42px;white-space:nowrap">10/02/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:5966.03px;white-space:nowrap">Germany</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:7280.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7311.95px;left:9368.2px;white-space:nowrap">1,736,748</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7511.64px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:648px;white-space:nowrap">Royal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:1101.52px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:1510.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:1688.55px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:2249.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:2337.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:2800.5px;white-space:nowrap">4.59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:3111.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:3254.17px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:3343.08px;white-space:nowrap">3/23/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:7280.2px;white-space:nowrap">1,850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7508.43px;left:9368.2px;white-space:nowrap">1,850,537</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7787.45px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7787.45px;left:1166.46px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7787.45px;left:2366.95px;white-space:nowrap">Papers
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7787.45px;left:3089.6px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7787.45px;left:3656.2px;white-space:nowrap">$10,716,034)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7787.45px;left:4935.22px;letter-spacing:50.85px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7821.32px;left:9279.22px;white-space:nowrap">10,715,641</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:8121.69px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8121.69px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8121.69px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8209.46px;left:648px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8209.46px;left:1092.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8209.46px;left:2326.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8209.46px;left:2729.84px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8209.46px;left:3507.86px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8209.46px;left:4519.48px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8486.7px;left:518.33px;white-space:nowrap">d,o</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8483.49px;left:648px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8483.49px;left:1000.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8483.49px;left:1670.5px;white-space:nowrap">Bills</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8483.49px;left:1963.86px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:792px;white-space:nowrap">4.21%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:1334.58px;white-space:nowrap">10/02/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:7352.2px;white-space:nowrap">2,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8679.98px;left:9368.2px;white-space:nowrap">2,580,996</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:792px;white-space:nowrap">4.21%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:1334.58px;letter-spacing:-1.48px;white-space:nowrap">11/06/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8876.46px;left:9501.64px;white-space:nowrap">197,733</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9160.22px;left:9368.2px;white-space:nowrap">2,778,729</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:1166.46px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:1610.99px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:2844.58px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:3248.29px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:4026.32px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:5037.94px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:5604.54px;white-space:nowrap">$2,779,751)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9439.24px;left:6712.85px;letter-spacing:52.82px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9473.11px;left:9368.2px;white-space:nowrap">2,778,729</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9756.88px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10023.22px;left:648px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10023.22px;left:1926.03px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10023.22px;left:3037.45px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10023.22px;left:4171.05px;white-space:nowrap">4.9%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10256.78px;left:518.33px;white-space:nowrap">a,p</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:648px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:1243.86px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:1667.84px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:2067.84px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:2894.88px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:3348.47px;white-space:nowrap">Class </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:3793px;letter-spacing:-6.87px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:3968px;white-space:nowrap">4.558%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:7263.22px;white-space:nowrap">17,854,912</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10253.57px;left:9279.22px;white-space:nowrap">17,854,912</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:1166.46px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:2444.48px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:3555.91px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:4689.5px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:5256.11px;white-space:nowrap">$17,854,912)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10532.59px;left:6503.72px;letter-spacing:52.39px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10566.46px;left:9279.22px;white-space:nowrap">17,854,912</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">32</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.43px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:648px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:1225.73px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:1755.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:64.7px;left:2978.18px;white-space:nowrap">(continued)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:360.92px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:360.92px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:360.92px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:506.28px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:506.28px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:506.28px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:648px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:1336.96px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:2037.26px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:2692.73px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:827.6px;left:518.33px;white-space:nowrap">a,p</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:648px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:1243.86px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:2168.7px;white-space:nowrap">Money </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:2693.39px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:3226.83px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:3680.42px;white-space:nowrap">Class </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:4124.95px;white-space:nowrap">G, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:4338.31px;white-space:nowrap">4.163%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:7280.2px;white-space:nowrap">3,081,736</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:9368.2px;white-space:nowrap">3,081,736</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:1166.46px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:1855.42px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:2555.71px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:3211.18px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:3777.79px;white-space:nowrap">$3,081,736)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:4935.22px;letter-spacing:50.85px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1137.28px;left:9368.2px;white-space:nowrap">3,081,736</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:1166.46px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:1744.19px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:2273.98px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:3496.63px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:4063.23px;white-space:nowrap">$41,832,433</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:5175.44px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1656.46px;left:5248.92px;letter-spacing:51.04px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1690.33px;left:9279.22px;white-space:nowrap">41,832,417</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2086.45px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:1166.46px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:2389.11px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:2955.71px;white-space:nowrap">$440,879,615)
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:4301.32px;white-space:nowrap">121.8%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:5039.79px;letter-spacing:50.91px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2185.06px;left:9101.25px;white-space:nowrap">$442,360,021</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:648px;letter-spacing:-1.86px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:1107.18px;white-space:nowrap">Sale
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:1574.17px;white-space:nowrap">Commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:2963.23px;white-space:nowrap">(2.6)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:3575.86px;letter-spacing:50.33px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2410.66px;left:9261.64px;white-space:nowrap">(9,460,993)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:648px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:1229.54px;white-space:nowrap">Assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:1996.63px;white-space:nowrap">less
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:2441.46px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:3419.48px;white-space:nowrap">(19.2)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:4203.26px;letter-spacing:50.53px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2636.27px;left:9172.66px;white-space:nowrap">(69,907,207)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:648px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:1018.41px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:1729.93px;white-space:nowrap">100.0%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:2425.63px;letter-spacing:50.07px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2956.43px;left:9101.25px;white-space:nowrap">$362,991,821</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3170.72px;left:642.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3170.72px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3170.72px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3240.2px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3432.2px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3435.41px;left:8027.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3735.62px;left:596.12px;white-space:nowrap">q</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:648px;letter-spacing:-1.86px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:1107.18px;white-space:nowrap">Sale
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:1574.17px;white-space:nowrap">Commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:2963.23px;white-space:nowrap">(2.6)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3938.71px;left:648px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3938.71px;left:2381.69px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3938.71px;left:3393.31px;white-space:nowrap">(2.6)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:648px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:1261.59px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:1937.22px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:2695.73px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:3647.06px;white-space:nowrap">(FNMA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:4260.19px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:4722.53px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:5113.78px;white-space:nowrap">(2.6)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:2559.87px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:3262.37px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:792px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:1109.27px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:1509.34px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:7245.64px;white-space:nowrap">(1,000,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:9395.08px;white-space:nowrap">(922,440)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:792px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:1242.7px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:1642.78px;white-space:nowrap">8/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:7245.64px;white-space:nowrap">(9,000,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:9261.64px;white-space:nowrap">(8,538,553)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:1166.46px;letter-spacing:-1.86px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:1625.64px;white-space:nowrap">Sale
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:2092.63px;white-space:nowrap">Commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:3481.69px;white-space:nowrap">(Proceeds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:4504.35px;white-space:nowrap">$(9,472,031))</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5219.46px;left:5771.75px;letter-spacing:51.44px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5253.33px;left:9172.66px;white-space:nowrap">$(9,460,993)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5880.34px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:29.74px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:292.32px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:817.4px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:1291.54px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:1422.79px;white-space:nowrap">stated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:1816.77px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:1955.37px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:2247.01px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:2669.98px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:3085.76px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5876.12px;left:3683.73px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6076.83px;left:0px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:42.54px;white-space:nowrap">Rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:531.21px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:677.15px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:946.99px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:1238.87px;white-space:nowrap">0.1%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:1574.42px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:1720.35px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6072.61px;left:1939.26px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6273.31px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:42.54px;white-space:nowrap">See</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:312.46px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:626.06px;white-space:nowrap">3</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:699.02px;white-space:nowrap">(</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:742.7px;white-space:nowrap">e</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:815.67px;white-space:nowrap">)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:895.82px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6269.09px;left:1486.6px;white-space:nowrap">investments
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10756.84px;left:583.52px;white-space:nowrap">1(d).</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
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</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2151.39px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2501.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2801.95px;white-space:nowrap">following&#160;futures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4152.66px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4932.95px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5963.73px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6334.01px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6764.24px;white-space:nowrap">1(e).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:2151.39px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:2501.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:2801.95px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:3552.36px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:4202.58px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:5033.23px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:5813.53px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:6844.31px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:7214.59px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:7644.81px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:7744.92px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:7804.86px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3552.77px;left:7904.97px;white-space:nowrap">).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:0px;white-space:nowrap">Futures
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:788.96px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:4362.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:4960px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:5013.2px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:6632.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:6605.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:7209.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:7713.66px;white-space:nowrap">Expiration</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:8149.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1037.83px;left:9545.5px;letter-spacing:-1.47px;white-space:nowrap">Value/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1229.83px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:9030.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:8932.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1973.28px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1973.28px;left:622.42px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1973.28px;left:960.39px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:0px;white-space:nowrap">Euro-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:391.25px;white-space:nowrap">Bobl</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:747.3px;letter-spacing:49.89px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:4341.58px;white-space:nowrap">Short</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:5582.03px;white-space:nowrap">56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:6543.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:6632.2px;white-space:nowrap">7,494,397</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:7962.17px;white-space:nowrap">9/08/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:9590.63px;white-space:nowrap">49,058</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:352.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1022.5px;white-space:nowrap">10 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1242.03px;letter-spacing:-2.94px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1609.77px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1992.03px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:2428.74px;letter-spacing:50.94px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:4341.58px;white-space:nowrap">Short</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:5582.03px;white-space:nowrap">28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:6632.2px;white-space:nowrap">3,166,188</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:7962.17px;white-space:nowrap">9/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:9484.06px;white-space:nowrap">(20,828)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:352.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1022.5px;white-space:nowrap">2 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1153.05px;letter-spacing:-2.94px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1520.78px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1961.68px;letter-spacing:50.47px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:4341.58px;white-space:nowrap">Short</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:5493.05px;white-space:nowrap">230</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:6543.22px;white-space:nowrap">47,606,406</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:7962.17px;white-space:nowrap">9/30/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:9590.63px;white-space:nowrap">53,572</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.22px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.22px;left:670.42px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.22px;left:1257.3px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.22px;left:1961.68px;letter-spacing:50.25px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2791.22px;left:9501.64px;white-space:nowrap">$81,802</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3111.5px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3107.28px;left:29.74px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3107.28px;left:219.35px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3107.28px;left:365.29px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3107.28px;left:766.46px;white-space:nowrap">end.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4013.44px;left:0px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4013.44px;left:844.53px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4013.44px;left:1844.92px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:0px;white-space:nowrap">Currency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4453.25px;left:1781.44px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:2004.87px;white-space:nowrap">party</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4648.46px;left:2396.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:2662.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:4103.09px;white-space:nowrap">Quantity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4453.25px;left:5390.19px;white-space:nowrap">Contract</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:5381.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:5985.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4453.25px;left:6598.03px;white-space:nowrap">Settlement</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:7069.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4453.25px;left:7902.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:7734.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4453.25px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4645.25px;left:9038.86px;white-space:nowrap">Depreciation</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:2436.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:3012.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:4740.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:6036.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:7404.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:8772.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:4890.34px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4968.29px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4968.29px;left:382.19px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4968.29px;left:1057.81px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4968.29px;left:1858.13px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:3862.23px;white-space:nowrap">147,522,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:5336.2px;white-space:nowrap">1,007,129</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:6882.17px;white-space:nowrap">8/20/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:8535.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:9395.08px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.78px;left:9484.06px;white-space:nowrap">(27,024)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:1976.83px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:3862.23px;white-space:nowrap">254,207,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:5336.2px;white-space:nowrap">1,735,439</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:6882.17px;white-space:nowrap">8/20/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:9484.06px;white-space:nowrap">(46,543)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:3862.23px;white-space:nowrap">135,633,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:5469.64px;white-space:nowrap">916,495</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:6882.17px;white-space:nowrap">8/20/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:9484.06px;white-space:nowrap">(15,375)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:4040.2px;white-space:nowrap">1,366,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:5647.61px;white-space:nowrap">9,330</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:6882.17px;white-space:nowrap">8/20/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:9706.48px;white-space:nowrap">(250)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:3862.23px;white-space:nowrap">125,971,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:5469.64px;white-space:nowrap">859,983</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:6882.17px;white-space:nowrap">8/20/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:9484.06px;white-space:nowrap">(23,058)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:0px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:488.98px;white-space:nowrap">Pound</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:4173.64px;white-space:nowrap">336,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:5469.64px;white-space:nowrap">454,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:8383.61px;white-space:nowrap">9,773</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:0px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:488.98px;white-space:nowrap">Pound</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:4173.64px;white-space:nowrap">457,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:5469.64px;white-space:nowrap">617,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:8306.5px;letter-spacing:-1.98px;white-space:nowrap">13,119</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:0px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:488.98px;white-space:nowrap">Pound</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:4173.64px;white-space:nowrap">222,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:5469.64px;white-space:nowrap">300,258</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:8383.61px;white-space:nowrap">6,414</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:4040.2px;white-space:nowrap">1,314,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:5336.2px;white-space:nowrap">1,507,674</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:8383.61px;white-space:nowrap">2,998</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:4040.2px;white-space:nowrap">1,012,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:5336.2px;white-space:nowrap">1,161,042</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:8383.61px;white-space:nowrap">2,173</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:2145.81px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:4040.2px;white-space:nowrap">1,191,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:5336.2px;white-space:nowrap">1,366,195</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:8383.61px;white-space:nowrap">2,657</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:4173.64px;white-space:nowrap">965,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:5336.2px;white-space:nowrap">1,107,501</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:8383.61px;white-space:nowrap">2,317</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:4173.64px;white-space:nowrap">689,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:5469.64px;white-space:nowrap">790,330</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:8383.61px;white-space:nowrap">1,420</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:4040.2px;white-space:nowrap">1,310,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:5336.2px;white-space:nowrap">1,523,076</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:8294.63px;white-space:nowrap">22,979</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:2033px;letter-spacing:-0.72px;white-space:nowrap">SSBT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:4040.2px;white-space:nowrap">1,937,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:5336.2px;white-space:nowrap">2,222,407</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:8383.61px;white-space:nowrap">4,255</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:4173.64px;white-space:nowrap">768,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:5469.64px;white-space:nowrap">880,689</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:8383.61px;white-space:nowrap">1,578</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:4173.64px;white-space:nowrap">540,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:5469.64px;white-space:nowrap">619,765</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:8383.61px;white-space:nowrap">1,297</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:4040.2px;white-space:nowrap">1,000,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:5558.63px;white-space:nowrap">98,675</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:8383.61px;white-space:nowrap">1,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:4173.64px;white-space:nowrap">277,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:5558.63px;white-space:nowrap">27,338</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:8517.05px;white-space:nowrap">518</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:2145.81px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:4040.2px;white-space:nowrap">2,343,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:5469.64px;white-space:nowrap">231,093</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:8383.61px;white-space:nowrap">4,382</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:4173.64px;white-space:nowrap">389,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:5558.63px;white-space:nowrap">38,370</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:8517.05px;white-space:nowrap">724</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:4173.64px;white-space:nowrap">225,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:5558.63px;white-space:nowrap">22,184</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:8517.05px;white-space:nowrap">415</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:2033px;letter-spacing:-0.72px;white-space:nowrap">SSBT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:4040.2px;white-space:nowrap">4,765,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:5469.64px;white-space:nowrap">469,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:8383.61px;white-space:nowrap">8,734</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:4040.2px;white-space:nowrap">4,863,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:5469.64px;white-space:nowrap">479,427</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:8383.61px;white-space:nowrap">8,890</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:0px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:649.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:4040.2px;white-space:nowrap">4,517,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:5469.64px;white-space:nowrap">473,621</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:8294.63px;white-space:nowrap">10,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:0px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:649.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:2145.81px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:4040.2px;white-space:nowrap">5,881,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:5469.64px;white-space:nowrap">616,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:8294.63px;white-space:nowrap">14,016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:0px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:649.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:4040.2px;white-space:nowrap">1,176,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:5469.64px;white-space:nowrap">123,363</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:8383.61px;white-space:nowrap">2,783</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:0px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:649.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:2033px;letter-spacing:-0.72px;white-space:nowrap">SSBT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:4040.2px;white-space:nowrap">2,536,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:5469.64px;white-space:nowrap">265,875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:8383.61px;white-space:nowrap">5,987</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:0px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:649.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:4173.64px;white-space:nowrap">131,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:5558.63px;white-space:nowrap">13,731</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:8517.05px;white-space:nowrap">310</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:0px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:462.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:934.13px;letter-spacing:51.68px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:4262.63px;white-space:nowrap">78,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:5558.63px;white-space:nowrap">96,592</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:8517.05px;white-space:nowrap">482</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:0px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:462.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:934.13px;letter-spacing:51.68px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:4173.64px;white-space:nowrap">174,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:5469.64px;white-space:nowrap">215,280</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:8383.61px;white-space:nowrap">1,031</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:0px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:462.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:934.13px;letter-spacing:51.68px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:1976.83px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:4173.64px;white-space:nowrap">256,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:5469.64px;white-space:nowrap">315,954</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:8383.61px;white-space:nowrap">1,516</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11255.79px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:0px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:462.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:934.13px;letter-spacing:51.68px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:4262.63px;white-space:nowrap">49,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:5558.63px;white-space:nowrap">60,504</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:8517.05px;white-space:nowrap">291</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.28px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:0px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:462.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:934.13px;letter-spacing:51.68px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:4040.2px;white-space:nowrap">1,259,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:5336.2px;white-space:nowrap">1,551,656</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:6882.17px;white-space:nowrap">9/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:8383.61px;white-space:nowrap">7,714</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11648.76px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:4173.64px;white-space:nowrap">483,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:5469.64px;white-space:nowrap">318,410</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11845.24px;left:9573.05px;white-space:nowrap">(7,379)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:4173.64px;white-space:nowrap">704,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:5469.64px;white-space:nowrap">465,037</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:8306.5px;letter-spacing:-1.98px;white-space:nowrap">11,522</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12041.73px;left:9920px;white-space:nowrap">&#8212;</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">34</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:2151.39px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:2501.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:2801.95px;white-space:nowrap">following&#160;forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:4202.58px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:4952.72px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:5422.94px;white-space:nowrap">options&#160;contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:6833.67px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:7864.45px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:8234.74px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5181.94px;left:8664.96px;white-space:nowrap">1(e).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:844.53px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1844.92px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2833.98px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:0px;white-space:nowrap">Currency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:1781.44px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:2004.87px;white-space:nowrap">party</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:537.83px;left:2396.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:2662.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:4103.09px;white-space:nowrap">Quantity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:5390.19px;white-space:nowrap">Contract</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:5381.44px;white-space:nowrap">Amount*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:6598.03px;white-space:nowrap">Settlement</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:7069.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:7902.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:7734.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:9038.86px;white-space:nowrap">Depreciation</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:2436.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:3012.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:4740.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:6036.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:7404.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:8772.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:779.72px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:857.67px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:857.67px;left:382.19px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:857.67px;left:1057.81px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:857.67px;left:1858.13px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:857.67px;left:2649.38px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:2145.81px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:4040.2px;white-space:nowrap">1,089,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:5469.64px;white-space:nowrap">717,071</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:8205.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:8294.63px;white-space:nowrap">15,914</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:9831.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1054.15px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:4173.64px;white-space:nowrap">129,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:5558.63px;white-space:nowrap">84,962</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:8383.61px;white-space:nowrap">1,878</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1250.63px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:4040.2px;white-space:nowrap">1,591,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:5336.2px;white-space:nowrap">1,048,033</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:8294.63px;white-space:nowrap">24,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1447.12px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:4040.2px;white-space:nowrap">1,705,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:5336.2px;white-space:nowrap">1,122,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:8294.63px;white-space:nowrap">24,867</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1643.6px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:4262.63px;white-space:nowrap">48,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:5558.63px;white-space:nowrap">31,712</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:8517.05px;white-space:nowrap">693</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.09px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:1979.88px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:4262.63px;white-space:nowrap">30,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:5558.63px;white-space:nowrap">19,877</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:8517.05px;white-space:nowrap">441</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2036.57px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:4485.05px;white-space:nowrap">600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:5781.05px;white-space:nowrap">442</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:8695.02px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2233.06px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:4173.64px;white-space:nowrap">182,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:5469.64px;white-space:nowrap">134,593</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:8383.61px;white-space:nowrap">2,405</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2429.54px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:1976.83px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:4262.63px;white-space:nowrap">19,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:5558.63px;white-space:nowrap">14,594</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:8517.05px;white-space:nowrap">253</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2626.03px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:4173.64px;white-space:nowrap">431,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:5469.64px;white-space:nowrap">317,944</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:8383.61px;white-space:nowrap">5,545</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2822.51px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:4040.2px;white-space:nowrap">1,420,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:5336.2px;white-space:nowrap">1,047,266</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:8294.63px;white-space:nowrap">18,154</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3018.99px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:4040.2px;white-space:nowrap">1,176,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:5469.64px;white-space:nowrap">867,176</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:8294.63px;white-space:nowrap">15,377</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.48px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:4262.63px;white-space:nowrap">43,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:5558.63px;white-space:nowrap">26,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:8517.05px;white-space:nowrap">935</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.96px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:4040.2px;white-space:nowrap">1,660,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:5336.2px;white-space:nowrap">1,015,843</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:8294.63px;white-space:nowrap">35,207</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.45px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:4173.64px;white-space:nowrap">166,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:5469.64px;white-space:nowrap">101,967</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:8383.61px;white-space:nowrap">3,561</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3804.93px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:526.42px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:1157.67px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:1913.77px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:2615.57px;letter-spacing:50.12px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:8116.66px;white-space:nowrap">$302,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4033.42px;left:9317.97px;letter-spacing:-1.19px;white-space:nowrap">$(119,629)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.9px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.9px;left:581.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.9px;left:1364.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.9px;left:2280.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.9px;left:3269.46px;letter-spacing:50.31px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.9px;left:8116.66px;white-space:nowrap">$182,665</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4614.18px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4609.96px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4609.96px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4609.96px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4609.96px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4609.96px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4609.96px;left:1904.04px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4810.67px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:42.54px;white-space:nowrap">May</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:326.92px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:509.34px;white-space:nowrap">comprised
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:1151.06px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:1296.99px;white-space:nowrap">multiple
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:1785.59px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:2354.49px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:2624.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:2843.17px;white-space:nowrap">same
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:3200.51px;letter-spacing:-0.69px;white-space:nowrap">counterparty,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:3993.24px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:4532.85px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:4788.24px;letter-spacing:0px;white-space:nowrap">settlement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4806.45px;left:5430.12px;white-space:nowrap">date.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5642.61px;left:0px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5642.61px;left:844.53px;white-space:nowrap">Premium
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5642.61px;left:1755.96px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5642.61px;left:2333.89px;white-space:nowrap">Option
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5642.61px;left:3033.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:0px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:462.34px;white-space:nowrap">right
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:862.27px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:1066.72px;white-space:nowrap">obligation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:1875.47px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:2070.94px;white-space:nowrap">receive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:2667.03px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:2871.48px;white-space:nowrap">(pay)/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:0px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:666.56px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:1004.53px;white-space:nowrap">index/Maturity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:2133.59px;white-space:nowrap">date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:3462.72px;white-space:nowrap">Counter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:3684.75px;white-space:nowrap">par</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:3933.73px;white-space:nowrap">t</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:3987.02px;white-space:nowrap">y</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:4733.66px;white-space:nowrap">Expiration</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:4715.61px;white-space:nowrap">date/strike</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6082.42px;left:6803.63px;white-space:nowrap">Notional/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:6830.19px;white-space:nowrap">Contract</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:6873.96px;white-space:nowrap">amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6469.63px;left:7451.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6082.42px;left:8099.31px;white-space:nowrap">Premium</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:7956.73px;white-space:nowrap">receivable/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:8081.58px;white-space:nowrap">(payable)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6082.42px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6274.42px;left:9012.22px;white-space:nowrap">appreciation/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6466.42px;left:8950.11px;white-space:nowrap">(depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6711.51px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6711.51px;left:5504.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6711.51px;left:7476.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6711.51px;left:8772.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6711.51px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:0px;white-space:nowrap">3.833%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:1031.8px;white-space:nowrap">SOFR/Sep-35/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:4306.16px;white-space:nowrap">9/08/25 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:4973.34px;white-space:nowrap">3.833%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:6776.2px;white-space:nowrap">8,682,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:8116.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:8205.64px;white-space:nowrap">207,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:9306.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6789.46px;left:9395.08px;white-space:nowrap">(131,634)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:0px;white-space:nowrap">(3.833%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:1138.36px;white-space:nowrap">SOFR/Sep-35/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:4306.16px;white-space:nowrap">9/08/25 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:4973.34px;white-space:nowrap">3.833%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:6776.2px;white-space:nowrap">8,682,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:8205.64px;white-space:nowrap">207,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6985.94px;left:9395.08px;white-space:nowrap">(132,387)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:0px;white-space:nowrap">3.3%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:853.83px;letter-spacing:-0.14px;white-space:nowrap">SOFR/Feb-27/(Written)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:4484.12px;white-space:nowrap">2/05/26 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:5151.31px;white-space:nowrap">3.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:6598.23px;white-space:nowrap">138,450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:8099.08px;white-space:nowrap">(304,590)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7182.43px;left:9501.64px;white-space:nowrap">109,542</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:0px;white-space:nowrap">3.85%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:942.81px;white-space:nowrap">SOFR/Feb-27/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:4395.14px;white-space:nowrap">2/05/26 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:5062.33px;white-space:nowrap">3.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:6687.22px;white-space:nowrap">92,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:8205.64px;white-space:nowrap">383,045</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7378.91px;left:9484.06px;white-space:nowrap">(49,499)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:0px;white-space:nowrap">3.625%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:1031.8px;white-space:nowrap">SOFR/Nov-37/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/12/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:4973.34px;white-space:nowrap">3.625%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:6776.2px;white-space:nowrap">1,201,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:8294.63px;white-space:nowrap">55,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.4px;left:9484.06px;white-space:nowrap">(17,391)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:0px;white-space:nowrap">(4.125%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:1138.36px;white-space:nowrap">SOFR/Nov-37/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/12/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:4973.34px;white-space:nowrap">4.125%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:6776.2px;white-space:nowrap">1,201,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:8294.63px;white-space:nowrap">55,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7771.88px;left:9573.05px;white-space:nowrap">(5,238)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:0px;white-space:nowrap">3.725%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:1031.8px;white-space:nowrap">SOFR/Nov-36/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:4973.34px;white-space:nowrap">3.725%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:6776.2px;white-space:nowrap">4,605,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:8205.64px;white-space:nowrap">225,204</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7968.37px;left:9484.06px;white-space:nowrap">(91,460)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:0px;white-space:nowrap">(4.225%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:1138.36px;white-space:nowrap">SOFR/Nov-36/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:4973.34px;white-space:nowrap">4.225%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:6776.2px;white-space:nowrap">4,605,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:8205.64px;white-space:nowrap">235,796</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8164.85px;left:9395.08px;white-space:nowrap">(122,041)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:0px;white-space:nowrap">3.165%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:1031.8px;white-space:nowrap">SOFR/Mar-52/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:4306.16px;white-space:nowrap">3/22/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:4973.34px;white-space:nowrap">3.165%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:6776.2px;white-space:nowrap">4,099,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:8205.64px;white-space:nowrap">293,093</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8361.33px;left:9484.06px;white-space:nowrap">(69,569)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:0px;white-space:nowrap">(4%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:826.95px;white-space:nowrap">SOFR/Dec-30/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:3586.91px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:4528.58px;white-space:nowrap">12/08/25
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:5195.84px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:5284.75px;white-space:nowrap">4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:6687.22px;white-space:nowrap">16,330,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:8205.64px;white-space:nowrap">184,536</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8557.82px;left:9395.08px;white-space:nowrap">(140,466)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:0px;white-space:nowrap">(4.608%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:1138.36px;white-space:nowrap">SOFR/May-56/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:3586.91px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:4306.16px;white-space:nowrap">5/26/26 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:4973.34px;white-space:nowrap">4.608%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:6776.2px;white-space:nowrap">2,170,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:8294.63px;white-space:nowrap">78,789</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8754.3px;left:9484.06px;white-space:nowrap">(32,238)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8950.79px;left:0px;white-space:nowrap">(2.495%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8950.79px;left:1316.25px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8950.79px;left:1698.52px;white-space:nowrap">BBR/Nov-46/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:4973.34px;white-space:nowrap">2.495%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:6776.2px;white-space:nowrap">5,302,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:8205.64px;white-space:nowrap">328,897</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9142.79px;left:9501.64px;white-space:nowrap">615,902</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9339.27px;left:0px;white-space:nowrap">2.495%/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9339.27px;left:1209.69px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9339.27px;left:1591.95px;white-space:nowrap">BBR/Nov-46/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:4973.34px;white-space:nowrap">2.495%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:6776.2px;white-space:nowrap">5,302,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:8205.64px;white-space:nowrap">328,897</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9531.27px;left:9395.08px;white-space:nowrap">(314,186)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9727.76px;left:0px;white-space:nowrap">1.201%/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9727.76px;left:1218.52px;white-space:nowrap">EURIBOR/Apr-39/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:4318.03px;letter-spacing:-1.48px;white-space:nowrap">4/11/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:4973.34px;white-space:nowrap">1.201%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:6687.22px;white-space:nowrap">10,390,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:8205.64px;white-space:nowrap">206,241</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9919.76px;left:9395.08px;white-space:nowrap">(135,613)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10116.24px;left:0px;white-space:nowrap">(4.201%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10116.24px;left:1325.08px;white-space:nowrap">EURIBOR/Apr-39/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:4318.03px;letter-spacing:-1.48px;white-space:nowrap">4/11/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:4973.34px;white-space:nowrap">4.201%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:6687.22px;white-space:nowrap">10,390,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:8205.64px;white-space:nowrap">259,753</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10308.24px;left:9484.06px;white-space:nowrap">(54,214)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10504.73px;left:0px;white-space:nowrap">1.445%/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10504.73px;left:1209.69px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10504.73px;left:1591.95px;white-space:nowrap">BBR/Mar-40/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:4306.16px;white-space:nowrap">3/27/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:4973.34px;white-space:nowrap">1.445%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:6776.2px;white-space:nowrap">4,317,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:8205.64px;white-space:nowrap">165,123</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10696.73px;left:9395.08px;white-space:nowrap">(135,349)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.21px;left:0px;white-space:nowrap">(1.445%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.21px;left:1316.25px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.21px;left:1698.52px;white-space:nowrap">BBR/Mar-40/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:4306.16px;white-space:nowrap">3/27/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:4973.34px;white-space:nowrap">1.445%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:6776.2px;white-space:nowrap">4,317,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:8205.64px;white-space:nowrap">165,123</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.21px;left:9501.64px;white-space:nowrap">508,075</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:0px;white-space:nowrap">(4.5%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:960.39px;letter-spacing:-0.14px;white-space:nowrap">SOFR/Oct-30/(Written)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:4395.14px;white-space:nowrap">10/09/25
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:5151.31px;white-space:nowrap">4.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:6687.22px;white-space:nowrap">16,330,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:8188.06px;white-space:nowrap">(53,169)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11281.69px;left:9590.63px;white-space:nowrap">51,440</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:0px;white-space:nowrap">2.85%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:942.81px;white-space:nowrap">SOFR/Oct-30/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:4306.16px;white-space:nowrap">10/09/25
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:5062.33px;white-space:nowrap">2.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:6687.22px;white-space:nowrap">16,330,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:8205.64px;white-space:nowrap">109,947</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11478.18px;left:9406.95px;letter-spacing:-1.32px;white-space:nowrap">(101,118)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:0px;white-space:nowrap">(4.384%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:1138.36px;white-space:nowrap">SOFR/Feb-38/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:4306.16px;white-space:nowrap">1/31/28
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:4973.34px;white-space:nowrap">4.384%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:6776.2px;white-space:nowrap">4,030,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:8205.64px;white-space:nowrap">185,591</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11674.66px;left:9484.06px;white-space:nowrap">(36,612)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:0px;white-space:nowrap">3.884%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:1031.8px;white-space:nowrap">SOFR/Feb-38/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:4306.16px;white-space:nowrap">1/31/28
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:4973.34px;white-space:nowrap">3.884%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:6776.2px;white-space:nowrap">4,030,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:8205.64px;white-space:nowrap">178,135</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11871.15px;left:9495.94px;letter-spacing:-1.48px;white-space:nowrap">(11,351)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:0px;white-space:nowrap">4.01%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:942.81px;white-space:nowrap">SOFR/Mar-52/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:4395.14px;white-space:nowrap">3/29/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:5062.33px;white-space:nowrap">4.01%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:6909.64px;white-space:nowrap">614,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:8294.63px;white-space:nowrap">73,679</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12067.63px;left:9495.94px;letter-spacing:-1.48px;white-space:nowrap">(11,817)</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">35</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUICAYAAAAFtbN7AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcTWocVxiG0a9DY0zQwDuwd+IsJTMtw8kyapadWF6Kd+CBCMYYKgPPBM1t0U8at3XO+B3d+qF5kOqw7/sAAAAAFH5bDQAAAADOJTQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgc9y27WE1AuAi32bm1WrEs93NzONqBE94Hq/Pmd8271pOcW9w0nFm3q9GAFzk88y8XY2Aq/A8Xp8zB3hhjjPz92oEwEVez8zX1YhnezMzX1YjeMLzeH3O/LZ513KKe4OTDvu+rzYAAAAAZ/ExSAAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAACZ47ZtD6sRABf5NjOvViOe7W5mHlcjeMLzeH3O/LZ513KKe4OTjjPzsBoBcJHXM/N1NeLZ3szMl9UInvA8Xp8zv23etZzi3uCkw77vqw0AAADAWXyjAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZI7btj2sRgBc5NvMvFqNeLa7mXlcjeAJz+P1OfPb5l3LKe4NTjrOzMNqBMBFXs/M19WIZ3szM19WI3jC83h9zvy2eddyinuDkw77vq82AAAAAGfxjQYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgc9y27Y/VCICL/D4z/65GPNvdzDyuRvCE5/H6nPlt867lFPcGJx1n5uNqBMBFPs/M29UIuArP4/U5c4AX5rDv+2oDAAAAcBbfaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:2151.39px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:2501.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:2801.95px;white-space:nowrap">following&#160;credit
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:4042.53px;white-space:nowrap">default </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:4632.98px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:5103.19px;white-space:nowrap">contracts&#160;outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:6914.27px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:7284.55px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:7714.78px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:7814.88px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:7874.82px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4123.06px;left:7974.93px;white-space:nowrap">).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:844.53px;white-space:nowrap">Premium
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1755.96px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:2333.89px;white-space:nowrap">Option
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:3033.69px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:4022.75px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:0px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:462.34px;white-space:nowrap">right
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:862.27px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:1066.72px;white-space:nowrap">obligation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:1875.47px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:2070.94px;white-space:nowrap">receive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:2667.03px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:2871.48px;white-space:nowrap">(pay)/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:0px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:666.56px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:1004.53px;white-space:nowrap">index/Maturity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:2133.59px;white-space:nowrap">date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:3462.72px;white-space:nowrap">Counter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:3684.75px;white-space:nowrap">party</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:4733.66px;white-space:nowrap">Expiration</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:4715.61px;white-space:nowrap">date/strike</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:6803.63px;white-space:nowrap">Notional/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:6830.19px;white-space:nowrap">Contract</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:6873.96px;white-space:nowrap">amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:729.83px;left:7451.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:8099.31px;white-space:nowrap">Premium</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:7956.73px;white-space:nowrap">receivable/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:8081.58px;white-space:nowrap">(payable)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:342.62px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:534.62px;left:9012.22px;white-space:nowrap">appreciation/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:726.62px;left:8950.11px;white-space:nowrap">(depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:971.72px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:971.72px;left:5504.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:971.72px;left:7476.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:971.72px;left:8772.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:971.72px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:0px;white-space:nowrap">(4.01%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:1049.38px;white-space:nowrap">SOFR/Mar-52/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:4395.14px;white-space:nowrap">3/29/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:5062.33px;white-space:nowrap">4.01%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:6909.64px;white-space:nowrap">614,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:8205.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:8294.63px;white-space:nowrap">73,679</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:9590.63px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1049.67px;left:9679.61px;white-space:nowrap">7,829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.15px;left:0px;white-space:nowrap">(2.952%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.15px;left:1325.08px;white-space:nowrap">EURIBOR/Jun-49/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:3498px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:4306.16px;white-space:nowrap">6/18/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:4973.34px;white-space:nowrap">2.952%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:6776.2px;white-space:nowrap">4,848,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:8205.64px;white-space:nowrap">386,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1438.15px;left:9590.63px;white-space:nowrap">88,940</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1634.63px;left:0px;white-space:nowrap">(2.98%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1634.63px;left:1236.09px;white-space:nowrap">EURIBOR/May-55/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:3498px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:4395.14px;white-space:nowrap">5/08/35 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:5062.33px;white-space:nowrap">2.98%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:6909.64px;white-space:nowrap">260,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:8294.63px;white-space:nowrap">27,195</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1826.63px;left:9679.61px;white-space:nowrap">7,509</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:0px;white-space:nowrap">(4.825%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:1138.36px;white-space:nowrap">SOFR/May-57/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:3508.43px;letter-spacing:-2.97px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:4306.16px;white-space:nowrap">4/30/27 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:4973.34px;white-space:nowrap">4.825%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:6776.2px;white-space:nowrap">2,708,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:8294.63px;white-space:nowrap">98,044</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2023.12px;left:9573.05px;white-space:nowrap">(1,466)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:0px;white-space:nowrap">(2%)/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:1004.84px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:1387.11px;white-space:nowrap">BBR/Sep-46/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:4617.56px;white-space:nowrap">9/10/36 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:5195.84px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:5284.75px;white-space:nowrap">2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:6776.2px;white-space:nowrap">4,626,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:8205.64px;white-space:nowrap">245,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.6px;left:9501.64px;white-space:nowrap">301,721</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:0px;white-space:nowrap">2%/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:898.28px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:1280.55px;white-space:nowrap">BBR/Sep-46/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:4617.56px;white-space:nowrap">9/10/36 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:5195.84px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:5284.75px;white-space:nowrap">2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:6776.2px;white-space:nowrap">4,626,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:8205.64px;white-space:nowrap">245,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.09px;left:9395.08px;white-space:nowrap">(148,184)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:0px;white-space:nowrap">2.7%/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:1031.72px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:1413.98px;white-space:nowrap">BBR/Apr-47/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:4484.12px;white-space:nowrap">4/01/37 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:5151.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:6776.2px;white-space:nowrap">2,202,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:8205.64px;white-space:nowrap">133,601</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.57px;left:9484.06px;white-space:nowrap">(73,984)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:0px;white-space:nowrap">(2.7%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:1138.28px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:1520.55px;white-space:nowrap">BBR/Apr-47/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:4484.12px;white-space:nowrap">4/01/37 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:5151.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:6776.2px;white-space:nowrap">2,202,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:8205.64px;white-space:nowrap">133,601</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.06px;left:9590.63px;white-space:nowrap">84,167</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3005.54px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3005.54px;left:853.59px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3005.54px;left:9368.2px;white-space:nowrap">1,775,125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3202.03px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3202.03px;left:853.59px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3202.03px;left:9261.64px;white-space:nowrap">(1,815,817)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3398.51px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3398.51px;left:9395.08px;white-space:nowrap">$(40,692)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3681.79px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3677.57px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3677.57px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3677.57px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3677.57px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3677.57px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3677.57px;left:1904.04px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4583.73px;left:0px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4583.73px;left:633.4px;white-space:nowrap">Default
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4583.73px;left:1366.8px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4583.73px;left:1944.73px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5115.83px;left:1354.27px;white-space:nowrap">Periodic</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5307.83px;left:1325.13px;white-space:nowrap">Payment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5499.83px;left:1587.7px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:1295.83px;white-space:nowrap">Received</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:1507.55px;white-space:nowrap">(Paid)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:2333.13px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:2216.48px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:3053.52px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:3279.22px;white-space:nowrap">party</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:3809.77px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:4035.7px;white-space:nowrap">Date</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:4875.23px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:4811.07px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5888.05px;left:5306.54px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:6569.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5499.83px;left:7619.48px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:7473.16px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:7458.78px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5499.83px;left:8653.48px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5691.83px;left:8515.13px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:8434.97px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5883.83px;left:9574.22px;white-space:nowrap">Rating</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5888.05px;left:9982.35px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6202.01px;left:0px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6202.01px;left:729.14px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6202.01px;left:1360.55px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6202.01px;left:1822.89px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6398.5px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6398.5px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6398.5px;left:986.72px;white-space:nowrap">Sell
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6398.5px;left:1315.78px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6401.71px;left:2106.95px;white-space:nowrap">(c)(d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6626.98px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6626.98px;left:569.06px;white-space:nowrap">Index</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:0px;letter-spacing:-1.4px;white-space:nowrap">CDX.NA.HY.44</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:2340.39px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:3882.19px;white-space:nowrap">6/20/30</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:4815.28px;white-space:nowrap">18,279,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:6327.28px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:6400.25px;white-space:nowrap">1,426,785</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:7588.73px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:7661.7px;white-space:nowrap">877,594</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:8812.73px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:8885.7px;white-space:nowrap">549,191</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6853.05px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7045.05px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7237.05px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:288px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:601.67px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:1155.81px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:1651.67px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:2016.28px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:2621.89px;letter-spacing:48.95px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:6327.28px;white-space:nowrap">$1,426,785</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:7588.73px;white-space:nowrap">$877,594</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7465.53px;left:8812.73px;white-space:nowrap">$549,191</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7696.44px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7696.44px;left:382.19px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7696.44px;left:844.53px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7892.92px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7892.92px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7892.92px;left:986.72px;white-space:nowrap">Buy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7892.92px;left:1333.44px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:7896.13px;left:2124.61px;white-space:nowrap">(c)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8121.41px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8121.41px;left:569.06px;white-space:nowrap">Index</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:0px;white-space:nowrap">CMBX.NA.BB.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:4888.25px;white-space:nowrap">1,969,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:6400.25px;white-space:nowrap">1,063,556</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:7661.7px;white-space:nowrap">820,325</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8347.47px;left:8885.7px;white-space:nowrap">243,231</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:0px;white-space:nowrap">CMBX.NA.BB.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:3220.94px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:4997.7px;white-space:nowrap">584,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:6509.7px;white-space:nowrap">315,447</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:7734.67px;white-space:nowrap">33,229</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8543.95px;left:8885.7px;white-space:nowrap">282,218</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:0px;white-space:nowrap">CMBX.NA.BB.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:4997.7px;white-space:nowrap">289,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:6509.7px;white-space:nowrap">109,020</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:7661.7px;white-space:nowrap">108,736</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8740.44px;left:9141.09px;white-space:nowrap">284</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:4997.7px;white-space:nowrap">234,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:6582.67px;white-space:nowrap">12,539</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:7734.67px;white-space:nowrap">30,905</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8936.92px;left:8871.33px;white-space:nowrap">(18,366)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:4997.7px;white-space:nowrap">405,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:6582.67px;white-space:nowrap">21,703</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:7734.67px;white-space:nowrap">18,248</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9133.41px;left:9031.64px;white-space:nowrap">3,455</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:0px;white-space:nowrap">CMBX.NA.BB.8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:3809.22px;white-space:nowrap">10/17/57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:4997.7px;white-space:nowrap">358,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:6509.7px;white-space:nowrap">159,061</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:7661.7px;white-space:nowrap">155,013</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9329.89px;left:9031.64px;white-space:nowrap">4,048</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:0px;white-space:nowrap">CMBX.NA.BB.8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:3809.22px;white-space:nowrap">10/17/57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:4997.7px;white-space:nowrap">134,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:6582.67px;white-space:nowrap">59,537</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:7734.67px;white-space:nowrap">54,714</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9526.37px;left:9031.64px;white-space:nowrap">4,823</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:0px;white-space:nowrap">CMBX.NA.BB.8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:3809.22px;white-space:nowrap">10/17/57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:5070.67px;white-space:nowrap">25,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:6592.28px;letter-spacing:-1.6px;white-space:nowrap">11,108</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:7734.67px;white-space:nowrap">10,981</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9722.86px;left:9141.09px;white-space:nowrap">127</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9919.34px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:144px;white-space:nowrap">NA.BBB-.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:4888.25px;white-space:nowrap">1,129,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:6509.7px;white-space:nowrap">222,582</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:7661.7px;white-space:nowrap">339,336</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10111.34px;left:8807.97px;letter-spacing:-1.07px;white-space:nowrap">(116,754)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10307.83px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:144px;white-space:nowrap">NA.BBB-.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:4888.25px;white-space:nowrap">1,053,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:6509.7px;white-space:nowrap">207,599</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:7661.7px;white-space:nowrap">340,501</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10499.83px;left:8798.36px;white-space:nowrap">(132,902)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10696.31px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:144px;letter-spacing:-0.96px;white-space:nowrap">NA.BBB-.11</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/18/54</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:4888.25px;white-space:nowrap">1,326,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:6509.7px;white-space:nowrap">162,252</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:7661.7px;white-space:nowrap">165,603</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10888.31px;left:8944.3px;white-space:nowrap">(3,351)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11084.8px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:144px;white-space:nowrap">NA.BBB-.12</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:3882.19px;white-space:nowrap">8/17/61</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:4997.7px;white-space:nowrap">442,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:6582.67px;white-space:nowrap">80,414</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:7734.67px;white-space:nowrap">80,223</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11276.8px;left:9141.09px;white-space:nowrap">191</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11473.28px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:144px;white-space:nowrap">NA.BBB-.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:4997.7px;white-space:nowrap">884,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:6509.7px;white-space:nowrap">185,535</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:7661.7px;white-space:nowrap">185,345</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11665.28px;left:9141.09px;white-space:nowrap">190</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:0px;white-space:nowrap">CMBX.NA.BBB-.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:4997.7px;white-space:nowrap">766,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:6582.67px;white-space:nowrap">24,291</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:7661.7px;white-space:nowrap">143,487</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11861.76px;left:8807.97px;letter-spacing:-1.07px;white-space:nowrap">(119,196)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:0px;white-space:nowrap">CMBX.NA.BBB-.9</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:3882.19px;white-space:nowrap">9/17/58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:4997.7px;white-space:nowrap">442,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:6582.67px;white-space:nowrap">73,918</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:7734.67px;white-space:nowrap">79,394</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12058.25px;left:8944.3px;white-space:nowrap">(5,476)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">36</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:633.4px;white-space:nowrap">Default
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1366.8px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1944.73px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2933.79px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:580.37px;left:1354.27px;white-space:nowrap">Periodic</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:772.37px;left:1325.13px;white-space:nowrap">Payment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:964.37px;left:1587.7px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:1295.83px;white-space:nowrap">Received</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:1507.55px;white-space:nowrap">(Paid)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:2333.13px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:2216.48px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:3053.52px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:3279.22px;white-space:nowrap">party</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:3809.77px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:4035.7px;white-space:nowrap">Date</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:4875.23px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:4811.07px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1352.59px;left:5306.54px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:6569.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:964.37px;left:7619.48px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:7473.16px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:7458.78px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:964.37px;left:8653.48px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:8515.13px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:8434.97px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:9574.22px;white-space:nowrap">Rating</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1352.59px;left:9982.35px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1666.55px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1666.55px;left:382.19px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1666.55px;left:844.53px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1666.55px;left:1635.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:986.72px;white-space:nowrap">Sell
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:1315.78px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1866.25px;left:2106.95px;white-space:nowrap">(c)(d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2091.52px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2091.52px;left:569.06px;white-space:nowrap">Index</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:0px;white-space:nowrap">CMBX.NA.A.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:1643.97px;white-space:nowrap">2.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:3220.94px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:4997.7px;white-space:nowrap">804,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:6422.36px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:6495.33px;white-space:nowrap">(51,696)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:7501.39px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:7574.36px;white-space:nowrap">(105,907)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:8895.31px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:8968.28px;letter-spacing:-1.6px;white-space:nowrap">54,211</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2317.58px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:0px;white-space:nowrap">CMBX.NA.BB.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:3250.08px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:4997.7px;white-space:nowrap">215,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:6431.97px;letter-spacing:-1.07px;white-space:nowrap">(116,132)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:7647.33px;white-space:nowrap">(17,251)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:8871.33px;white-space:nowrap">(98,881)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2706.07px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2898.07px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:0px;white-space:nowrap">CMBX.NA.BB.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:4997.7px;white-space:nowrap">289,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:6422.36px;white-space:nowrap">(109,020)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:7574.36px;white-space:nowrap">(123,564)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:8958.67px;white-space:nowrap">14,544</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3286.55px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3670.55px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:4888.25px;white-space:nowrap">1,391,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:6495.33px;white-space:nowrap">(74,540)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:7574.36px;white-space:nowrap">(241,859)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:8885.7px;white-space:nowrap">167,319</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4059.04px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4251.04px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:4997.7px;white-space:nowrap">186,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:6568.3px;white-space:nowrap">(9,967)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:7647.33px;white-space:nowrap">(32,290)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:8958.67px;white-space:nowrap">22,323</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4447.52px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4639.52px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4831.52px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:3250.08px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:5070.67px;white-space:nowrap">21,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:6568.3px;white-space:nowrap">(1,125)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:7656.94px;letter-spacing:-1.2px;white-space:nowrap">(10,811)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:9031.64px;white-space:nowrap">9,686</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5028px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5220px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5412px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:3220.94px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:4997.7px;white-space:nowrap">256,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:6495.33px;white-space:nowrap">(13,718)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:7647.33px;white-space:nowrap">(28,625)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:8958.67px;white-space:nowrap">14,907</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5608.49px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5800.49px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5992.49px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:4997.7px;white-space:nowrap">921,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:6495.33px;white-space:nowrap">(49,354)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:7574.36px;white-space:nowrap">(163,951)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:8895.31px;letter-spacing:-1.37px;white-space:nowrap">114,597</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6188.97px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6380.97px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6572.97px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6769.46px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:144px;white-space:nowrap">NA.BBB-.16</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:3882.19px;white-space:nowrap">4/17/65</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:5070.67px;white-space:nowrap">63,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:6495.33px;white-space:nowrap">(10,314)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:7647.33px;white-space:nowrap">(14,321)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:9031.64px;white-space:nowrap">4,007</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6769.46px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6961.46px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7157.94px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:144px;white-space:nowrap">NA.BBB-.16</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:3882.19px;white-space:nowrap">4/17/65</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:5070.67px;white-space:nowrap">33,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:6568.3px;white-space:nowrap">(5,403)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:7720.3px;white-space:nowrap">(6,777)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:9031.64px;white-space:nowrap">1,374</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7157.94px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7349.94px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7546.43px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:144px;white-space:nowrap">NA.BBB-.16</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:3882.19px;white-space:nowrap">4/17/65</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:5070.67px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:6568.3px;white-space:nowrap">(5,567)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:7720.3px;white-space:nowrap">(7,729)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:9031.64px;white-space:nowrap">2,162</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7546.43px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7738.43px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:0px;white-space:nowrap">CMBX.NA.BBB-.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:3257.11px;letter-spacing:-3.59px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:4997.7px;white-space:nowrap">766,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:6495.33px;white-space:nowrap">(24,292)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:7647.33px;white-space:nowrap">(47,650)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:8958.67px;white-space:nowrap">23,358</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7934.91px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8126.91px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:288px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:601.67px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:915.11px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:1279.72px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:1852.89px;letter-spacing:48.95px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:6327.28px;white-space:nowrap">$2,237,434</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:7479.28px;white-space:nowrap">$1,765,305</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8355.4px;left:8812.73px;white-space:nowrap">$472,129</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:576px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:889.67px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:1276.08px;white-space:nowrap">Default
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:1728.27px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:2092.87px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:2680.44px;letter-spacing:49.7px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:6327.28px;white-space:nowrap">$3,664,219</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:7479.28px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:7552.25px;white-space:nowrap">2,642,899</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8615.88px;left:8703.28px;white-space:nowrap">$1,021,320</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8938.58px;left:0px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:93.46px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:239.4px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:531.04px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:954.01px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:1369.79px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:1967.76px;white-space:nowrap">indicated.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:2565.96px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:2799.24px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:3368.15px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:3514.09px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:3747.45px;white-space:nowrap">protection,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:4396.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:4615.57px;white-space:nowrap">notional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:5111.66px;letter-spacing:0px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:5585.81px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:5717.06px;white-space:nowrap">equal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:6074.56px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:6220.49px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:6439.4px;white-space:nowrap">maximum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:7044.48px;white-space:nowrap">potential
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:7577.06px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:8051.2px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:8197.13px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:8416.04px;white-space:nowrap">future
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:8788.07px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:9393.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8934.36px;left:9648.85px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:0px;white-space:nowrap">recourse
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:546.95px;white-space:nowrap">provisions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:1174.14px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:1495.16px;white-space:nowrap">been
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:1823.52px;white-space:nowrap">entered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:2305px;white-space:nowrap">into
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:2553.05px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:2691.64px;white-space:nowrap">association
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:3384.61px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:3654.38px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9126.36px;left:3873.28px;white-space:nowrap">contracts.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9327.07px;left:0px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:93.46px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:501.98px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:684.4px;white-space:nowrap">Standard
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:1253.38px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:1508.77px;white-space:nowrap">Poor&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:1913.15px;white-space:nowrap">(S&amp;P)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:2299.48px;white-space:nowrap">Rating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:2715.18px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:2904.79px;white-space:nowrap">single
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:3284.09px;white-space:nowrap">name
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:3648.77px;white-space:nowrap">swaps
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:4057.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:4312.52px;white-space:nowrap">internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:4779.32px;letter-spacing:0px;white-space:nowrap">ratings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:5209.63px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:5399.24px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:5749.4px;white-space:nowrap">swaps.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:6194.24px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:6668.38px;white-space:nowrap">ratings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:7098.7px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:7492.68px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:7675.1px;white-space:nowrap">mapping
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:8214.87px;white-space:nowrap">into
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:8462.92px;white-space:nowrap">equivalent
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:9097.6px;white-space:nowrap">ratings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9322.85px;left:9527.92px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9514.85px;left:0px;white-space:nowrap">external
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9514.85px;left:503.28px;white-space:nowrap">vendors.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9715.55px;left:0px;white-space:nowrap">(c)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:89.18px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:876.76px;white-space:nowrap">triggers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:1350.74px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:1540.35px;white-space:nowrap">settlement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:2182.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:2328.16px;white-space:nowrap">contract
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:2831.45px;white-space:nowrap">include
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:3283.71px;white-space:nowrap">default,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:3750.66px;white-space:nowrap">bankruptcy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:4429.02px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:4582.15px;white-space:nowrap">restructuring
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:5347.85px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:5537.46px;white-space:nowrap">single
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:5916.76px;white-space:nowrap">name
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:6281.45px;white-space:nowrap">swaps,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:6726.29px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:6981.68px;white-space:nowrap">failure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:7375.51px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:7521.45px;white-space:nowrap">pay
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:7769.49px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:7922.62px;white-space:nowrap">bankruptcy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:8600.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:8746.91px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9711.33px;left:8965.82px;white-space:nowrap">underlying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9903.33px;left:0px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9903.33px;left:590.7px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9903.33px;left:780.31px;white-space:nowrap">traded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9903.33px;left:1188.83px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9903.33px;left:1538.98px;white-space:nowrap">swaps.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10104.04px;left:0px;white-space:nowrap">(d)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:93.46px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:356.04px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:647.91px;white-space:nowrap">enters
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:1049.09px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:1617.99px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:1763.93px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:1997.29px;white-space:nowrap">protection
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:2610.02px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:2755.96px;white-space:nowrap">create
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:3157.13px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:3266.59px;white-space:nowrap">long
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:3551.12px;white-space:nowrap">credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10099.82px;left:3908.46px;white-space:nowrap">position.
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</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUICAYAAAAFtbN7AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzbsU3DUBhG0T8oBSUbMAqjwRoZh1HYICWdU0CFFL1IXCQin1N/haVny9KVfdi2bQAAAAAKD6sBAAAAwK2EBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABA5ng6nd5WI9iJp5k5r0awc+f5elb4W48z87kawQ/3+B67x2veG2fENe4NrjrOzOtqBADf3mfmZTXi1z5m5nk1AgD4j/w6AQAAAGQO27atNgAAAAA38UUDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2151.39px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2501.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2801.95px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3552.36px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4192.65px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4552.82px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5023.04px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5803.33px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6834.11px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7204.39px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7634.62px;white-space:nowrap">1(e).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:778.03px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:1267.09px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:1845.02px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:2213.05px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:2070.86px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:4057.73px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:4333.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:5408.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:5381.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:5985.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:7069.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1403.83px;left:8206.42px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:8028.06px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:8010.48px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1403.83px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2034.11px;left:6048px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2034.11px;left:7476.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2034.11px;left:8772.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2034.11px;left:10068.88px;white-space:nowrap">aa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:0px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:729.14px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:1360.55px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:1822.89px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:1058.2px;white-space:nowrap">1.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2636.25px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2636.25px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2636.25px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:144px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:5247.22px;white-space:nowrap">13,076,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:6803.08px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:6892.06px;white-space:nowrap">(51,619)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:8188.06px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:8277.05px;white-space:nowrap">(3,226)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:9395.08px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:9484.06px;white-space:nowrap">(48,393)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.73px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.73px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.73px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:899.86px;white-space:nowrap">3.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:5158.23px;white-space:nowrap">275,679,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:6909.64px;white-space:nowrap">314,357</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:8099.08px;white-space:nowrap">(333,092)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:9501.64px;white-space:nowrap">647,449</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:1058.2px;white-space:nowrap">2.48%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3934.18px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3934.18px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3934.18px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:144px;letter-spacing:-0.88px;white-space:nowrap">REPO_CORRA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:1264.96px;letter-spacing:67.16px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:5247.22px;white-space:nowrap">14,091,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:6095.09px;white-space:nowrap">CAD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:6892.06px;white-space:nowrap">(35,123)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:8383.61px;white-space:nowrap">5,421</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:9484.06px;white-space:nowrap">(40,544)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:1058.2px;white-space:nowrap">3.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.15px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.15px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.15px;left:1077.83px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:5336.2px;white-space:nowrap">6,412,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:6981.05px;white-space:nowrap">(3,349)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:8383.61px;white-space:nowrap">2,412</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:9573.05px;white-space:nowrap">(5,761)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:1058.2px;white-space:nowrap">3.78%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5232.12px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5232.12px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5232.12px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:144px;letter-spacing:-1.77px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:704.48px;letter-spacing:57.23px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:5336.2px;white-space:nowrap">3,455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:6096.5px;letter-spacing:-0.96px;white-space:nowrap">GBP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:6998.63px;white-space:nowrap">12,271</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:8383.61px;white-space:nowrap">1,842</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:9590.63px;white-space:nowrap">10,429</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:1058.2px;white-space:nowrap">3.63%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5881.09px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5881.09px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5881.09px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:144px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:611.07px;letter-spacing:56.54px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:4146.17px;white-space:nowrap">9/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:5158.23px;white-space:nowrap">272,337,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:6909.64px;white-space:nowrap">752,537</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:8205.64px;white-space:nowrap">900,247</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:9395.08px;white-space:nowrap">(147,710)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.58px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.58px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.58px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.58px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:899.86px;white-space:nowrap">3.73%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:4146.17px;white-space:nowrap">9/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:5247.22px;white-space:nowrap">13,862,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:7087.61px;white-space:nowrap">4,422</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:8188.06px;white-space:nowrap">(49,648)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:9590.63px;white-space:nowrap">54,070</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7142.54px;left:0px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7142.54px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7142.54px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:899.86px;white-space:nowrap">2.18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:4146.17px;white-space:nowrap">9/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:5469.64px;white-space:nowrap">487,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:7087.61px;white-space:nowrap">5,221</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:8383.61px;white-space:nowrap">1,423</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:9679.61px;white-space:nowrap">3,798</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:1058.2px;white-space:nowrap">4.166%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:1681.44px;letter-spacing:97.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7828px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7828px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7828px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:4146.17px;white-space:nowrap">7/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:5247.22px;white-space:nowrap">16,226,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:6981.05px;white-space:nowrap">(2,765)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:9573.05px;white-space:nowrap">(2,765)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:1058.2px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:1494.61px;letter-spacing:65.02px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.97px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.97px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.97px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:144px;white-space:nowrap">SARON</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:797.89px;letter-spacing:58.06px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:5336.2px;white-space:nowrap">3,908,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:6099.59px;white-space:nowrap">CHF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:6892.06px;white-space:nowrap">(64,244)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:8294.63px;white-space:nowrap">16,333</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:9484.06px;white-space:nowrap">(80,577)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9089.45px;left:0px;letter-spacing:-0.88px;white-space:nowrap">REPO_CORRA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9089.45px;left:1120.96px;letter-spacing:55.84px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9089.45px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:899.86px;white-space:nowrap">3.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:5336.2px;white-space:nowrap">7,244,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:6095.09px;white-space:nowrap">CAD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:6998.63px;white-space:nowrap">61,341</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:8277.05px;white-space:nowrap">(3,316)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:9590.63px;white-space:nowrap">64,657</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.42px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.42px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9738.42px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:899.86px;white-space:nowrap">3.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:5247.22px;white-space:nowrap">79,041,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:6803.08px;white-space:nowrap">(320,243)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:8099.08px;white-space:nowrap">(227,682)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:9484.06px;white-space:nowrap">(92,561)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:1058.2px;white-space:nowrap">2.53%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10423.87px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10423.87px;left:464.16px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10423.87px;left:1077.83px;white-space:nowrap">6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:144px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:5336.2px;white-space:nowrap">3,466,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:6892.06px;white-space:nowrap">(54,558)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:8277.05px;white-space:nowrap">(7,249)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:9484.06px;white-space:nowrap">(47,309)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:1236.17px;white-space:nowrap">3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11036.36px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11036.36px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11036.36px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11036.36px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:899.86px;white-space:nowrap">4.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:1264.96px;letter-spacing:67.16px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:5336.2px;white-space:nowrap">9,019,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:6099.59px;white-space:nowrap">NZD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:6892.06px;white-space:nowrap">(57,086)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:8188.06px;white-space:nowrap">(12,439)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:9484.06px;white-space:nowrap">(44,647)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:1236.17px;white-space:nowrap">3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11685.33px;left:0px;white-space:nowrap">STIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11685.33px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11685.33px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:899.86px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:1264.96px;letter-spacing:67.16px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:5247.22px;white-space:nowrap">33,695,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:6103.92px;white-space:nowrap">SEK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:7010.5px;letter-spacing:-1.98px;white-space:nowrap">16,110</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:8188.06px;white-space:nowrap">(19,189)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:9590.63px;white-space:nowrap">35,299</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">38</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:2151.39px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:2501.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:2801.95px;white-space:nowrap">following&#160;total
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:3942.6px;white-space:nowrap">return&#160;swap
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:4933.04px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:5713.33px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:6744.11px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:7114.39px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:7544.62px;white-space:nowrap">1(e)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6891.05px;left:7864.72px;white-space:nowrap">.&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:778.03px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1267.09px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1845.02px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2834.08px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:2213.05px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:2070.86px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:4057.73px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:4333.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:5408.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:5381.44px;white-space:nowrap">Amount*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:7069.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:582.79px;left:8206.42px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:8028.06px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:8010.48px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:582.79px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1213.07px;left:6048px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1213.07px;left:7476.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1213.07px;left:8772.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1213.07px;left:10068.88px;white-space:nowrap">aa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:0px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:729.14px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:1360.55px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:1822.89px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1326.23px;left:2614.14px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:1058.2px;white-space:nowrap">4.18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1815.2px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1815.2px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1815.2px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:144px;letter-spacing:-1.77px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:704.48px;letter-spacing:57.23px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:5336.2px;white-space:nowrap">4,049,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:6096.5px;letter-spacing:-0.96px;white-space:nowrap">GBP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:6909.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:6998.63px;white-space:nowrap">46,225</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:8294.63px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:8383.61px;white-space:nowrap">9,308</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:9590.63px;white-space:nowrap">36,917</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:1058.2px;white-space:nowrap">4.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.17px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.17px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.17px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:5336.2px;white-space:nowrap">6,482,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:7010.5px;letter-spacing:-1.98px;white-space:nowrap">15,117</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:8294.63px;white-space:nowrap">12,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:9679.61px;white-space:nowrap">2,296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.66px;left:0px;white-space:nowrap">NIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.66px;left:560.48px;letter-spacing:52.67px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.66px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:899.86px;white-space:nowrap">4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:1171.54px;letter-spacing:64.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:5247.22px;white-space:nowrap">56,552,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:6090.64px;white-space:nowrap">NOK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:6892.06px;white-space:nowrap">(28,948)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:8294.63px;white-space:nowrap">12,758</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:9484.06px;white-space:nowrap">(41,706)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3533.62px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3533.62px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3533.62px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:899.86px;white-space:nowrap">4.377%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:4146.17px;white-space:nowrap">7/02/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:5336.2px;white-space:nowrap">1,531,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:6998.63px;white-space:nowrap">16,282</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:9590.63px;white-space:nowrap">16,282</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4182.59px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4182.59px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4182.59px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4374.59px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4374.59px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4374.59px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:899.86px;white-space:nowrap">4.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:4146.17px;white-space:nowrap">9/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:5336.2px;white-space:nowrap">3,624,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:7087.61px;white-space:nowrap">8,210</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:8188.06px;white-space:nowrap">(19,135)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:9590.63px;white-space:nowrap">27,345</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:1058.2px;white-space:nowrap">2.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5060.05px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5060.05px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5060.05px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:144px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:4146.17px;white-space:nowrap">9/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:5336.2px;white-space:nowrap">1,720,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:6803.08px;white-space:nowrap">(105,190)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:8188.06px;white-space:nowrap">(22,756)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:9484.06px;white-space:nowrap">(82,434)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:1058.2px;white-space:nowrap">4.48%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5709.01px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5709.01px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5709.01px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:4146.17px;white-space:nowrap">9/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:5469.64px;white-space:nowrap">179,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:7310.03px;white-space:nowrap">65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:8517.05px;white-space:nowrap">869</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:9706.48px;white-space:nowrap">(804)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:792px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:1174.42px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:1752.47px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:2134.89px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:2579.58px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:3327.81px;letter-spacing:49.58px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:6820.66px;white-space:nowrap">$529,033</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:8116.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:8205.64px;white-space:nowrap">265,702</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:9412.66px;white-space:nowrap">$263,331</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6449.78px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6445.56px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6445.56px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6445.56px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6445.56px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6445.56px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6445.56px;left:1904.04px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7351.72px;left:0px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7351.72px;left:518.46px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7351.72px;left:1218.46px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7351.72px;left:1796.39px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:0px;white-space:nowrap">Underlying
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:880.08px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8270.24px;left:3522.45px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:3931.2px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8270.24px;left:4561.05px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:4418.86px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8270.24px;left:5353.44px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:5628.75px;white-space:nowrap">party</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8270.24px;left:6491.73px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:6767.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8270.24px;left:7770.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:7929.69px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:8347.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7886.24px;left:9617.5px;letter-spacing:-1.47px;white-space:nowrap">Value/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8078.24px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8270.24px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8462.24px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8821.69px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8821.69px;left:382.19px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8821.69px;left:844.53px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9050.17px;left:0px;white-space:nowrap">Long</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:9053.38px;left:390.94px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:0px;white-space:nowrap">Ephesus </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:667.11px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:1289.77px;white-space:nowrap">DAC</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9249.86px;left:1627.58px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:1774.85px;letter-spacing:49.56px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:3735.34px;white-space:nowrap">0.165%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:4463.39px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:4659.02px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:5540px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:6580.17px;white-space:nowrap">9/22/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:7698.2px;white-space:nowrap">2,435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9246.65px;left:9590.63px;white-space:nowrap">48,697</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9475.14px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9475.14px;left:670.42px;white-space:nowrap">Return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9475.14px;left:1195.11px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9475.14px;left:1639.8px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9475.14px;left:2385.91px;letter-spacing:49.77px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9475.14px;left:9501.64px;white-space:nowrap">$48,697</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9795.42px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9791.2px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9791.2px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9791.2px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9791.2px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9791.2px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9791.2px;left:1904.04px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:9991.91px;left:0px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:93.46px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:356.04px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:691.59px;white-space:nowrap">receives
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:1216.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:1435.57px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:1720.1px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:2099.32px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:2281.74px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:2500.65px;white-space:nowrap">underlying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:3142.52px;white-space:nowrap">instrument
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:3791.59px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:4046.98px;white-space:nowrap">pays
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:4360.65px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:4470.1px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:4783.77px;text-rendering:optimizeLegibility;letter-spacing:0px;white-space:nowrap">financing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9987.69px;left:5345.49px;white-space:nowrap">rate.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10188.39px;left:0px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:93.46px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:355.88px;white-space:nowrap">valued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:779.01px;white-space:nowrap">using
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:1129.16px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:1749.16px;white-space:nowrap">unobservable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:2573.46px;white-space:nowrap">inputs.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:2996.59px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:3266.51px;white-space:nowrap">Note
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:3580.1px;white-space:nowrap">10
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:3762.52px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:4353.31px;white-space:nowrap">fair
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:4572.06px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10184.17px;left:4922.21px;letter-spacing:0px;white-space:nowrap">measurements.
</div></div> </div>

<div style="height:31.46px;left:0px;position:absolute;top:0px;transform:translate(36.000px,691.335px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:532.02px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">Note&#160;9&#160;regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1283.75px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1619.3px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2217.34px;white-space:nowrap">information.</div></div>
</div>

<div style="height:25.64px;left:0px;position:absolute;top:0px;transform:translate(36.000px,699.612px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:366.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:262.73px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:350.23px;white-space:nowrap">bbreviations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1094.22px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1276.64px;white-space:nowrap">page</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1605px;white-space:nowrap">57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1750.94px;white-space:nowrap">.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Statement </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1532.07px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2384.56px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2890.6px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:370.11px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:670.34px;white-space:nowrap">2025</div></div>
</div>

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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">39</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8856px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9484.06px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9688.83px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:554.96px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:757.44px;left:144px;white-space:nowrap">Investments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:757.44px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:757.44px;left:1220.02px;white-space:nowrap">securities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:288px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:661.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:759.17px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:1600.11px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:9101.25px;white-space:nowrap">$410,787,298</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:288px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:661.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:759.17px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:1844.17px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:2471.59px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:2907.3px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:2996.28px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:3085.27px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:9279.22px;white-space:nowrap">30,092,317</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1446.35px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1446.35px;left:729.8px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1446.35px;left:827.53px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1446.35px;left:1668.47px;white-space:nowrap">issuers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1446.35px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1446.35px;left:9101.25px;white-space:nowrap">$412,212,171</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:729.8px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:827.53px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:1912.53px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:2539.95px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:2975.66px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:3064.64px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:3153.63px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:3269.46px;letter-spacing:49.68px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1648.83px;left:9279.22px;white-space:nowrap">30,147,850</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1851.32px;left:144px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1851.32px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1851.32px;left:9368.2px;white-space:nowrap">2,555,322</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2053.8px;left:144px;white-space:nowrap">Receivables:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2256.29px;left:288px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2256.29px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2256.29px;left:1835.27px;white-space:nowrap">sold</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2256.29px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2256.29px;left:9501.64px;white-space:nowrap">952,079</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:288px;white-space:nowrap">Receivable </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:1124.02px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:1355.19px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:1773.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:1948.16px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:2294.95px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:3015.19px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:3450.89px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:3539.88px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:3628.86px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:3736.52px;letter-spacing:49.76px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2458.77px;left:9368.2px;white-space:nowrap">9,472,031</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2661.26px;left:288px;white-space:nowrap">Dividends </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2661.26px;left:1035.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2661.26px;left:1346.44px;white-space:nowrap">interest</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2661.26px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2661.26px;left:9368.2px;white-space:nowrap">2,966,206</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2863.74px;left:288px;white-space:nowrap">Deposits </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2863.74px;left:954.95px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2863.74px;left:1283.94px;white-space:nowrap">brokers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2863.74px;left:1861.91px;white-space:nowrap">for:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3066.22px;left:432px;white-space:nowrap">Centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3066.22px;left:1107.78px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3066.22px;left:1677px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3066.22px;left:2094.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3066.22px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3066.22px;left:9368.2px;white-space:nowrap">4,798,599</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:288px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:952.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:1485.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:1708px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:2241.59px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.71px;left:9590.63px;white-space:nowrap">10,160</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:144px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:526.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:944.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:1637.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:2233.61px;white-space:nowrap">payments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:2927.28px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3471.19px;left:9368.2px;white-space:nowrap">2,566,040</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:2474.08px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:3052.05px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:3790.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3673.68px;left:9501.64px;white-space:nowrap">302,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:2091.89px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:2669.86px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:3336.66px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:3754.63px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:4235.02px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:4950.9px;letter-spacing:50.04px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3876.16px;left:9368.2px;white-space:nowrap">1,775,125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:2474.08px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:2892.05px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:3549.7px;letter-spacing:49.73px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4078.65px;left:9368.2px;white-space:nowrap">1,015,752</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:2091.89px;white-space:nowrap">unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:2803.69px;white-space:nowrap">loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:3150.64px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:4146.34px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:4582.05px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:4671.03px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:4764.07px;letter-spacing:49.98px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4281.13px;left:9991.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4483.62px;left:144px;white-space:nowrap">Prepaid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4483.62px;left:739.94px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4483.62px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4483.62px;left:9501.64px;white-space:nowrap">109,235</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.1px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.1px;left:588.61px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.1px;left:1120.96px;letter-spacing:49.47px;white-space:nowrap">..............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4686.1px;left:9813.05px;white-space:nowrap">466</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.58px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.58px;left:958.42px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.58px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.58px;left:9190.23px;white-space:nowrap">468,883,333</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5149.07px;left:0px;white-space:nowrap">Liabilities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5351.55px;left:144px;white-space:nowrap">Payables:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5554.04px;left:288px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5554.04px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5554.04px;left:1835.27px;white-space:nowrap">purchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5554.04px;left:2615.57px;letter-spacing:49.6px;white-space:nowrap">..............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5554.04px;left:9368.2px;white-space:nowrap">3,476,647</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:288px;white-space:nowrap">Payable </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:910.66px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:1141.83px;white-space:nowrap">purchases
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:1924.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:2099.48px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:2446.28px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:3166.52px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:3602.22px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:3691.2px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:3780.19px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:3923.35px;letter-spacing:49.79px;white-space:nowrap">................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5756.52px;left:9279.22px;white-space:nowrap">85,903,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5959.01px;left:288px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5959.01px;left:1266.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5959.01px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5959.01px;left:9501.64px;white-space:nowrap">679,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6161.49px;left:288px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6161.49px;left:1337.22px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6161.49px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6161.49px;left:9813.05px;white-space:nowrap">531</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6363.97px;left:288px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6363.97px;left:922.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6363.97px;left:1367.06px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6363.97px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6363.97px;left:9590.63px;white-space:nowrap">29,312</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6566.46px;left:288px;letter-spacing:-0.59px;white-space:nowrap">Trustees&#39;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6566.46px;left:979.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6566.46px;left:1326.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6566.46px;left:1637.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6566.46px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6566.46px;left:9501.64px;white-space:nowrap">157,734</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.94px;left:288px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.94px;left:1212.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.94px;left:1390.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.94px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6768.94px;left:9501.64px;white-space:nowrap">153,217</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:288px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:952.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:1485.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:1708px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:2348.23px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:2917.45px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:3335.42px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:4016.76px;letter-spacing:49.81px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.43px;left:9590.63px;white-space:nowrap">52,195</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7173.91px;left:288px;white-space:nowrap">Deposits </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7173.91px;left:954.95px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7173.91px;left:1319.41px;white-space:nowrap">brokers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7173.91px;left:1897.38px;white-space:nowrap">for:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7376.4px;left:432px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7376.4px;left:814.19px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7376.4px;left:1543.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7376.4px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7376.4px;left:9368.2px;white-space:nowrap">2,479,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:144px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:526.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:944.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:1637.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:2233.61px;white-space:nowrap">receipts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:2793.84px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7578.88px;left:9501.64px;white-space:nowrap">800,735</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:953.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:2474.08px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:2892.05px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:3549.7px;letter-spacing:49.73px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7781.37px;left:9501.64px;white-space:nowrap">494,926</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:953.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:2474.08px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:3052.05px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:3790.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.85px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">119,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:953.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:2091.89px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:2669.86px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:3336.66px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:3754.63px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:4235.02px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:4950.9px;letter-spacing:50.04px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8186.33px;left:9368.2px;white-space:nowrap">1,815,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:130.47px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:477.27px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:815.23px;white-space:nowrap">commitments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:1855.39px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:2033.28px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:2460.23px;white-space:nowrap">(proceeds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:3216.17px;white-space:nowrap">$9,472,031)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:4114.69px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:4550.39px;white-space:nowrap">1d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:4857.48px;letter-spacing:50.01px;white-space:nowrap">......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8388.82px;left:9368.2px;white-space:nowrap">9,460,993</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:144px;white-space:nowrap">Accrued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:775.41px;white-space:nowrap">expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:1504.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:1816.19px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:2225.33px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8591.3px;left:9501.64px;white-space:nowrap">267,598</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8822.79px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8822.79px;left:958.42px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8822.79px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8822.79px;left:9190.23px;white-space:nowrap">105,891,512</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9083.27px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9083.27px;left:1157.44px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9083.27px;left:1708.77px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9083.27px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9083.27px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9083.27px;left:9101.25px;white-space:nowrap">$362,991,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9489.21px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9489.21px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9489.21px;left:800.31px;white-space:nowrap">consist </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9489.21px;left:1342.73px;white-space:nowrap">of:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9720.7px;left:144px;white-space:nowrap">Paid-in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9720.7px;left:686.5px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9720.7px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9720.7px;left:9101.25px;white-space:nowrap">$600,996,062</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9923.18px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9923.18px;left:526.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9923.18px;left:1433.61px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9923.18px;left:2091.81px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9923.18px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9923.18px;left:9083.67px;white-space:nowrap">(238,004,241)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10154.67px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10154.67px;left:1157.44px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10154.67px;left:1708.77px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10154.67px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10154.67px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10154.67px;left:9101.25px;white-space:nowrap">$362,991,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10415.15px;left:144px;white-space:nowrap">Shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10415.15px;left:695.41px;white-space:nowrap">outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10415.15px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10415.15px;left:9279.22px;white-space:nowrap">95,567,537</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:437.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:864.31px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:1291.27px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:1566.97px;white-space:nowrap">share</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10678.84px;left:1967.2px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10675.63px;left:9679.61px;white-space:nowrap">$3.80</div></div>
</div>

<div style="height:18.19px;left:0px;position:absolute;top:0px;transform:translate(54.000px,717.932px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:196.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.04px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:22.81px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:283.17px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:633.32px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:983.48px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1209.57px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1574.26px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1858.63px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2077.54px;white-space:nowrap">recalculate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2748.56px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3003.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3149.88px;white-space:nowrap">rounding.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:260.07px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:960.47px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1511.02px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1881.12px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2181.36px;white-space:nowrap">2025</div></div>
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8856px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9484.06px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9688.83px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:554.96px;left:0px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:554.96px;left:827.03px;white-space:nowrap">income:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:757.44px;left:144px;white-space:nowrap">Dividends: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:288px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:2000.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:2436.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:2525.11px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:2614.09px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:959.92px;left:9279.22px;white-space:nowrap">$2,330,814</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1162.41px;left:144px;white-space:nowrap">Interest: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1364.89px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1364.89px;left:1128.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1364.89px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1364.89px;left:9279.22px;white-space:nowrap">20,841,850</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.38px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.38px;left:814.42px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.38px;left:1632.55px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.38px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.38px;left:9279.22px;white-space:nowrap">23,172,664</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1827.86px;left:0px;white-space:nowrap">Expenses:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:144px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:1122.36px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:1469.23px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:1904.94px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:1993.92px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:2082.91px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2030.35px;left:9368.2px;white-space:nowrap">2,673,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:144px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:1193.22px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:1540.09px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:1975.8px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:2064.78px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:2153.77px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2232.83px;left:9679.61px;white-space:nowrap">5,889</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:778.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:1223.06px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:1569.94px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:2005.64px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:2094.63px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2435.32px;left:9501.64px;white-space:nowrap">181,152</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:144px;white-space:nowrap">Custodian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:908.92px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:1255.8px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:1691.5px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:1780.48px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2637.8px;left:9590.63px;white-space:nowrap">62,872</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.28px;left:144px;white-space:nowrap">Reports </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.28px;left:748.69px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.28px;left:926.58px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.28px;left:1896.03px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.28px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.28px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">110,899</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3042.77px;left:144px;white-space:nowrap">Registration
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3042.77px;left:1042.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3042.77px;left:1353.61px;text-rendering:optimizeLegibility;white-space:nowrap">filing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3042.77px;left:1727.13px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3042.77px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3042.77px;left:9590.63px;white-space:nowrap">69,536</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.25px;left:144px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.25px;left:1068.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.25px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.25px;left:9501.64px;white-space:nowrap">271,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:144px;letter-spacing:-0.59px;white-space:nowrap">Trustees&#39;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:835.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:1182.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:1493.77px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:2223.14px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:2658.84px;white-space:nowrap">3d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3447.74px;left:9590.63px;white-space:nowrap">36,647</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3650.22px;left:144px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3650.22px;left:722.05px;white-space:nowrap">expense </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3650.22px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3650.22px;left:9813.05px;white-space:nowrap">635</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3852.71px;left:144px;white-space:nowrap">Other</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3852.71px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3852.71px;left:9590.63px;white-space:nowrap">23,903</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.19px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.19px;left:814.42px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.19px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.19px;left:9368.2px;white-space:nowrap">3,435,592</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:432px;white-space:nowrap">Expense </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:1099.11px;white-space:nowrap">reductions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:1881.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:2317.47px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:2406.45px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4257.67px;left:9573.05px;white-space:nowrap">(2,463)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:432px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:1179.11px;white-space:nowrap">waived/paid
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:2068.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:2909.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:3345.13px;white-space:nowrap">3e)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:3643.11px;letter-spacing:49.74px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.16px;left:9573.05px;white-space:nowrap">(6,349)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4691.64px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4691.64px;left:869.44px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4691.64px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4691.64px;left:9368.2px;white-space:nowrap">3,426,780</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.13px;left:720px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.13px;left:1013.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.13px;left:1831.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.13px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.13px;left:9279.22px;white-space:nowrap">19,745,884</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.61px;left:0px;white-space:nowrap">Realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.61px;left:667.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.61px;left:978.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.61px;left:1761.17px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5212.61px;left:2188.13px;white-space:nowrap">(losses):</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5473.1px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5473.1px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5473.1px;left:1042.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5473.1px;left:1389.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5473.1px;left:1824.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5704.58px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5907.07px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5907.07px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5907.07px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5907.07px;left:9261.64px;white-space:nowrap">(3,218,003)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6109.55px;left:288px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6109.55px;left:874.95px;white-space:nowrap">currency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6109.55px;left:1532.92px;white-space:nowrap">transactions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6109.55px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6109.55px;left:9590.63px;white-space:nowrap">32,930</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6312.03px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6312.03px;left:919.25px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6312.03px;left:1657.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6312.03px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6312.03px;left:9395.08px;white-space:nowrap">(399,596)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:919.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:1586.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:2004.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:2484.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6514.52px;left:9368.2px;white-space:nowrap">1,120,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6717px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6717px;left:874.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6717px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6717px;left:9395.08px;white-space:nowrap">(545,771)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.49px;left:288px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.49px;left:634.8px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.49px;left:972.77px;white-space:nowrap">commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.49px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.49px;left:9501.64px;white-space:nowrap">335,254</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7121.97px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7121.97px;left:732.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7121.97px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7121.97px;left:9368.2px;white-space:nowrap">4,456,122</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.46px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.46px;left:869.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.46px;left:1474.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.46px;left:1821.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.46px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7353.46px;left:9368.2px;white-space:nowrap">1,781,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:437.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:1006.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:1175.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:1958.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:2874.7px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7584.94px;left:3897.44px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.42px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.91px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.91px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.91px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.91px;left:9368.2px;white-space:nowrap">3,409,358</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:432px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:1517px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:2144.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:2580.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:2669.11px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:2758.09px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.39px;left:9590.63px;white-space:nowrap">55,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:288px;letter-spacing:-0.49px;white-space:nowrap">Translation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:1118px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:1295.89px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:1705.03px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:2211.91px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:2523.31px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:3172.45px;white-space:nowrap">denominated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:4142.06px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:4311.05px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:4844.72px;white-space:nowrap">currencies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:5604.79px;letter-spacing:50.29px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8394.88px;left:9501.64px;white-space:nowrap">128,078</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:288px;white-space:nowrap">Unfunded </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:1026.36px;white-space:nowrap">loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:1373.31px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:2369.02px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:2804.72px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:2893.7px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.36px;left:9991.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8799.85px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8799.85px;left:919.25px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8799.85px;left:1657.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8799.85px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8799.85px;left:9395.08px;white-space:nowrap">(186,712)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:919.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:1586.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:2004.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:2484.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9002.33px;left:9261.64px;white-space:nowrap">(1,575,083)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9204.82px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9204.82px;left:874.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9204.82px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9204.82px;left:9501.64px;white-space:nowrap">919,188</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9407.3px;left:288px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9407.3px;left:634.8px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9407.3px;left:972.77px;white-space:nowrap">commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9407.3px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9407.3px;left:9501.64px;white-space:nowrap">608,310</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9609.78px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9609.78px;left:732.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9609.78px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9609.78px;left:9590.63px;white-space:nowrap">98,798</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:869.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:1438.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:1607.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:2390.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:3306.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9841.27px;left:9368.2px;white-space:nowrap">3,457,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:293.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:898.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:1209.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:1992.34px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:2339.3px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10069.75px;left:9368.2px;white-space:nowrap">5,239,309</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:293.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:942.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:1751.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:1920.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:2187.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:2694.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:3343.83px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:3708.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10330.24px;left:9190.23px;white-space:nowrap">$24,985,193</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Statements </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1387.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1676.42px;white-space:nowrap">Changes </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2789.41px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3064.01px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3526.5px;white-space:nowrap">Assets</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,739.230px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(9182.200px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4769px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5031.58px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5914.15px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6271.65px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.75px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6680.17px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7146.97px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7409.54px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7555.48px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7912.98px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8430.87px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">41</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7218.33px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7849.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8489.89px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9094.5px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7480.52px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7863.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7364.58px;white-space:nowrap">July
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7729.19px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7996.06px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:9208.52px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:9591.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9092.58px;white-space:nowrap">July
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9457.19px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9724.06px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:0px;white-space:nowrap">Increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:658.13px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:1467.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:1636.33px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:1903.2px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:946.47px;left:144px;white-space:nowrap">Operations:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:581.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:1399.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:7462.23px;white-space:nowrap">$19,745,884</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:9190.23px;white-space:nowrap">$23,349,281</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:581.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:1186.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:1533.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:7640.2px;white-space:nowrap">1,781,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:9172.66px;white-space:nowrap">(22,356,765)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:581.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:1150.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:1319.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:2102.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:3018.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:7640.2px;white-space:nowrap">3,457,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">31,011,496</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:2763.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:3270.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:3919.83px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:4284.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:5044.31px;letter-spacing:51.22px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:7551.22px;white-space:nowrap">24,985,193</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:9279.22px;white-space:nowrap">32,004,012</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:1246.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:2241.91px;letter-spacing:49.75px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:7444.66px;white-space:nowrap">(19,390,338)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:9172.66px;white-space:nowrap">(20,299,800)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:1246.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:2216.11px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:2580.56px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:2838.45px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:3300.88px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:3478.77px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:7468.41px;letter-spacing:-1.98px;white-space:nowrap">(10,429,111)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:9261.64px;white-space:nowrap">(9,704,516)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:526.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:1424.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:1602.52px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:2615.57px;letter-spacing:49.82px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:7444.66px;white-space:nowrap">(29,819,449)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:9172.66px;white-space:nowrap">(30,004,316)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:144px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:686.5px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:1131.19px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2038.3px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2474px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2562.98px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2616.27px;letter-spacing:49.82px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:7667.08px;white-space:nowrap">(107,871)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:9261.64px;white-space:nowrap">(3,872,140)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:2763.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:7533.64px;white-space:nowrap">(4,942,127)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:9261.64px;white-space:nowrap">(1,872,444)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3168.77px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3168.77px;left:293.44px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:144px;white-space:nowrap">Beginning </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:900.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:1078.06px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:1401.2px;letter-spacing:49.62px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:7462.23px;white-space:nowrap">367,933,948</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:9190.23px;white-space:nowrap">369,806,392</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:144px;white-space:nowrap">End </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:473.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:651.03px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:1027.54px;letter-spacing:49.57px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:7373.25px;white-space:nowrap">$362,991,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:9101.25px;white-space:nowrap">$367,933,948</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:55.43px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:853.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1181.6px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2445.12px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">42</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:611.16px;left:0px;position:absolute;top:0px;transform:translate(36.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:670.34px;white-space:nowrap">Premier </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1350.44px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1987.47px;letter-spacing:-0.39px;white-space:nowrap">Trust&#160;(Fund)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3020.98px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3200.98px;white-space:nowrap">registered&#160;under
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4561.79px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:930.41px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1740.85px;white-space:nowrap">Act </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2050.93px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2251.05px;white-space:nowrap">1940 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2701.49px;white-space:nowrap">(1940 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3812.08px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3962.2px;white-space:nowrap">closed-end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1100.65px;white-space:nowrap">investment </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3195px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3655.28px;white-space:nowrap">follows </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2031.42px;white-space:nowrap">guidance </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3002.17px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3762.6px;white-space:nowrap">Accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:0px;white-space:nowrap">Standards </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:870.56px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:1400.89px;letter-spacing:-1.42px;white-space:nowrap">(FASB)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:2021.04px;white-space:nowrap">Accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:2961.65px;white-space:nowrap">Standards </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:3832.21px;text-rendering:optimizeLegibility;white-space:nowrap">Codification
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Topic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:470.21px;white-space:nowrap">946, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:870.56px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:1640.92px;white-space:nowrap">Services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:2381.13px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:2531.25px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:3461.66px;white-space:nowrap">Companies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:4422.13px;white-space:nowrap">(ASC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:0px;white-space:nowrap">946) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:410.27px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:760.61px;white-space:nowrap">applies </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:1681.26px;white-space:nowrap">specialized
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:3542.43px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:3892.76px;white-space:nowrap">reporting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:0px;white-space:nowrap">guidance </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:970.75px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:1370.83px;white-space:nowrap">Generally </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:2181.27px;white-space:nowrap">Accepted </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:3912.45px;white-space:nowrap">Principles </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:0px;white-space:nowrap">(U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:460.02px;white-space:nowrap">GAAP), </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:1120.17px;white-space:nowrap">including, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:1930.69px;white-space:nowrap">but </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3101.31px;white-space:nowrap">to, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3341.51px;white-space:nowrap">ASC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3761.63px;white-space:nowrap">946.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:0px;white-space:nowrap">The </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:1110.59px;white-space:nowrap">summarizes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:2130.73px;white-space:nowrap">the&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:2430.97px;white-space:nowrap">Fund</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:3015.62px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2774px;left:3866.04px;white-space:nowrap">accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:0px;white-space:nowrap">policies.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:211.25px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:1087.58px;white-space:nowrap">Instrument
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3527.54px;left:2122.1px;letter-spacing:-1.16px;white-space:nowrap">Valuation</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:0px;white-space:nowrap">The </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:944.82px;white-space:nowrap">investments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:1955.21px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:2145.32px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:2855.74px;white-space:nowrap">instruments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:200.13px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:500.19px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:980.51px;letter-spacing:-1.91px;white-space:nowrap">daily.
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:930.5px;white-space:nowrap">sell </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1250.6px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1500.82px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1981.05px;white-space:nowrap">or </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3591.91px;white-space:nowrap">liability </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:4182.1px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:4372.21px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:0px;white-space:nowrap">orderly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:600.21px;white-space:nowrap">transaction </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2861.37px;white-space:nowrap">participants
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:0px;white-space:nowrap">measurement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1150.49px;white-space:nowrap">date. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1597.59px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1957.76px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:4349.18px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:0px;letter-spacing:-2.23px;white-space:nowrap">(NAV)
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:836.81px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1337.08px;white-space:nowrap">each&#160;business
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:2537.84px;white-space:nowrap">day&#160;as
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3118.18px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3318.31px;white-space:nowrap">4 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3468.43px;white-space:nowrap">p.m. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:0px;white-space:nowrap">time </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:900.35px;white-space:nowrap">regularly </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:2511.3px;white-space:nowrap">close </div>

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</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:0px;white-space:nowrap">b.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:221.64px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:971.06px;white-space:nowrap">Currency
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:1858.07px;letter-spacing:-0.87px;white-space:nowrap">Translation&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:0px;white-space:nowrap">Portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:710.33px;white-space:nowrap">securities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:1520.6px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:1870.93px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:2331.21px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:2901.45px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:940px;left:3251.78px;white-space:nowrap">liabilities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:0px;white-space:nowrap">denominated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:1090.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:1280.92px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:1881.3px;white-space:nowrap">currencies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:2761.61px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:3071.78px;white-space:nowrap">translated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:3912.28px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1190px;left:4252.5px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:0px;white-space:nowrap">dollars </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:580.25px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:1120.69px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:1370.92px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:1671.15px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:2501.81px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:2861.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:3062.11px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1440px;left:3492.33px;white-space:nowrap">currencies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:0px;white-space:nowrap">against </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:630.44px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:1030.52px;white-space:nowrap">dollars </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:1610.77px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:1861px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:2161.23px;white-space:nowrap">date </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:2561.57px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:2761.7px;white-space:nowrap">valuation. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:3578.99px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:3939.17px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1690px;left:4399.45px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:0px;white-space:nowrap">enter </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:460.28px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:800.51px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:1400.89px;white-space:nowrap">currency </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:2141.1px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:2971.76px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:3752.05px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:3952.18px;white-space:nowrap">facilitate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:0px;white-space:nowrap">transactions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:1020.5px;white-space:nowrap">denominated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:2111.31px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:2301.42px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:2451.53px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:3051.91px;letter-spacing:-1.34px;white-space:nowrap">currency.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2190px;left:3828.78px;white-space:nowrap">Purchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:350.33px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:820.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:1020.67px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:1880.95px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:2511.21px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:2861.54px;white-space:nowrap">expense </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2440px;left:3592.09px;white-space:nowrap">items </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:0px;white-space:nowrap">denominated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:1090.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:1280.92px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:1881.3px;white-space:nowrap">currencies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:2761.61px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:3071.78px;white-space:nowrap">translated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:3912.28px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2690px;left:4252.5px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:0px;white-space:nowrap">dollars </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:580.25px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:780.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:1080.62px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:1911.27px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:2271.45px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:2461.55px;text-rendering:optimizeLegibility;white-space:nowrap">effect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:2947.94px;white-space:nowrap">on </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:3498.4px;white-space:nowrap">transaction </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2940px;left:4428.9px;white-space:nowrap">date. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3190px;left:0px;white-space:nowrap">Portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3190px;left:710.33px;white-space:nowrap">securities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3190px;left:1520.6px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3190px;left:1870.93px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3190px;left:2441.16px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3190px;left:2791.49px;white-space:nowrap">liabilities
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:790.49px;white-space:nowrap">currencies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:1670.8px;white-space:nowrap">contain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:2301.24px;white-space:nowrap">risks </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:2721.18px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:3071.43px;white-space:nowrap">those </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:3561.77px;white-space:nowrap">currencies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3440px;left:4442.08px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:0px;white-space:nowrap">decline </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:620.42px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:810.53px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:1290.85px;white-space:nowrap">relative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:1921.11px;white-space:nowrap">to </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:2821.55px;letter-spacing:-1.24px;white-space:nowrap">dollar.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3690px;left:3351.88px;letter-spacing:-0.95px;white-space:nowrap">Occasionally,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3940px;left:0px;white-space:nowrap">events </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3940px;left:580.34px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3940px;left:970.4px;white-space:nowrap">impact </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3940px;left:1850.8px;white-space:nowrap">availability
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3940px;left:2731.2px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3940px;left:2941.26px;white-space:nowrap">reliability
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4190px;left:3752.14px;white-space:nowrap">equivalent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:0px;white-space:nowrap">value. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:530.33px;white-space:nowrap">If </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:680.36px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:1110.59px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:1360.81px;white-space:nowrap">event </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:1851.15px;white-space:nowrap">occurs, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:2481.33px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4440px;left:4212.6px;white-space:nowrap">rate </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7762.64px;left:8875.28px;letter-spacing:-2.48px;white-space:nowrap">TBA
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7762.64px;left:9265.43px;white-space:nowrap">purchase
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9442.64px;left:5610.15px;white-space:nowrap">commitments,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:6417.33px;white-space:nowrap">commitments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:5220px;white-space:nowrap">Instrument
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:6120.35px;letter-spacing:-1.34px;white-space:nowrap">Valuation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:6907.59px;white-space:nowrap">note. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:7354.69px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:7714.86px;white-space:nowrap">contract
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:8405.16px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:8585.16px;white-space:nowrap">marked </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:9235.37px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:9435.5px;white-space:nowrap">market </div></div>
</div>

<div style="height:35.88px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:337.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
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</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:202.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(35.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:0px;white-space:nowrap">daily </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8772px;left:0px;white-space:nowrap">Derivatives </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8772px;left:1900.81px;white-space:nowrap">(ISDA) </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9022px;left:2748.08px;white-space:nowrap">agreements </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9272px;left:0px;white-space:nowrap">various </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9522px;left:3221.63px;white-space:nowrap">termination.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9772px;left:0px;letter-spacing:-1.66px;white-space:nowrap">Termination
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10272px;left:0px;letter-spacing:-1.66px;white-space:nowrap">Termination
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</div>

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</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5680.2px;white-space:nowrap">agreement.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7130.83px;text-rendering:optimizeLegibility;white-space:nowrap">differ
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6820.93px;white-space:nowrap">clearing
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7891.35px;white-space:nowrap">Initial </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">securities.
</div>

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</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">exceeds </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7680.94px;white-space:nowrap">amount, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6230.39px;white-space:nowrap">$100,000
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7031.16px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7231.29px;white-space:nowrap">$250,000,
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7861.82px;white-space:nowrap">of&#160;agreement.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9022.5px;letter-spacing:-1.21px;white-space:nowrap">Generally,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;white-space:nowrap">collateral </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5990.36px;white-space:nowrap">is </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7621.26px;white-space:nowrap">close </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5560.22px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6250.78px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7071.42px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7841.78px;white-space:nowrap">required
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5410.11px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6230.48px;white-space:nowrap">values </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7441.08px;white-space:nowrap">delivered
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6961.03px;white-space:nowrap">business
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7721.46px;letter-spacing:-2.67px;white-space:nowrap">day,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:9298.83px;white-space:nowrap">business
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">days. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5700.23px;white-space:nowrap">Collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6510.59px;white-space:nowrap">pledged </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7201.23px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7761.62px;white-space:nowrap">received
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5649.96px;white-space:nowrap">derivatives,
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8838.37px;white-space:nowrap">accounts
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5520.23px;white-space:nowrap">Fund&#39;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6104.88px;white-space:nowrap">custodian/counterparty
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7120.99px;white-space:nowrap">securities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7981.26px;white-space:nowrap">Unrestricted
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:5470.22px;white-space:nowrap">invested
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:9026.54px;white-space:nowrap">objectives.
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7841.51px;white-space:nowrap">collateralization
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:9132.01px;white-space:nowrap">loss </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5220px;white-space:nowrap">counterparty
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:6270.56px;white-space:nowrap">non-performance.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5580.18px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7041.18px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7871.84px;white-space:nowrap">traded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8432.23px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9032.52px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">primarily </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6850.63px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7411.03px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7801.35px;white-space:nowrap">exposure
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8591.84px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8791.96px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9432.25px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">risk. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5590.02px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5750.16px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6350.45px;white-space:nowrap">contract
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7470.97px;white-space:nowrap">agreement
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6971.13px;white-space:nowrap">buy </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7521.42px;white-space:nowrap">sell </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8922.22px;text-rendering:optimizeLegibility;white-space:nowrap">specified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9682.65px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;white-space:nowrap">on </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6130.63px;white-space:nowrap">date. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6580.99px;white-space:nowrap">Required
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7361.46px;white-space:nowrap">initial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7821.65px;white-space:nowrap">margins </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8412.1px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8592.1px;white-space:nowrap">accounted
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5370.12px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6100.49px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6700.69px;white-space:nowrap">payable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7381.23px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7591.29px;white-space:nowrap">receivable
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8651.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8952.1px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5410.2px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6000.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6350.71px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7191.12px;white-space:nowrap">Futures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7851.36px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8631.65px;white-space:nowrap">outstanding
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5420.13px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5970.5px;white-space:nowrap">end, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6370.84px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6510.85px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7197.89px;white-space:nowrap">listed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7668.11px;white-space:nowrap">in </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8158.45px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8743.1px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9543.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5580.18px;white-space:nowrap">Fund&#160;entered
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6700.96px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7041.18px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7471.14px;white-space:nowrap">forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8121.36px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8952.01px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5220px;white-space:nowrap">primarily </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6850.63px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7411.03px;white-space:nowrap">gain&#160;exposure
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8791.96px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:9382.24px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5220px;white-space:nowrap">currencies.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6140.39px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6300.53px;white-space:nowrap">forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6950.74px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7781.4px;white-space:nowrap">contract
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8471.69px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8651.69px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8901.91px;white-space:nowrap">agreement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5220px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5950.55px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6250.78px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7061.4px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7211.51px;white-space:nowrap">counterparty
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8262.07px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8462.2px;white-space:nowrap">buy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8802.42px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:9012.48px;white-space:nowrap">sell </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:9482.7px;white-space:nowrap">foreign </div></div>
</div>

<div style="height:80.74px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:1338.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">d.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:221.64px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1182.68px;white-space:nowrap">Purchased
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2206.99px;white-space:nowrap">on
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2491.89px;white-space:nowrap">a
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2650.35px;white-space:nowrap">When-Issued,
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:0px;white-space:nowrap">Forward&#160;Commitment&#160;or
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:2259.03px;white-space:nowrap">Delayed
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:3040.56px;white-space:nowrap">Delivery
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:3832.75px;white-space:nowrap">Basis
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:4392.54px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:1177.54px;left:0px;letter-spacing:-1.76px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:1177.54px;left:436.22px;white-space:nowrap">Basis
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1202.94px;left:996.02px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">45</div></div>
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8481.45px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8731.67px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9211.9px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9421.96px;letter-spacing:-1.21px;white-space:nowrap">liability,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;letter-spacing:-0.95px;white-space:nowrap">respectively.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6257.02px;white-space:nowrap">Upon </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6737.34px;white-space:nowrap">exercise
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7457.61px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7657.73px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7907.96px;white-space:nowrap">option,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8498.41px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8798.64px;white-space:nowrap">acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5600.13px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5810.19px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6280.4px;white-space:nowrap">proceeds
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7070.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7271.02px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7571.25px;white-space:nowrap">underlying
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8451.83px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9372.22px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">adjusted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5950.55px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6190.66px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6530.89px;white-space:nowrap">premium
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7281.04px;white-space:nowrap">received
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8011.41px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8221.46px;white-space:nowrap">paid. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8661.8px;white-space:nowrap">Upon </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9142.12px;white-space:nowrap">expiration
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5420.13px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5670.35px;white-space:nowrap">option,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6260.8px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6601.03px;white-space:nowrap">premium
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7351.17px;white-space:nowrap">received
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8081.54px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8291.6px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8681.92px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8861.92px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9622.35px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5370.12px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6050.48px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6440.8px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6650.86px;white-space:nowrap">loss. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7070.98px;white-space:nowrap">Upon </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7551.3px;white-space:nowrap">closing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8161.61px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8411.84px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8952.28px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9412.56px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">through </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5880.5px;white-space:nowrap">expiration
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6710.98px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6921.04px;white-space:nowrap">exercise,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7691.31px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7991.54px;text-rendering:optimizeLegibility;white-space:nowrap">difference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8828.17px;white-space:nowrap">between
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9558.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5970.15px;white-space:nowrap">received
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6700.52px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6910.58px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7300.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7651.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7951.46px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8331.59px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8531.72px;white-space:nowrap">close </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:9001.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:9302.17px;white-space:nowrap">position
</div></div> </div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:211.25px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1172.38px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2048.72px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3188.9px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">46</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:612.65px;left:0px;position:absolute;top:0px;transform:translate(35.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:180px;white-space:nowrap">recorded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:940.43px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1180.55px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1330.66px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2011.03px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2401.35px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2611.41px;white-space:nowrap">loss. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3031.52px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3611.87px;white-space:nowrap">contracts </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10016px;left:0px;white-space:nowrap">date.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9752.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">differences
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:10256.18px;left:5220px;white-space:nowrap">i.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:10256.18px;left:5371.31px;white-space:nowrap">Accounting
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:10256.18px;left:6469.01px;white-space:nowrap">Estimates</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:6740.95px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:7451.37px;white-space:nowrap">statements
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:8571.88px;white-space:nowrap">accordance
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:5220px;white-space:nowrap">assumptions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:6630.73px;text-rendering:optimizeLegibility;white-space:nowrap">affect
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:7417.35px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:8137.79px;white-space:nowrap">amounts
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:9078.31px;white-space:nowrap">assets </div></div>
</div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:211.25px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1172.38px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2048.72px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3188.9px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">47</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.11px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:350.33px;white-space:nowrap">liabilities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1080.62px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1280.74px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1580.98px;white-space:nowrap">date </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1981.32px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2181.45px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2481.68px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3192.1px;white-space:nowrap">statements </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:4122.51px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:300.23px;white-space:nowrap">amounts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1040.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1240.75px;white-space:nowrap">income </div>

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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:5220px;white-space:nowrap">j.
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:5378.36px;white-space:nowrap">Guarantees
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6476.62px;white-space:nowrap">and
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6867.19px;text-rendering:optimizeLegibility;white-space:nowrap">Indemnifications</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:7121.16px;white-space:nowrap">clauses.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1557.92px;left:7828.24px;white-space:nowrap">The&#160;Fund&#39;s
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</div>

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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3140.99px;left:0px;letter-spacing:-0.89px;white-space:nowrap">2.
</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3140.99px;left:2097.75px;letter-spacing:-3.5px;white-space:nowrap">Interest</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3508.72px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3508.72px;left:890.42px;white-space:nowrap">2025, </div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3508.72px;left:8754.79px;white-space:nowrap">ended </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3758.72px;left:0px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3758.72px;left:300.23px;white-space:nowrap">2025&#160;and&#160;2024,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3758.72px;left:4192.82px;white-space:nowrap">reinvested
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3758.72px;left:6523.95px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4438.72px;left:1130.63px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8076.92px;left:8951.04px;letter-spacing:-1.81px;white-space:nowrap">Templeton.
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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5904.14px;left:6786.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6096.14px;left:6346.29px;white-space:nowrap">July
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6096.14px;left:6710.9px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6096.14px;left:6977.77px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5904.14px;left:8564.26px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5904.14px;left:8946.84px;white-space:nowrap">Ended</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6096.14px;left:9137.77px;white-space:nowrap">2024</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6356.63px;left:9237.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:0px;white-space:nowrap">Shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:551.41px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:1494.61px;letter-spacing:49.25px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:6350.62px;white-space:nowrap">30,484</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:7252.66px;white-space:nowrap">$107,871</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:8300.08px;letter-spacing:-1.32px;white-space:nowrap">1,117,282</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6698.57px;left:9279.22px;white-space:nowrap">$3,872,140</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:717.5px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:1340.16px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:1980.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:2158.44px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:2496.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:2674.22px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:3519.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:3697.03px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:3963.91px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:4390.78px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:4817.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6959.05px;left:4995.63px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7151.05px;left:144px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7151.05px;left:1120.96px;letter-spacing:49.22px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7151.05px;left:7466.33px;white-space:nowrap">7.12%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7151.05px;left:9626.33px;white-space:nowrap">7.92%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8800.33px;left:0px;white-space:nowrap">Subsidiary</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8800.33px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9076.82px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9076.82px;left:604.69px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9076.82px;left:1307.11px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9076.82px;left:1609.45px;white-space:nowrap">(Advisers)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9076.82px;left:5040px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9076.82px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:610.63px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:1393.28px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:2220.31px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:3198.67px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:3758.91px;white-space:nowrap">(FTIML)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.3px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9629.79px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9629.79px;left:595.86px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9629.79px;left:1502.89px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9629.79px;left:2063.13px;white-space:nowrap">(PIL)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9629.79px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:595.86px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:1422.89px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:2445.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:2783.67px;white-space:nowrap">(Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:3432.81px;white-space:nowrap">Management)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9906.27px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:610.63px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:1393.28px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:2095.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:2433.67px;letter-spacing:-0.72px;white-space:nowrap">(FT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:2723.98px;white-space:nowrap">Services)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:5040px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.76px;left:6089.22px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10459.24px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10459.24px;left:613.52px;white-space:nowrap">Distributors,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10459.24px;left:1511.48px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10459.24px;left:1849.45px;white-space:nowrap">(Distributors)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10459.24px;left:5040px;white-space:nowrap">Principal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10459.24px;left:5698.05px;white-space:nowrap">underwriter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:595.86px;white-space:nowrap">Investor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:1209.45px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:1911.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:2214.22px;letter-spacing:-0.32px;white-space:nowrap">(PSERV)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:5040px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10735.73px;left:5674.22px;white-space:nowrap">agent</div></div>
</div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">i.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:151.31px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1249.01px;white-space:nowrap">Estimates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:2199.47px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">48</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1425.37px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:820.46px;letter-spacing:-0.55px;white-space:nowrap">pays&#160;Advisers&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2241.04px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3341.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3692.02px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4612.41px;white-space:nowrap">advisory </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5332.68px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6042.83px;white-space:nowrap">quarterly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6793.15px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7333.59px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7583.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7884.05px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8584.54px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8884.78px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;white-space:nowrap">(including </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:820.46px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1440.7px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1740.94px;white-space:nowrap">excluding </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2551.46px;white-space:nowrap">liabilities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3331.76px;white-space:nowrap">attributable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4272.36px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4472.49px;white-space:nowrap">leverage </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5212.97px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5473.04px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6393.43px;white-space:nowrap">purposes) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7243.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7443.98px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7744.22px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8251.26px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8611.44px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8911.67px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9091.67px;white-space:nowrap">based </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:1440.7px;white-space:nowrap">November </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:2521.14px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:8423.61px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:8623.74px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:9124.19px;letter-spacing:-1.67px;white-space:nowrap">PIL
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:9437.7px;white-space:nowrap">merged </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:0px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:340.22px;white-space:nowrap">FTIML, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:960.21px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:1310.54px;letter-spacing:-1.67px;white-space:nowrap">PIL
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:1624.04px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:2544.43px;white-space:nowrap">professionals
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:3655.02px;white-space:nowrap">became </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:4345.4px;white-space:nowrap">employees
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:5265.88px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:5466.01px;white-space:nowrap">FTIML.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9123.8px;left:0px;white-space:nowrap">b.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9123.8px;left:214.58px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9123.8px;left:1587.17px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:0px;white-space:nowrap">Under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:540.26px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:790.49px;white-space:nowrap">agreement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:1701.04px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:2061.21px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:2851.44px;letter-spacing:-1.08px;white-space:nowrap">FT
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:3118.1px;white-space:nowrap">Services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:3858.31px;white-space:nowrap">provides
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:5749.1px;white-space:nowrap">services </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:6959.62px;white-space:nowrap">Fund. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:7826.84px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:8127.07px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:8307.07px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:8697.39px;letter-spacing:-0.83px;white-space:nowrap">by&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:0px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:540.44px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:790.66px;white-space:nowrap">the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:1675.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:2376.04px;white-space:nowrap">daily </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:2796.24px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:3096.47px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:3716.72px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4067.05px;white-space:nowrap">is </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4547.29px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4797.51px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:5618.14px;white-space:nowrap">expense </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:6348.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:6548.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:6849.05px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:820.46px;white-space:nowrap">reimburses
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:1750.78px;white-space:nowrap">Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:2491px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:2741.22px;white-space:nowrap">allocated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:3511.76px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:4162.15px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:4422.22px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:4722.45px;white-space:nowrap">compensation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:5893.15px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:6243.49px;white-space:nowrap">related
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:6843.87px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:7664.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:7864.54px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:8454.81px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:9080.51px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:9280.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:460.28px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:810.62px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:1210.78px;text-rendering:optimizeLegibility;white-space:nowrap">staff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:1597.06px;white-space:nowrap">who </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:1977.28px;white-space:nowrap">provide
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:2617.65px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:3778.07px;white-space:nowrap">services
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:4488.22px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:4688.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:4988.58px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:5495.63px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:5855.8px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:6716.51px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:7366.9px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:7567.03px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:7797.13px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:8227.35px;white-space:nowrap">reimbursements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:9567.77px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:0px;white-space:nowrap">determined </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:950.54px;white-space:nowrap">annually
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:1671.06px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:1911.18px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:2208.16px;letter-spacing:-0.74px;white-space:nowrap">Trustees.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:897.81px;white-space:nowrap">Fee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:1217.97px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:2880px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:3176.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:0px;white-space:nowrap">0.750%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:3324.77px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:3626.95px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:4027.34px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:4525.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:4703.13px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:5325.78px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:5592.66px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:0px;white-space:nowrap">0.650%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:3671.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:4072.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:4569.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:4747.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:5370.47px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:5637.34px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:0px;white-space:nowrap">0.600%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:3671.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:4072.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:4569.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:4747.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:5370.47px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:5637.34px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:0px;white-space:nowrap">0.550%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:0px;white-space:nowrap">0.525%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:0px;white-space:nowrap">0.505%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:0px;white-space:nowrap">0.490%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:0px;white-space:nowrap">0.480%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:0px;white-space:nowrap">0.470%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:0px;white-space:nowrap">0.460%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:0px;white-space:nowrap">0.450%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:0px;white-space:nowrap">0.440%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:0px;white-space:nowrap">0.430%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:3671.64px;white-space:nowrap">$8.5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:4027.5px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:4481.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:4658.98px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:5281.64px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:5548.52px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:6055.39px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:0px;white-space:nowrap">0.420%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:3057.89px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:3360.31px;white-space:nowrap">excess </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:3902.73px;letter-spacing:-0.8px;white-space:nowrap">thereafter.</div></div>
</div>

<div style="height:26.28px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.2px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2724.28px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">49</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:511.15px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">c.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;letter-spacing:-1.16px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1006.78px;white-space:nowrap">Agent
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1597.84px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;letter-spacing:-2.83px;white-space:nowrap">PSERV,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:690.47px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:940.69px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1556.54px;letter-spacing:-0.76px;white-space:nowrap">of&#160;Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2536.96px;white-space:nowrap">provides </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3267.33px;white-space:nowrap">investor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3947.61px;white-space:nowrap">servicing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4707.86px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5208.31px;white-space:nowrap">functions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5978.76px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6178.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6479.12px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6989.41px;letter-spacing:-0.54px;white-space:nowrap">PSERV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7646.4px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8016.5px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8406.83px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8556.94px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9237.22px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:260.07px;white-space:nowrap">investor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:940.34px;white-space:nowrap">servicing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1700.6px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1900.72px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2150.95px;white-space:nowrap">annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2741.48px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3101.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3301.79px;white-space:nowrap">0.05% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3862.18px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4062.3px;white-space:nowrap">the </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;left:3382.33px;white-space:nowrap">Purchases</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7943px;left:5899.28px;white-space:nowrap">Gain
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7943px;left:9039.19px;white-space:nowrap">End</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8482.76px;left:517.58px;white-space:nowrap">Premier
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:816.56px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:1166.64px;white-space:nowrap">Bond
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:1509.53px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:1794.33px;letter-spacing:64.22px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:2747.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:3389.28px;white-space:nowrap">$9,155,669</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:4978.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:6796.7px;white-space:nowrap">$55,533</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:7703.89px;letter-spacing:-0.96px;white-space:nowrap">$9,211,202</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:8765.7px;white-space:nowrap">368,080</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9246.78px;left:9675.73px;white-space:nowrap">$153,338</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9507.26px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9507.26px;left:488.67px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9507.26px;left:1247.19px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:0px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:437.5px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:809.53px;white-space:nowrap">Class
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:1174.06px;white-space:nowrap">G,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:1349.14px;white-space:nowrap">4.163%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:1794.33px;letter-spacing:64.22px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:2295.28px;white-space:nowrap">40,929,849</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:3389.28px;white-space:nowrap">91,575,880</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:4365.97px;white-space:nowrap">(129,423,993)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:6059.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:7139.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:7767.25px;white-space:nowrap">3,081,736</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:8656.25px;letter-spacing:0px;white-space:nowrap">3,081,736</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9699.26px;left:9639.25px;white-space:nowrap">1,005,840</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9959.75px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9959.75px;left:488.67px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9959.75px;left:836.48px;letter-spacing:-2.91px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9959.75px;left:1164.53px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:0px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:372.03px;white-space:nowrap">Class
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:736.56px;letter-spacing:-5.6px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:880.23px;white-space:nowrap">4.558%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:1367.11px;letter-spacing:51.5px;white-space:nowrap">......</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:2295.28px;white-space:nowrap">32,198,833</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:3389.28px;white-space:nowrap">15,837,901</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:4438.94px;white-space:nowrap">(30,181,822)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:6059.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:7139.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:7694.28px;white-space:nowrap">17,854,912</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:8583.28px;letter-spacing:0px;white-space:nowrap">17,854,912</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10151.75px;left:9639.25px;white-space:nowrap">1,171,636</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10412.23px;left:0px;letter-spacing:-1.6px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10412.23px;left:340.31px;white-space:nowrap">Non-Controlled
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10412.23px;left:1326.64px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:2222.31px;white-space:nowrap">$73,128,682</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:3252.95px;letter-spacing:-0.8px;white-space:nowrap">$116,569,450</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:4293px;white-space:nowrap">$(159,605,815)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:6796.7px;white-space:nowrap">$55,533</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:7621.31px;white-space:nowrap">$30,147,850</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10412.23px;left:9566.28px;white-space:nowrap">$2,330,814</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10672.72px;left:0px;letter-spacing:-1.6px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10672.72px;left:335.55px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10672.72px;left:933.28px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10672.72px;left:1623.44px;letter-spacing:54.05px;white-space:nowrap">...</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:2222.31px;white-space:nowrap">$73,128,682</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:3252.95px;letter-spacing:-0.8px;white-space:nowrap">$116,569,450</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:4293px;white-space:nowrap">$(159,605,815)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:6796.7px;white-space:nowrap">$55,533</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:7621.31px;white-space:nowrap">$30,147,850</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10672.72px;left:9566.28px;white-space:nowrap">$2,330,814</div></div>
</div>

<div style="height:26.28px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.2px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2724.28px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">50</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">4.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.5px;white-space:nowrap">Expense
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1056.59px;text-rendering:optimizeLegibility;letter-spacing:-2.86px;white-space:nowrap">Offset
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1653.68px;letter-spacing:-3.64px;white-space:nowrap">Arrangement</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">The&#160;Fund&#160;has&#160;entered
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1821.18px;white-space:nowrap">into&#160;arrangements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3322px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3692.11px;letter-spacing:-0.54px;white-space:nowrap">PSERV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4349.09px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4699.42px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4929.43px;white-space:nowrap">custodian </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5749.98px;white-space:nowrap">whereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6480.35px;white-space:nowrap">credits </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7060.52px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7740.88px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7981px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8131.11px;white-space:nowrap">result </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8621.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8821.41px;white-space:nowrap">uninvested </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:430.22px;white-space:nowrap">balances </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1200.76px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1510.93px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1951.26px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2151.39px;white-space:nowrap">reduce </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2751.77px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2901.88px;white-space:nowrap">portion </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3502.27px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3702.39px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4002.63px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4587.28px;white-space:nowrap">transfer </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5247.51px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5747.96px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6098.29px;white-space:nowrap">custodian </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6918.84px;white-space:nowrap">fees, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7359.08px;letter-spacing:-0.95px;white-space:nowrap">respectively.
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9276.59px;white-space:nowrap">year </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:920.65px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1220.89px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5853.96px;white-space:nowrap">Operations. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6834.46px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7560.97px;white-space:nowrap">April </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8271.3px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9382.24px;white-space:nowrap">credits </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3508.77px;white-space:nowrap">income.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:0px;letter-spacing:-0.89px;white-space:nowrap">5.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:938.13px;letter-spacing:-6.17px;white-space:nowrap">Taxes</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4908.34px;white-space:nowrap">future </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:5988.96px;white-space:nowrap">gains.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:880.49px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:1280.65px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:1831.2px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:2201.31px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:2501.54px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:3302.23px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:3762.51px;white-space:nowrap">utilized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:4372.82px;white-space:nowrap">$2,002,524
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:6464.27px;white-space:nowrap">carryforwards.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:1650.76px;white-space:nowrap">distributions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:3902.17px;white-space:nowrap">years </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:4942.88px;white-space:nowrap">July </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:5613.22px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:6063.66px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:6413.99px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:7284.55px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:7524.67px;white-space:nowrap">follows:</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:220.08px;white-space:nowrap">July </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:2271.36px;white-space:nowrap">investments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:3932.31px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:4812.89px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:5843.58px;white-space:nowrap">(depreciation)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:7254.23px;white-space:nowrap">income </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:8174.62px;white-space:nowrap">purposes
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:8965.11px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6934.56px;left:9405.26px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7184.56px;left:0px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Differences
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:956.51px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:1687.06px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:2317.32px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:2877.71px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:3448.04px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:3928.36px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:4168.48px;white-space:nowrap">determined
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:5959.69px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:6429.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:6780.23px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:6930.35px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:7220.48px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:7690.69px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:8000.86px;white-space:nowrap">primarily
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:8730.88px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:9081.21px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9108.51px;left:9281.34px;text-rendering:optimizeLegibility;white-space:nowrap">differing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:0px;white-space:nowrap">treatments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:900.35px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:1100.48px;white-space:nowrap">defaulted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:1891.14px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:2751.42px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:3351.8px;white-space:nowrap">currency </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:4092.01px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:5112.51px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:5462.84px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:6283.21px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9358.51px;left:6993.63px;white-space:nowrap">instruments.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9941.58px;left:0px;letter-spacing:-2.67px;white-space:nowrap">6.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9941.58px;left:210.36px;letter-spacing:-3.64px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9941.58px;left:1277.79px;letter-spacing:-4.59px;white-space:nowrap">Transactions</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:0px;white-space:nowrap">Purchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:900.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:1250.77px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:1720.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:1921.11px;white-space:nowrap">investments&#160;(excluding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:3801.97px;white-space:nowrap">short </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:4252.15px;white-space:nowrap">term </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:4662.16px;white-space:nowrap">securities)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:5792.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:6092.67px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:6492.83px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:7043.38px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:7413.49px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:7713.72px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10309.31px;left:8214.17px;white-space:nowrap">aggregated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10559.31px;left:0px;white-space:nowrap">$2,005,744,961&#160;and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10559.31px;left:1651.55px;white-space:nowrap">$1,870,093,030,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10559.31px;left:3002.78px;letter-spacing:-0.95px;white-space:nowrap">respectively.&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:0px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:542.5px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:871.48px;white-space:nowrap">carryforwards
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:1885px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:2151.88px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:2703.28px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2940.22px;left:2881.17px;white-space:nowrap">expiration:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3200.71px;left:144px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3200.71px;left:570.88px;white-space:nowrap">term</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3200.71px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3200.71px;left:9190.23px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3200.71px;left:9279.22px;white-space:nowrap">99,349,718</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.19px;left:144px;white-space:nowrap">Long </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.19px;left:544.39px;white-space:nowrap">term</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.19px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.19px;left:9190.23px;white-space:nowrap">100,793,088</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.67px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.67px;left:670.42px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.67px;left:1177.38px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.67px;left:1506.36px;white-space:nowrap">carryforwards</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.67px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.67px;left:9101.25px;white-space:nowrap">$200,142,806</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5032.16px;left:7526.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5032.16px;left:9110.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5342.1px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5342.1px;left:924.77px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5342.1px;left:1271.72px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5602.58px;left:144px;white-space:nowrap">Ordinary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5602.58px;left:801.97px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5602.58px;left:1401.2px;letter-spacing:49.72px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5602.58px;left:7606.23px;white-space:nowrap">$19,390,338</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5602.58px;left:9190.23px;white-space:nowrap">$20,299,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:144px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:437.44px;white-space:nowrap">exempt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:1006.58px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:1588.02px;letter-spacing:49.74px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:9368.2px;white-space:nowrap">9,704,516</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:144px;white-space:nowrap">Return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:668.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:846.58px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:1309.08px;letter-spacing:49.7px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:7718.97px;letter-spacing:-2.37px;white-space:nowrap">10,429,111</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.04px;left:7606.23px;white-space:nowrap">$29,819,449</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.04px;left:9190.23px;white-space:nowrap">$30,004,316</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7617.98px;left:0px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7617.98px;left:373.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7617.98px;left:551.33px;white-space:nowrap">investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7617.98px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7617.98px;left:9101.25px;white-space:nowrap">$475,183,546</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8023.92px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8023.92px;left:809.3px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8023.92px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8023.92px;left:9190.23px;white-space:nowrap">$18,808,960</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.4px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.4px;left:809.3px;white-space:nowrap">depreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.4px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.4px;left:9172.66px;white-space:nowrap">(56,627,754)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.89px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.89px;left:293.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.89px;left:1076.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.89px;left:1992.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.89px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8544.89px;left:9083.67px;white-space:nowrap">$(37,818,794)</div></div>
</div> </div></div>

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<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">51</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:518.40px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">7.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:815.76px;letter-spacing:-3.2px;white-space:nowrap">Risk
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1273.79px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1668.92px;letter-spacing:-3.6px;white-space:nowrap">Defaulted
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2595.72px;letter-spacing:-3.6px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1691.1px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2151.39px;white-space:nowrap">had&#160;35.5%
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3062.11px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3262.24px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3492.25px;white-space:nowrap">portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4182.63px;white-space:nowrap">invested </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4903.07px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5093.17px;white-space:nowrap">high </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5483.5px;white-space:nowrap">yield </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5903.7px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6113.76px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6574.04px;white-space:nowrap">securities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7384.31px;white-space:nowrap">rated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7844.59px;white-space:nowrap">below </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8364.9px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9285.29px;white-space:nowrap">grade </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:350.33px;white-space:nowrap">unrated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1010.83px;white-space:nowrap">securities. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1867.85px;white-space:nowrap">These </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5903.53px;white-space:nowrap">securities.</div>

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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2607.07px;left:0px;letter-spacing:-0.89px;white-space:nowrap">8.
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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2607.07px;left:210.36px;letter-spacing:-3.56px;white-space:nowrap">Unfunded
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</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3224.8px;left:2894.41px;white-space:nowrap">discretion.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3224.8px;left:3764.79px;white-space:nowrap">Unfunded </div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:3441.8px;white-space:nowrap">appreciation
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:5713.24px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:5893.24px;white-space:nowrap">included </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:6613.77px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:6803.88px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:7104.11px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:7974.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:8164.78px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:8754.96px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:9105.29px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:350.33px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:650.57px;white-space:nowrap">Statement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:1521.04px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:1721.16px;white-space:nowrap">Operations.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:2701.67px;white-space:nowrap">Funded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:3362.17px;white-space:nowrap">portions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:4052.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:4252.68px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:4742.84px;white-space:nowrap">agreements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:5743.39px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:6053.55px;white-space:nowrap">presented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:6904.16px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:7094.27px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:7394.5px;white-space:nowrap">Schedule </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:8195.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:8395.22px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:1390.87px;white-space:nowrap">unfunded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:2191.64px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:3311.81px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:3751.96px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4154.8px;left:3992.08px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5507.32px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5507.32px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5507.32px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5507.32px;left:1743.05px;letter-spacing:-3.64px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:1390.87px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:2401.26px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:2591.37px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:3411.74px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:4192.03px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:4502.2px;text-rendering:optimizeLegibility;white-space:nowrap">reflected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:5242.59px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:5432.7px;white-space:nowrap">the&#160;Statement&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:6793.59px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:7383.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:7734.11px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:8524.51px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5875.06px;left:8764.63px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4588.22px;left:0px;white-space:nowrap">Borrower</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4588.22px;left:8311.25px;white-space:nowrap">Unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4588.22px;left:9102.19px;white-space:nowrap">Commitment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4784.71px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4784.71px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4784.71px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4784.71px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.19px;left:0px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.19px;left:827.19px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.19px;left:1645.39px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.19px;left:2356.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.19px;left:9590.63px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.19px;left:9679.61px;white-space:nowrap">7,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6355.03px;left:3508.93px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6355.03px;left:3989.16px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6355.03px;left:7456.55px;white-space:nowrap">Liability
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6355.03px;left:8105.54px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6615.52px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6615.52px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6615.52px;left:2304px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6615.52px;left:3121.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:2304px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:2873.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:3202.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:2304px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:5292.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:5629.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6615.52px;left:6408px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6615.52px;left:7225.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:6408px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:6977.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6807.52px;left:7306.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:6408px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:9324.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6999.52px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7315.28px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7315.28px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7315.28px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7315.28px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.77px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.77px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.77px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7575.77px;left:1588.02px;letter-spacing:50.83px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:3724px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8028.25px;left:2448px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:5328.78px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:5417.76px;white-space:nowrap">102,630</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7839.46px;left:5996.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:7756px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8028.25px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:9449.76px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7836.25px;left:9538.75px;white-space:nowrap">20,828</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7839.46px;left:10028.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:3724px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.74px;left:2448px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.74px;left:3017.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.74px;left:3435.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:5417.76px;white-space:nowrap">898,542</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8291.95px;left:5996.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:7756px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.74px;left:6480px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.74px;left:7049.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8480.74px;left:7467.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8288.74px;left:9461.64px;letter-spacing:-1.7px;white-space:nowrap">635,211</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8291.95px;left:10028.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:2304px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:4251.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8933.22px;left:2448px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8933.22px;left:2865.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:5532.63px;white-space:nowrap">48,697</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:6336px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:8283.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8933.22px;left:6480px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8933.22px;left:6897.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8741.22px;left:9894px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:2304px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:2448px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:3025.97px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:3692.77px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:4110.73px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9577.71px;left:2448px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:5310.2px;white-space:nowrap">1,775,125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:6336px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:6480px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:7057.97px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:7724.77px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9385.71px;left:8142.73px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9577.71px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9193.71px;left:9342.2px;white-space:nowrap">1,815,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.19px;left:0px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.19px;left:586.95px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.19px;left:1325.31px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9838.19px;left:2055.09px;letter-spacing:55.52px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:2304px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:4251.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10290.67px;left:2448px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10290.67px;left:3025.97px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10290.67px;left:3764.33px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:5469.64px;white-space:nowrap">302,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:6336px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:8283.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10290.67px;left:6480px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10290.67px;left:7057.97px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10290.67px;left:7796.33px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10098.67px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">119,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10551.16px;left:0px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10551.16px;left:471.25px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10551.16px;left:1120.96px;letter-spacing:50.05px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:3724px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11003.64px;left:2448px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11003.64px;left:3017.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11003.64px;left:3435.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:5417.76px;white-space:nowrap">549,191</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10814.85px;left:5996.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:7756px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11003.64px;left:6480px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11003.64px;left:7049.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11003.64px;left:7467.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10811.64px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:2304px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:2686.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:3104.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:3797.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11456.13px;left:2448px;white-space:nowrap">payments)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:5310.2px;white-space:nowrap">2,566,040</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:6336px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:6718.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:7136.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:7829.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11456.13px;left:6480px;white-space:nowrap">receipts)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.13px;left:9475.64px;white-space:nowrap">800,735</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">52</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:518.40px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:620.24px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:1020.41px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:1570.96px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:1941.06px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:2241.3px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:2741.75px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:3041.98px;text-rendering:optimizeLegibility;white-space:nowrap">effect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:3528.37px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:3728.5px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:4548.87px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:5329.16px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:5519.27px;white-space:nowrap">the&#160;Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:6689.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:6890.1px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:7820.6px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:8190.7px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4010.67px;left:8430.82px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:620.24px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:1020.41px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:1570.96px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:1941.06px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:2241.3px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:2641.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:2741.75px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:3041.98px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:3742.47px;white-space:nowrap">month </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:4292.75px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:4643.09px;white-space:nowrap">notional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:5323.62px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:5974.01px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:6174.14px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:6774.43px;white-space:nowrap">contracts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:7604.74px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:8074.95px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:8855.24px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9155.96px;left:9205.58px;white-space:nowrap">options,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:350.33px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:650.57px;white-space:nowrap">average&#160;month
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:1901.34px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:2251.67px;white-space:nowrap">contract
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:2941.96px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:3422.29px;white-space:nowrap">for&#160;forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:4332.57px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:5163.22px;white-space:nowrap">contracts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:5993.53px;white-space:nowrap">were&#160;as
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9405.96px;left:6673.8px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:432.94px;left:3508.93px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:432.94px;left:3989.16px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:432.94px;left:7456.55px;white-space:nowrap">Liability
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:432.94px;left:8105.54px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:693.42px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:693.42px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:693.42px;left:2304px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:693.42px;left:3121.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:2304px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:2873.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:3202.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:2304px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:5292.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:5629.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:693.42px;left:6408px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:693.42px;left:7225.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:6408px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:6977.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:885.42px;left:7306.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:6408px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:9324.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1077.42px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1393.19px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1393.19px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1393.19px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1393.19px;left:1876.17px;letter-spacing:-1.26px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1393.19px;left:2311.8px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1653.67px;left:0px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1653.67px;left:471.25px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1653.67px;left:1164.84px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1653.67px;left:2055.09px;letter-spacing:55.52px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:2304px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:4251.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2106.15px;left:2448px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2106.15px;left:2865.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:5354.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:5443.64px;white-space:nowrap">967,055</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:6336px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:8283.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2106.15px;left:6480px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2106.15px;left:6897.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:9386.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1914.15px;left:9475.64px;white-space:nowrap">494,926</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.64px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.64px;left:373.65px;letter-spacing:49.62px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.64px;left:5221.22px;white-space:nowrap">$7,209,574</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.64px;left:9253.22px;white-space:nowrap">$3,887,146</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2866.92px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:42.54px;white-space:nowrap">This
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:326.92px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:801.06px;text-rendering:optimizeLegibility;white-space:nowrap">reflects
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:1260.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:1479.42px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:2143.09px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:2894.42px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:3733.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:3879.02px;white-space:nowrap">futures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:4316.68px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:4885.59px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:5060.67px;letter-spacing:0px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:5585.82px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:5724.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:5943.32px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:6526.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:6672.85px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:7453.32px;white-space:nowrap">Only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:7759.65px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:7978.56px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:8510.98px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2862.7px;left:8948.48px;white-space:nowrap">receivable/payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:145.94px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:437.66px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:693.05px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:824.3px;white-space:nowrap">separately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:1466.17px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:1991.33px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:2363.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:2582.11px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:3216.72px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:3355.47px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:3785.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:4041.17px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:4653.83px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:4967.27px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:5499.69px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:5937.19px;white-space:nowrap">movements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:6651.88px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:6972.66px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:7526.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:7672.89px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:7986.56px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:8314.92px;white-space:nowrap">receipt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:8745.23px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3054.7px;left:8898.36px;white-space:nowrap">payment.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3255.41px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:42.54px;white-space:nowrap">This
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:326.92px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:801.06px;text-rendering:optimizeLegibility;white-space:nowrap">reflects
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:1260.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:1479.42px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:2143.09px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:2894.42px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:3733.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:3879.02px;white-space:nowrap">centrally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:4404.1px;white-space:nowrap">cleared
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:4870.9px;letter-spacing:0px;white-space:nowrap">swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:5213.63px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:5782.54px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:5957.62px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:6482.77px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:6621.37px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:6840.27px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:7423.87px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:7569.81px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:8350.27px;white-space:nowrap">Only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:8656.6px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:8875.51px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3251.19px;left:9407.93px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:0px;white-space:nowrap">receivable/payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:1130.63px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:1276.56px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:1568.28px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:1823.67px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:1954.92px;white-space:nowrap">separately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:2596.8px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:3121.95px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:3493.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:3712.73px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:4347.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:4486.09px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:4916.41px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:5171.8px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:5784.45px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:6097.89px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:6630.31px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:7067.81px;white-space:nowrap">movements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:7782.5px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:8103.28px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:8657.58px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:8803.52px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:9117.19px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:9445.55px;white-space:nowrap">receipt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3443.19px;left:9875.86px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3635.19px;left:0px;white-space:nowrap">payment.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.09px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.09px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:2592px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:3409.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:2592px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:3481.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.09px;left:5240.59px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.09px;left:5542.86px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:5054.19px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:5454.27px;white-space:nowrap">(Loss)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:5978.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:5572.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:5853.88px;letter-spacing:-2.21px;white-space:nowrap">Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:6480px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:7297.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:6480px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:7369.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4476.09px;left:9004.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4476.09px;left:9306.64px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4476.09px;left:9937.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4668.09px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.09px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.09px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:9202.58px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:9460.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5244.09px;left:9741.88px;letter-spacing:-2.21px;white-space:nowrap">Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5567.14px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5567.14px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5567.14px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5567.14px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:2592px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:2885.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:3490.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:3837.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:4272.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:6480px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:6773.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:7342.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.62px;left:7511.8px;white-space:nowrap">unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5987.62px;left:6480px;white-space:nowrap">&#160;&#160;appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5987.62px;left:7485.08px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5987.62px;left:8507.81px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.56px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.56px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.56px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6393.56px;left:1588.02px;letter-spacing:51.05px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.05px;left:2592px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.05px;left:3178.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.05px;left:5418.09px;white-space:nowrap">$(545,771)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.05px;left:6480px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.05px;left:7066.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.05px;left:9412.66px;white-space:nowrap">$919,188</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6914.53px;left:2592px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6914.53px;left:3036.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6914.53px;left:5480.2px;white-space:nowrap">4,067,825</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6914.53px;left:6480px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6914.53px;left:6924.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6914.53px;left:9261.64px;white-space:nowrap">(1,646,246)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:2592px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:3223.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:3890.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:4308.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.01px;left:2592px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.01px;left:5480.2px;white-space:nowrap">1,120,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:6480px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:7111.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:7778.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.01px;left:8196.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.01px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.01px;left:9261.64px;white-space:nowrap">(1,575,083)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.5px;left:0px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.5px;left:586.95px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.5px;left:1325.31px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7627.5px;left:2055.09px;letter-spacing:53.14px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:2592px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:3223.25px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:3961.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:5507.08px;white-space:nowrap">(399,596)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:6480px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:7111.25px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:7849.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.98px;left:9395.08px;white-space:nowrap">(186,712)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.47px;left:0px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.47px;left:471.25px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.47px;left:1120.96px;letter-spacing:50.35px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8408.95px;left:2592px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8408.95px;left:3036.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8408.95px;left:5613.64px;white-space:nowrap">388,297</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8408.95px;left:6480px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8408.95px;left:6924.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8408.95px;left:9368.2px;white-space:nowrap">1,745,044</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8669.44px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8669.44px;left:373.65px;letter-spacing:49.87px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8669.44px;left:5391.22px;white-space:nowrap">$4,631,655</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8669.44px;left:9306.09px;white-space:nowrap">$(743,809)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9839.38px;left:8852.89px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9839.38px;left:9484.06px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10031.38px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10031.38px;left:9688.83px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10227.86px;left:0px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10227.86px;left:586.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10227.86px;left:1307.78px;letter-spacing:50.08px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10227.86px;left:9190.23px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10227.86px;left:9279.22px;white-space:nowrap">75,184,528</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10424.35px;left:0px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10424.35px;left:444.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10424.35px;left:1120.96px;letter-spacing:50.05px;white-space:nowrap">............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10424.35px;left:9056.8px;white-space:nowrap">1,025,803,126</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10620.83px;left:0px;white-space:nowrap">Forwards </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10620.83px;left:711.25px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10620.83px;left:1449.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10620.83px;left:2148.5px;letter-spacing:50.23px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10620.83px;left:9279.22px;white-space:nowrap">30,193,022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10817.31px;left:0px;white-space:nowrap">Options</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10817.31px;left:560.48px;letter-spacing:49.97px;white-space:nowrap">..................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10817.31px;left:9190.23px;white-space:nowrap">662,859,941</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">53</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1390.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1691.1px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2275.75px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2705.71px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3526.08px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4096.32px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4446.65px;white-space:nowrap">liabilities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5176.93px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5487.1px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5727.22px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:1390.87px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:1820.83px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:2641.2px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:3261.45px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:3771.65px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:4161.71px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:4411.93px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:4898.32px;white-space:nowrap">against </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:5528.76px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:5828.99px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:6413.64px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:6843.6px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:7663.97px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:8394.26px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3570.28px;left:8744.59px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:0px;white-space:nowrap">received </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:730.37px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:1140.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:1440.62px;letter-spacing:-0.95px;white-space:nowrap">counterparty,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:2527.82px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:2837.99px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3820.28px;left:3078.11px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:809.42px;left:6865.16px;white-space:nowrap">Gross
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:809.42px;left:7366.09px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:809.42px;left:8103.83px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1001.42px;left:6332.89px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1001.42px;left:6902.11px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1001.42px;left:7231.02px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1001.42px;left:8013.44px;white-space:nowrap">Presented</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:6002.66px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:6189.3px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:6473.75px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:7291.72px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:7481.25px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:8050.47px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1193.42px;left:8379.38px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:6011.68px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1471.68px;left:6536.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:8425.08px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1471.68px;left:9163.05px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1830.79px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1830.79px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1830.79px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1830.79px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:144px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:775.25px;white-space:nowrap">Exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:1531.34px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:2241.91px;letter-spacing:50.34px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:6892.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:6981.64px;white-space:nowrap">302,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:9424.53px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2062.28px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">119,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:144px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:775.25px;white-space:nowrap">Premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:1459.78px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:1904.47px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:2420.33px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:3176.05px;letter-spacing:51.07px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:6848.2px;white-space:nowrap">1,775,125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2264.76px;left:9368.2px;white-space:nowrap">1,815,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2467.24px;left:144px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2467.24px;left:588.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2467.24px;left:1307.78px;letter-spacing:49.99px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2467.24px;left:6848.2px;white-space:nowrap">3,581,792</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2467.24px;left:9368.2px;white-space:nowrap">1,295,661</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2698.73px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2698.73px;left:747.3px;letter-spacing:49.85px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2698.73px;left:6771.09px;letter-spacing:-1.19px;white-space:nowrap">$5,659,211</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2698.73px;left:9279.22px;white-space:nowrap">$3,231,107</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3199.01px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:42.54px;white-space:nowrap">Absent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:487.54px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:669.96px;white-space:nowrap">event
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:1027.46px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:1173.4px;white-space:nowrap">default
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:1603.87px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:1756.99px;white-space:nowrap">early
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:2077.85px;white-space:nowrap">termination,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:2799.88px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:3113.32px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:3711.37px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:4127.15px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:4382.54px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:4914.88px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:5140.98px;white-space:nowrap">presented
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:5761.06px;white-space:nowrap">gross
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:6118.4px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:6373.79px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:6592.7px;letter-spacing:-0.32px;white-space:nowrap">offset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:6947.93px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:7086.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:7305.43px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:7940.04px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:8078.79px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:8509.1px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3194.79px;left:8764.49px;white-space:nowrap">Liabilities.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4285.7px;left:5706.9px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4285.7px;left:6444.63px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4285.7px;left:6755.65px;text-rendering:optimizeLegibility;white-space:nowrap">Offset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4285.7px;left:7258.46px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4285.7px;left:7445.1px;white-space:nowrap">the</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4477.7px;left:5374.2px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4477.7px;left:6192.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4477.7px;left:6381.7px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4477.7px;left:6950.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4477.7px;left:7279.83px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4738.18px;left:3857.58px;white-space:nowrap">Gross</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4930.18px;left:3431.25px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4930.18px;left:4168.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:2790.47px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:3359.69px;white-space:nowrap">Presented
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:4177.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:3066.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:3351.02px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:4168.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:2683.91px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:3253.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:3582.03px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4930.18px;left:5066.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:4844.3px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:4805.63px;letter-spacing:-0.59px;white-space:nowrap">Available
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:5546.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:5301.64px;text-rendering:optimizeLegibility;white-space:nowrap">Offset</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4930.18px;left:6506.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:6284.3px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:6470.86px;white-space:nowrap">Collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:6362.57px;white-space:nowrap">Received</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5509.39px;left:7065.23px;white-space:nowrap">a,b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:8248.75px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:7910.86px;white-space:nowrap">Collateral</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:7880.36px;white-space:nowrap">Received</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5509.39px;left:8583.02px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:9179.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5122.18px;left:9475.7px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:9404.3px;white-space:nowrap">(Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5314.18px;left:9768.59px;white-space:nowrap">less</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:9315.55px;white-space:nowrap">than
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5506.18px;left:9697.73px;white-space:nowrap">zero)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5848.12px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5848.12px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5848.12px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5848.12px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6108.61px;left:0px;white-space:nowrap">Counterparty</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:3652.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:3741.64px;white-space:nowrap">109,542</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:4986.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:5075.08px;white-space:nowrap">(109,542)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:6951.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:8391.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:9831.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6369.09px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:144px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:561.97px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:3830.63px;white-space:nowrap">40,474</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:5164.06px;white-space:nowrap">(40,474)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.58px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:144px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:3830.63px;white-space:nowrap">17,649</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:5253.05px;white-space:nowrap">(7,379)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6890.06px;left:9590.63px;white-space:nowrap">10,270</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:144px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:467.07px;letter-spacing:50.97px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:3608.2px;white-space:nowrap">1,959,184</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:5075.08px;white-space:nowrap">(806,764)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:7821.64px;white-space:nowrap">(1,152,420)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7150.54px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:144px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:3741.64px;white-space:nowrap">647,278</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:5164.06px;white-space:nowrap">(88,961)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:7955.08px;white-space:nowrap">(558,317)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7411.03px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:144px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:3830.63px;white-space:nowrap">17,766</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:5164.06px;white-space:nowrap">(15,375)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7671.51px;left:9679.61px;white-space:nowrap">2,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:144px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:3608.2px;white-space:nowrap">1,185,944</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:5075.08px;white-space:nowrap">(766,305)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:6515.08px;white-space:nowrap">(318,639)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:7955.08px;white-space:nowrap">(101,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7932px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:144px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:3830.63px;white-space:nowrap">59,269</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:5164.06px;white-space:nowrap">(59,269)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.48px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:144px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:3741.64px;white-space:nowrap">384,565</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:5075.08px;white-space:nowrap">(134,532)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:7955.08px;white-space:nowrap">(198,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8452.97px;left:9590.63px;white-space:nowrap">52,033</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:144px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:3741.64px;white-space:nowrap">775,961</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:5075.08px;white-space:nowrap">(310,058)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:7955.08px;white-space:nowrap">(160,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8713.45px;left:9501.64px;white-space:nowrap">305,903</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:144px;letter-spacing:-2.97px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8973.93px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:144px;letter-spacing:-0.72px;white-space:nowrap">SSBT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:3830.63px;white-space:nowrap">18,976</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.42px;left:9590.63px;white-space:nowrap">18,976</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:144px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:3830.63px;white-space:nowrap">35,036</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:5386.48px;white-space:nowrap">(250)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9494.9px;left:9590.63px;white-space:nowrap">34,786</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:144px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:3741.64px;white-space:nowrap">407,126</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:5075.08px;white-space:nowrap">(245,226)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:6515.08px;white-space:nowrap">(104,900)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:8044.06px;white-space:nowrap">(57,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.39px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:144px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:4053.05px;white-space:nowrap">441</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10015.87px;left:9813.05px;white-space:nowrap">441</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:288px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:3531.09px;letter-spacing:-1.19px;white-space:nowrap">$5,659,211</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:4852.66px;white-space:nowrap">$(2,584,135)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:6426.09px;white-space:nowrap">$(423,539)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:7732.66px;white-space:nowrap">$(2,226,737)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10276.36px;left:9412.66px;white-space:nowrap">$424,800</div>

<div style="font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10678.4px;left:7338.44px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10678.4px;left:8562.44px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11041.68px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:42.54px;white-space:nowrap">At
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:203.01px;white-space:nowrap">July
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:472.85px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:691.76px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:1056.6px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:1275.51px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:1611.06px;white-space:nowrap">received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:2143.48px;white-space:nowrap">U.S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:2396.37px;letter-spacing:-0.53px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:2945.74px;white-space:nowrap">Bills,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:3259.26px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:3667.77px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:3923.17px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:4302.38px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:4477.46px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:5039.02px;letter-spacing:0px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11037.46px;left:5228.63px;white-space:nowrap">derivatives.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11238.17px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:42.54px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:188.48px;white-space:nowrap">some
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:545.82px;white-space:nowrap">instances,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:1173.17px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:1392.07px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:1953.63px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:2493.4px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:3076.92px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:3215.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:3434.42px;white-space:nowrap">table
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:3755.43px;white-space:nowrap">above
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:4149.42px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:4470.2px;white-space:nowrap">adjusted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:5002.77px;letter-spacing:0px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:5258.17px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:5404.1px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:5623.01px;white-space:nowrap">requirement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:6359.57px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:6505.51px;white-space:nowrap">limit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:6775.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:6994.1px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:7555.67px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:8095.43px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:8241.37px;white-space:nowrap">avoid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:8591.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:8810.43px;letter-spacing:-0.32px;white-space:nowrap">effect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11233.95px;left:9165.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:0px;white-space:nowrap">overcollateralization.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:1225.39px;white-space:nowrap">Actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:1626.56px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:2188.13px;white-space:nowrap">received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:2720.55px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:3129.06px;white-space:nowrap">pledged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:3632.5px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:3916.88px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:4099.3px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:4434.69px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:4726.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:4945.47px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:5485.23px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11425.95px;left:6068.75px;white-space:nowrap">herein.</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">54</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:590.19px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:890.42px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1390.87px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1820.83px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2641.2px;white-space:nowrap">liabilities, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3421.49px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3931.7px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4321.76px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4571.98px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5058.37px;white-space:nowrap">against </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5688.81px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5989.04px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6573.69px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7003.65px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7824.02px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8394.26px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8744.59px;white-space:nowrap">collateral </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">pledged </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:690.64px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:890.77px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1191.01px;letter-spacing:-0.95px;white-space:nowrap">counterparty,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2278.21px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2588.38px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2828.5px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8637.57px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8637.57px;left:370.28px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8637.57px;left:800.51px;white-space:nowrap">1(e)&#160;regarding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8637.57px;left:1981.14px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8637.57px;left:2801.51px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8637.57px;left:3511.93px;white-space:nowrap">instruments.&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9067.57px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9067.57px;left:360.35px;white-space:nowrap">Abbreviations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9067.57px;left:1501px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9067.57px;left:1751.22px;white-space:nowrap">page </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9067.57px;left:2201.66px;white-space:nowrap">57</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9067.57px;left:2401.88px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.42px;left:5706.9px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.42px;left:6444.63px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.42px;left:6755.65px;text-rendering:optimizeLegibility;white-space:nowrap">Offset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.42px;left:7258.46px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.42px;left:7445.1px;white-space:nowrap">the</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.42px;left:5374.2px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.42px;left:6192.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.42px;left:6381.7px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.42px;left:6950.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.42px;left:7279.83px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1511.91px;left:3857.58px;white-space:nowrap">Gross</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1703.91px;left:3431.25px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1703.91px;left:4168.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1895.91px;left:3582.03px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:3359.69px;white-space:nowrap">Presented
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:4177.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:3066.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:3351.02px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:4168.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:2683.91px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:3253.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:3582.03px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1895.91px;left:5066.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:4844.3px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:4805.63px;letter-spacing:-0.59px;white-space:nowrap">Available
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:5546.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:5301.64px;text-rendering:optimizeLegibility;white-space:nowrap">Offset</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1895.91px;left:6506.48px;white-space:nowrap">Financial</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:6284.3px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:6470.86px;white-space:nowrap">Collateral</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:6442.88px;white-space:nowrap">Pledged</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2475.12px;left:7065.23px;white-space:nowrap">a,b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:8248.75px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:7910.86px;white-space:nowrap">Collateral</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:8017.66px;white-space:nowrap">Pledged</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:9179.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2087.91px;left:9475.7px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:9404.3px;white-space:nowrap">(Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2279.91px;left:9768.59px;white-space:nowrap">less
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:9315.55px;white-space:nowrap">than
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2471.91px;left:9697.73px;white-space:nowrap">zero)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2813.85px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2813.85px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2813.85px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2813.85px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3074.33px;left:0px;white-space:nowrap">Counterparty</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:3652.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:3741.64px;white-space:nowrap">336,149</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:4986.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:5075.08px;white-space:nowrap">(109,542)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:6437.97px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:6526.95px;letter-spacing:-1.32px;white-space:nowrap">(112,146)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:8391.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:9424.53px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.81px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">114,461</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:144px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:561.97px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:3741.64px;white-space:nowrap">357,744</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:5164.06px;white-space:nowrap">(40,474)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:6515.08px;white-space:nowrap">(255,122)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.3px;left:9590.63px;white-space:nowrap">62,148</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:144px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:3919.61px;white-space:nowrap">7,379</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:5253.05px;white-space:nowrap">(7,379)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3855.78px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:144px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:467.07px;letter-spacing:50.97px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:3741.64px;white-space:nowrap">806,764</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:5075.08px;white-space:nowrap">(806,764)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4116.27px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:144px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:3830.63px;white-space:nowrap">88,961</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:5164.06px;white-space:nowrap">(88,961)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4376.75px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:144px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:3830.63px;white-space:nowrap">15,375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:5164.06px;white-space:nowrap">(15,375)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4637.24px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:144px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:3741.64px;white-space:nowrap">766,305</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:5075.08px;white-space:nowrap">(766,305)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4897.72px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:144px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:3741.64px;white-space:nowrap">160,898</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:5164.06px;white-space:nowrap">(59,269)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.21px;left:9501.64px;white-space:nowrap">101,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:144px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:3741.64px;white-space:nowrap">134,532</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:5075.08px;white-space:nowrap">(134,532)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5418.69px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:144px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:3741.64px;white-space:nowrap">310,058</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:5075.08px;white-space:nowrap">(310,058)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5679.17px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:144px;letter-spacing:-2.97px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:3919.61px;white-space:nowrap">1,466</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.66px;left:9679.61px;white-space:nowrap">1,466</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:144px;letter-spacing:-0.72px;white-space:nowrap">SSBT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6200.14px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:144px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:4053.05px;white-space:nowrap">250</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:5386.48px;white-space:nowrap">(250)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6460.63px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:144px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:3741.64px;white-space:nowrap">245,226</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:5075.08px;white-space:nowrap">(245,226)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6721.11px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:144px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6981.6px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:288px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:3519.22px;white-space:nowrap">$3,231,107</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:4852.66px;white-space:nowrap">$(2,584,135)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:6426.09px;white-space:nowrap">$(367,268)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:8391.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7242.08px;left:9412.66px;white-space:nowrap">$279,704</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7877.82px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:42.54px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:312.46px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:531.37px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:1413.95px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:1997.54px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:2143.48px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:2887.46px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:3077.07px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:3667.77px;white-space:nowrap">pledged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:4171.21px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:4346.29px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:4907.85px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7873.6px;left:5097.46px;letter-spacing:0px;white-space:nowrap">derivatives.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8074.3px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:42.54px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:188.48px;white-space:nowrap">some
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:545.82px;white-space:nowrap">instances,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:1173.17px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:1392.07px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:1953.63px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:2493.4px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:3076.92px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:3215.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:3434.42px;white-space:nowrap">table
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:3755.43px;white-space:nowrap">above
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:4149.42px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:4470.2px;white-space:nowrap">adjusted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:5002.77px;letter-spacing:0px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:5258.17px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:5404.1px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:5623.01px;white-space:nowrap">requirement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:6359.57px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:6505.51px;white-space:nowrap">limit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:6775.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:6994.1px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:7555.67px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:8095.43px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:8241.37px;white-space:nowrap">avoid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:8591.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:8810.43px;letter-spacing:-0.32px;white-space:nowrap">effect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8070.08px;left:9165.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:0px;white-space:nowrap">overcollateralization.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:1225.39px;white-space:nowrap">Actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:1626.56px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:2188.13px;white-space:nowrap">received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:2720.55px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:3129.06px;white-space:nowrap">pledged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:3632.5px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:3916.88px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:4099.3px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:4434.69px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:4726.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:4945.47px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:5485.23px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8262.08px;left:6068.75px;white-space:nowrap">herein.</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">55</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-1.2px;white-space:nowrap">10.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:317.59px;letter-spacing:-3.2px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:719.96px;letter-spacing:-5.17px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1274.08px;letter-spacing:-3.67px;white-space:nowrap">Measurements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:820.46px;white-space:nowrap">follows </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1420.66px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1570.78px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1870.84px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2351.16px;white-space:nowrap">hierarchy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3141.47px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3491.72px;white-space:nowrap">distinguishes
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4582.35px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5312.9px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5913.02px;white-space:nowrap">data </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6313.36px;white-space:nowrap">obtained </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7054.01px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7464.02px;white-space:nowrap">independent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8505px;white-space:nowrap">sources </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">(observable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:990.53px;white-space:nowrap">inputs) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1580.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1931.13px;white-space:nowrap">the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2816.02px;white-space:nowrap">own </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3196.23px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3796.35px;white-space:nowrap">assumptions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4856.84px;white-space:nowrap">(unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6047.58px;white-space:nowrap">inputs). </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6684.61px;white-space:nowrap">These </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7234.89px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7765.22px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8075.39px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8515.72px;white-space:nowrap">in </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3941.98px;left:7953.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3941.98px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3941.98px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4272.31px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4272.31px;left:631.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4272.31px;left:1271.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4272.31px;left:1876.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4483.35px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4679.84px;left:144px;white-space:nowrap">Investments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4679.84px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4679.84px;left:1220.02px;white-space:nowrap">Securities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:288px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:1266.36px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:2093.39px;white-space:nowrap">Companies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:4539.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:4628.08px;letter-spacing:-1.32px;white-space:nowrap">9,211,202</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:6663.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:9291.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4876.32px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">9,211,202</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:288px;white-space:nowrap">Convertible </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:1141.75px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:6134.97px;letter-spacing:-2.37px;white-space:nowrap">11,019,911</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5072.8px;left:9302.97px;letter-spacing:-2.37px;white-space:nowrap">11,019,911</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:288px;white-space:nowrap">Corporate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:1043.94px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:6022.23px;white-space:nowrap">103,828,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5269.29px;left:9190.23px;white-space:nowrap">103,828,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:288px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:794.95px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:1408.63px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:1791.05px;white-space:nowrap">Interests</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:6111.22px;white-space:nowrap">24,103,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.77px;left:9279.22px;white-space:nowrap">24,103,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:288px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:874.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:1799.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:2102.38px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:2680.5px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:3456.29px;letter-spacing:51.24px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:6111.22px;white-space:nowrap">38,221,670</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.26px;left:9279.22px;white-space:nowrap">38,221,670</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:288px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:1319.56px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:6200.2px;white-space:nowrap">3,607,555</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5858.74px;left:9368.2px;white-space:nowrap">3,607,555</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:288px;white-space:nowrap">Commercial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:1185.89px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:2493.23px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:3269.46px;letter-spacing:50.48px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:6111.22px;white-space:nowrap">37,839,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6055.23px;left:9279.22px;white-space:nowrap">37,839,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:288px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:1595.34px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:2335.33px;letter-spacing:49.53px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:6111.22px;white-space:nowrap">86,682,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6251.71px;left:9279.22px;white-space:nowrap">86,682,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:288px;white-space:nowrap">Residential </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:1124.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:2431.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:3176.05px;letter-spacing:50.26px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:6111.22px;white-space:nowrap">39,830,221</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6448.2px;left:9279.22px;white-space:nowrap">39,830,221</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:288px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:866.13px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:1764.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:3071.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:6111.22px;white-space:nowrap">46,182,185</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6644.68px;left:9279.22px;white-space:nowrap">46,182,185</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:288px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:711.98px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:1111.98px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:4527.22px;white-space:nowrap">20,936,648</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:6111.22px;white-space:nowrap">19,145,769</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:7784.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6841.16px;left:9279.22px;white-space:nowrap">41,832,417</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:958.42px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:1865.45px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:2034.44px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:4438.23px;white-space:nowrap">$30,147,850</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:5933.25px;white-space:nowrap">$410,462,171</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:7695.22px;white-space:nowrap">$1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7037.65px;left:9101.25px;white-space:nowrap">$442,360,021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7330.15px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7330.15px;left:588.61px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7330.15px;left:1273.38px;white-space:nowrap">Instruments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:919.25px;white-space:nowrap">Exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:1675.34px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:5079.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:6244.66px;white-space:nowrap">$302,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7526.63px;left:9412.66px;white-space:nowrap">$302,294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:919.25px;white-space:nowrap">Premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:1603.78px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:2048.47px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:2564.33px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:3362.87px;letter-spacing:50.78px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:6200.2px;white-space:nowrap">1,775,125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7723.12px;left:9368.2px;white-space:nowrap">1,775,125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:874.88px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:4749.64px;white-space:nowrap">102,630</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7919.6px;left:9501.64px;white-space:nowrap">102,630</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:732.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:6200.2px;white-space:nowrap">2,414,788</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:8006.62px;white-space:nowrap">48,697</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8116.09px;left:9368.2px;white-space:nowrap">2,463,485</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:288px;white-space:nowrap">Unfunded </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:1026.36px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:1426.75px;white-space:nowrap">Commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:2522.15px;letter-spacing:49.61px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:6823.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8312.57px;left:9991.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:958.42px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:1403.03px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:2087.8px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:4660.66px;white-space:nowrap">$102,630</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:6111.22px;white-space:nowrap">$4,492,210</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:7917.64px;white-space:nowrap">$48,697</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8509.06px;left:9279.22px;white-space:nowrap">$4,643,537</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8801.56px;left:0px;white-space:nowrap">Liabilities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.6px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.6px;left:588.61px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.6px;left:1273.38px;white-space:nowrap">Instruments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:288px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:634.8px;white-space:nowrap">Sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:999.48px;white-space:nowrap">Commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:5079.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:6111.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:6200.2px;white-space:nowrap">9,460,993</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.09px;left:9368.2px;white-space:nowrap">9,460,993</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:919.25px;white-space:nowrap">Exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:1675.34px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:6345.52px;letter-spacing:-1.7px;white-space:nowrap">119,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9405.57px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">119,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:919.25px;white-space:nowrap">Premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:1603.78px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:2048.47px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:2564.33px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:3269.46px;letter-spacing:50.48px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:6200.2px;white-space:nowrap">1,815,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.05px;left:9368.2px;white-space:nowrap">1,815,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:874.88px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:4838.63px;white-space:nowrap">20,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9798.54px;left:9590.62px;white-space:nowrap">20,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:732.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:6200.2px;white-space:nowrap">1,130,137</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.02px;left:9368.2px;white-space:nowrap">1,130,137</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:958.42px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:1403.03px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:2087.8px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:4749.64px;white-space:nowrap">$20,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:6022.23px;white-space:nowrap">$12,526,576</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.51px;left:9190.23px;white-space:nowrap">$12,547,404</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">56</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:611.16px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.3px;white-space:nowrap">11.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:306.56px;letter-spacing:-3.6px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1266.66px;letter-spacing:-3.5px;white-space:nowrap">Segments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:360.18px;white-space:nowrap">Fund&#160;has&#160;adopted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1861.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2161.58px;letter-spacing:-1.99px;white-space:nowrap">FASB
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2661.86px;white-space:nowrap">Accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3602.46px;white-space:nowrap">Standards </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4473.02px;white-space:nowrap">Update </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5103.46px;white-space:nowrap">(ASU) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5643.46px;white-space:nowrap">2023-07, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:344px;left:6404.06px;white-space:nowrap">Segment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:344px;left:7174.51px;white-space:nowrap">Reporting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:344px;left:8004.99px;letter-spacing:-2.36px;white-space:nowrap">(Topic
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-3.69px;white-space:nowrap">Abbreviations</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:0px;white-space:nowrap">Counterparty</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:652.09px;left:0px;letter-spacing:-0.81px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:1116px;letter-spacing:-0.72px;white-space:nowrap">BNP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:1486.55px;white-space:nowrap">Paribas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:2073.5px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:927.14px;left:0px;letter-spacing:-4.15px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1116px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1525.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1694.2px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:2325.45px;letter-spacing:-4.41px;white-space:nowrap">NA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1202.18px;left:0px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1116px;white-space:nowrap">Barclays </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1773.97px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:2183.11px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1477.23px;left:0px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:1116px;white-space:nowrap">Citibank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:1738.5px;letter-spacing:-4.41px;white-space:nowrap">NA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1752.27px;left:0px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:1116px;white-space:nowrap">Goldman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:1809.67px;white-space:nowrap">Sachs </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:2298.81px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:2832.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2027.32px;left:0px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:1116px;white-space:nowrap">HSBC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:1604.98px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:2014.13px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2302.36px;left:0px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:1116px;white-space:nowrap">JPMorgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:1889.67px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:2396.63px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:2805.77px;letter-spacing:-4.41px;white-space:nowrap">NA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2577.41px;left:0px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:1116px;white-space:nowrap">Mizuho </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:1676.23px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:2218.73px;white-space:nowrap">Markets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:2832.17px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2852.45px;left:0px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:1116px;white-space:nowrap">Merrill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:1595.92px;letter-spacing:-0.99px;white-space:nowrap">Lynch
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:2061.39px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:2986.47px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:3137.64px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3127.5px;left:0px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:1116px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:1702.95px;white-space:nowrap">Stanley</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3402.54px;left:0px;letter-spacing:-3.34px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:1116px;white-space:nowrap">Natwest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:1738.42px;white-space:nowrap">Markets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:2351.86px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3677.59px;left:0px;white-space:nowrap">SSBT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:1116px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:1534.05px;white-space:nowrap">Street </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:2005.38px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:2414.52px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:2723.03px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:3126px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3952.63px;left:0px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.57px;left:1116px;letter-spacing:-2.22px;white-space:nowrap">Toronto
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.57px;left:1694.13px;white-space:nowrap">Dominion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.57px;left:2414.44px;white-space:nowrap">Bank</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4227.68px;left:0px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4244.61px;left:1116px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4244.61px;left:1480.61px;white-space:nowrap">AG</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4502.72px;left:0px;letter-spacing:-3.34px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4519.66px;left:1116px;letter-spacing:-0.36px;white-space:nowrap">Westpac
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4519.66px;left:1779.98px;white-space:nowrap">Banking </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4519.66px;left:2402.64px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5037.77px;left:0px;white-space:nowrap">Cu</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5037.77px;left:239.94px;white-space:nowrap">r</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5037.77px;left:309.99px;white-space:nowrap">rency</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5312.81px;left:0px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5329.75px;left:1108px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5329.75px;left:1863.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5587.86px;left:0px;white-space:nowrap">CAD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.79px;left:1108px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.79px;left:1837.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5862.9px;left:0px;white-space:nowrap">CHF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5879.84px;left:1108px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5879.84px;left:1570.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6137.95px;left:0px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.88px;left:1108px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6412.99px;left:0px;letter-spacing:-1.08px;white-space:nowrap">GBP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6429.92px;left:1108px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6429.92px;left:1596.98px;white-space:nowrap">Pound</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6688.04px;left:0px;letter-spacing:-1.08px;white-space:nowrap">JPY</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.97px;left:1108px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.97px;left:1843.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6963.08px;left:0px;white-space:nowrap">NOK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6980.01px;left:1108px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6980.01px;left:1917.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7238.13px;left:0px;white-space:nowrap">NZD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7255.06px;left:1108px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7255.06px;left:1472.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7255.06px;left:2095.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7513.17px;left:0px;white-space:nowrap">SEK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7530.1px;left:1108px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7530.1px;left:1757.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7788.22px;left:0px;white-space:nowrap">USD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.15px;left:1108px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.15px;left:1614.95px;white-space:nowrap">States </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.15px;left:2113px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8323.26px;left:0px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8598.31px;left:0px;letter-spacing:-2px;white-space:nowrap">CDX.NA.HY.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8814.31px;left:0px;white-space:nowrap">Series
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8814.31px;left:590.45px;white-space:nowrap">number</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8831.24px;left:1368px;white-space:nowrap">CDX </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8831.24px;left:1750.27px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8831.24px;left:2177.14px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8831.24px;left:2808.39px;white-space:nowrap">High </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8831.24px;left:3179.02px;letter-spacing:-0.99px;white-space:nowrap">Yield
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8831.24px;left:3573.31px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9089.35px;left:0px;white-space:nowrap">CMBX.NA.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9305.35px;left:0px;white-space:nowrap">Series
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9305.35px;left:590.45px;white-space:nowrap">number</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9322.28px;left:1368px;white-space:nowrap">CMBX </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9322.28px;left:1874.72px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9322.28px;left:2301.59px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9322.28px;left:2932.84px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:5220px;white-space:nowrap">Selected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:6010.4px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:652.09px;left:5220px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:6336px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:6745.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:6923.03px;white-space:nowrap">England </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:7554.67px;white-space:nowrap">Base </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:7963.81px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:927.14px;left:5220px;white-space:nowrap">CLO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:6336px;white-space:nowrap">Collateralized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:7349.83px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:7750.22px;white-space:nowrap">Obligation</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1202.18px;left:5220px;white-space:nowrap">CME</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:6336px;white-space:nowrap">Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:6967.48px;white-space:nowrap">Mercantile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:7749.98px;white-space:nowrap">Exchange</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1654.67px;left:5220px;white-space:nowrap">CMT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1479.6px;left:6336px;white-space:nowrap">Constant </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1479.6px;left:7020.84px;white-space:nowrap">Monthly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1479.6px;left:7625.53px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1479.6px;left:7978.27px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1479.6px;left:8648.03px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1479.6px;left:9392.09px;letter-spacing:-0.99px;white-space:nowrap">Yield
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1671.6px;left:6336px;white-space:nowrap">Curve </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1671.6px;left:6807.25px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1671.6px;left:7189.67px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1929.71px;left:5220px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1946.65px;left:6336px;letter-spacing:-0.37px;white-space:nowrap">Exchange-Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1946.65px;left:7646.39px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2204.76px;left:5220px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:6336px;white-space:nowrap">Euro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:6718.42px;white-space:nowrap">Inter-Bank
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:7501px;text-rendering:optimizeLegibility;white-space:nowrap">Offer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:7897.64px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2479.8px;left:5220px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:6336px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:6922.95px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:7394.2px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:7794.59px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:8514.98px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2754.85px;left:5220px;letter-spacing:-1.67px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:6336px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:6922.95px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:7554.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:8266px;white-space:nowrap">Association</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3029.89px;left:5220px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:6336px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:6949.67px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:7332.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3304.94px;left:5220px;letter-spacing:-1.67px;white-space:nowrap">GNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3321.87px;left:6336px;white-space:nowrap">Government </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3321.87px;left:7260.84px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3321.87px;left:7892.33px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3321.87px;left:8603.89px;white-space:nowrap">Association</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3579.98px;left:5220px;white-space:nowrap">PIK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3596.92px;left:6336px;white-space:nowrap">Payment-In-Kind</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3855.03px;left:5220px;white-space:nowrap">REIT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:6336px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:6709.52px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:7207.56px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:8031.7px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4130.07px;left:5220px;white-space:nowrap">REMIC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:6336px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:6709.52px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:7207.56px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:7927.95px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:8754.98px;white-space:nowrap">Conduit</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4405.12px;left:5220px;white-space:nowrap">SARON</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:6336px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:6789.44px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:7426.94px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:7809.36px;white-space:nowrap">Overnight</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4680.16px;left:5220px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:6336px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:6976.39px;white-space:nowrap">Overnight
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:7714.52px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:8452.72px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4955.21px;left:5220px;letter-spacing:-1.34px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:6336px;white-space:nowrap">Sterling </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:6922.95px;white-space:nowrap">Overnight
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:7661.08px;white-space:nowrap">Index </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:8088.11px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5230.25px;left:5220px;letter-spacing:-2.67px;white-space:nowrap">STACR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.18px;left:6336px;white-space:nowrap">Structured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.18px;left:7109.75px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.18px;left:7687.87px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.18px;left:8159.12px;white-space:nowrap">Risk</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:5580.18px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:6330.59px;white-space:nowrap">reference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:7141.03px;white-space:nowrap">rates, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:7641.21px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:7991.54px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:8391.71px;white-space:nowrap">values </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:8962.03px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:9202.15px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5553.3px;left:9402.28px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5769.3px;left:5220px;white-space:nowrap">end, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5769.3px;left:5620.34px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5769.3px;left:5930.51px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5769.3px;left:6370.84px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5769.3px;left:6630.91px;white-space:nowrap">security </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5769.3px;left:7301.07px;white-space:nowrap">descriptions:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6061.8px;left:5220px;white-space:nowrap">Reference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6061.8px;left:6140.48px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6061.8px;left:8625.37px;white-space:nowrap">Reference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6061.8px;left:9545.85px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6362.5px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6362.5px;left:5664.69px;letter-spacing:-0.88px;white-space:nowrap">REPO_CORRA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6362.5px;left:6808.02px;letter-spacing:51.96px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6362.5px;left:9482.33px;white-space:nowrap">2.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6558.98px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6558.98px;left:5664.69px;white-space:nowrap">SARON</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6558.98px;left:6247.54px;letter-spacing:51.18px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6558.98px;left:9375.77px;white-space:nowrap">(0.03)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6755.46px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6755.46px;left:5664.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6755.46px;left:6154.13px;letter-spacing:51.08px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6755.46px;left:9482.33px;white-space:nowrap">4.39%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6951.95px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6951.95px;left:5664.69px;letter-spacing:-1.77px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6951.95px;left:6154.13px;letter-spacing:51.08px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6951.95px;left:9482.33px;white-space:nowrap">4.22%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7148.43px;left:5220px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7148.43px;left:5842.58px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7148.43px;left:6224.84px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7148.43px;left:6621.2px;letter-spacing:51.64px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7148.43px;left:9482.33px;white-space:nowrap">3.68%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7344.92px;left:5220px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7344.92px;left:5851.41px;white-space:nowrap">STIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7344.92px;left:6527.78px;letter-spacing:51.51px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7344.92px;left:9482.33px;white-space:nowrap">2.16%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7541.4px;left:5220px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7541.4px;left:5842.58px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7541.4px;left:6224.84px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7541.4px;left:6621.2px;letter-spacing:51.64px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7541.4px;left:9482.33px;white-space:nowrap">3.78%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.89px;left:5220px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.89px;left:5851.41px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.89px;left:6621.2px;letter-spacing:51.64px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.89px;left:9482.33px;white-space:nowrap">2.08%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.37px;left:5220px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.37px;left:5851.41px;white-space:nowrap">NIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.37px;left:6434.37px;letter-spacing:51.39px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.37px;left:9482.33px;white-space:nowrap">4.36%</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:26.21px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:403.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Report </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:852.62px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1141.69px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2659.79px;white-space:nowrap">Registered
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3989.38px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4755.41px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:6114.06px;white-space:nowrap">Firm</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">58</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:634.33px;left:0px;position:absolute;top:0px;transform:translate(35.999px,97.465px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12590.62px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:240.12px;white-space:nowrap">the </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7328.64px;left:7911.3px;white-space:nowrap">opinion.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7758.64px;left:0px;white-space:nowrap">/s/ </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7758.64px;left:240.03px;white-space:nowrap">PricewaterhouseCoopers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7758.64px;left:2311.08px;letter-spacing:-1.08px;white-space:nowrap">LLP</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8008.64px;left:0px;white-space:nowrap">Boston, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8008.64px;left:660.41px;white-space:nowrap">Massachusetts</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8258.64px;left:0px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8258.64px;left:930.5px;white-space:nowrap">23, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8258.64px;left:1230.73px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:0px;letter-spacing:-1.08px;white-space:nowrap">We
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:3708.72px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:4629.11px;white-space:nowrap">companies
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:5739.7px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:6039.93px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:6710.27px;white-space:nowrap">Funds </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8688.64px;left:9571.64px;white-space:nowrap">1957. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:0px;letter-spacing:-1.08px;white-space:nowrap">We
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:2098.21px;white-space:nowrap">determine
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:3248.88px;text-rendering:optimizeLegibility;white-space:nowrap">specific
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:3899.09px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:4299.26px;white-space:nowrap">we </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:4579.37px;white-space:nowrap">began </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8938.64px;left:6000.29px;letter-spacing:-1.24px;white-space:nowrap">auditor.</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:25.70px;left:0px;position:absolute;top:0px;transform:translate(53.999px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:393.02px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;letter-spacing:-7.2px;white-space:nowrap">Tax
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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:476.84px;white-space:nowrap">Information
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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1849.71px;white-space:nowrap">(unaudited)</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">59</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12590.62px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">By </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:260.07px;letter-spacing:-0.95px;white-space:nowrap">mid-February,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1416.97px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1707.1px;white-space:nowrap">information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2647.53px;white-space:nowrap">related </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3247.91px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3448.04px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3598.15px;white-space:nowrap">shareholder&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4723.15px;white-space:nowrap">proportionate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5833.92px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6334.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6534.32px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7544.79px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7935.12px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8485.49px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8785.72px;white-space:nowrap">preceding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">calendar </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:740.48px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1140.64px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1440.62px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1690.84px;white-space:nowrap">received,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2471.22px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2611.23px;white-space:nowrap">applicable.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3521.87px;white-space:nowrap">Please </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4122.25px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4502.46px;white-space:nowrap">refer </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4922.58px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5122.71px;letter-spacing:-0.38px;white-space:nowrap">www.franklintempleton.com
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7363.56px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7623.63px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7933.8px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8434.07px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8724.2px;white-space:nowrap">information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">related </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:600.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:800.51px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1140.73px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2151.21px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2541.53px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3091.9px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3392.14px;white-space:nowrap">preceding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4232.72px;white-space:nowrap">calendar </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4973.2px;letter-spacing:-1.66px;white-space:nowrap">year.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5413.45px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6534.14px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6844.31px;white-space:nowrap">advised </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7514.74px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7714.86px;white-space:nowrap">consult </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8335.2px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8705.3px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9105.47px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9395.6px;white-space:nowrap">advisors </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:260.07px;white-space:nowrap">further </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:830.3px;white-space:nowrap">information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1770.73px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2020.96px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2321.19px;white-space:nowrap">treatment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3131.54px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3331.67px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3822.01px;white-space:nowrap">amounts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4562.4px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4812.63px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5212.79px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5502.92px;white-space:nowrap">returns.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:360.18px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:1110.59px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:1400.71px;white-space:nowrap">information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:2341.14px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:2601.21px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:2901.45px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:3361.73px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:3541.73px;white-space:nowrap">required
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:4252.15px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:4452.28px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:4702.5px;white-space:nowrap">furnished
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:5492.99px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:5693.12px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:6783.75px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:7153.86px;white-space:nowrap">respect </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:7794.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:7994.27px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:8624.53px;white-space:nowrap">earned </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1098.64px;left:9235.02px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:0px;white-space:nowrap">distributions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:1010.48px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:1400.8px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:1951.17px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:2181.18px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1348.64px;left:2641.29px;letter-spacing:-1.99px;white-space:nowrap">year.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:820.46px;white-space:nowrap">hereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:1420.84px;white-space:nowrap">reports </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:2031.06px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:2331.3px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:3081.71px;white-space:nowrap">amounts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:3872.11px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:4082.17px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:4222.18px;white-space:nowrap">subsequently
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:5332.94px;white-space:nowrap">determined
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:6283.48px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:6483.6px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:6733.83px;text-rendering:optimizeLegibility;white-space:nowrap">different,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:7480.37px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:7780.61px;white-space:nowrap">maximum </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1718.64px;left:8610.64px;white-space:nowrap">allowable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:0px;white-space:nowrap">amounts, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:790.4px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:1050.47px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:1350.7px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:1810.81px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:2210.98px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:2761.52px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:3131.63px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1968.64px;left:3431.87px;white-space:nowrap">2025:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2342.06px;left:5760px;white-space:nowrap">Pursuant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2342.06px;left:6497.89px;white-space:nowrap">to:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2342.06px;left:8728.98px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2342.06px;left:9377.73px;white-space:nowrap">Reported</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:0px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:569.14px;white-space:nowrap">Eligible </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:1129.45px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:1360.63px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:2107.66px;white-space:nowrap">Received
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:2819.14px;white-space:nowrap">Deduction
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:3584.06px;white-space:nowrap">(DRD)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:5760px;white-space:nowrap">&#167;854(b)(1)(A)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2543.54px;left:9590.63px;white-space:nowrap">$5,730</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Qualified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:675.94px;white-space:nowrap">Dividend </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:1342.97px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:1912.11px;white-space:nowrap">Earned </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:2472.5px;white-space:nowrap">(QDI)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:5760px;white-space:nowrap">&#167;854(b)(1)(B)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2740.03px;left:9590.63px;white-space:nowrap">$5,730</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Qualified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:675.94px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:969.38px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:1547.42px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:2116.56px;white-space:nowrap">(QII)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:5760px;white-space:nowrap">&#167;871(k)(1)(C)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2936.51px;left:9190.23px;white-space:nowrap">$14,928,124</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3133px;left:0px;white-space:nowrap">Section </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3133px;left:578.13px;white-space:nowrap">163(j) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3133px;left:1031.64px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3133px;left:1609.69px;white-space:nowrap">Earned</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3133px;left:5760px;white-space:nowrap">&#167;163(j)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3133px;left:9190.23px;white-space:nowrap">$19,929,425</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:55.43px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1329.26px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2888.26px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3216.62px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5054.59px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">60</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Share
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:550.28px;white-space:nowrap">Repurchase
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1630.72px;white-space:nowrap">Program</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">In </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:200.13px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1130.63px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1631.07px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1928.06px;letter-spacing:-0.74px;white-space:nowrap">Trustees
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2671.44px;white-space:nowrap">allows </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3621.8px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4022.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">repurchase, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1000.55px;white-space:nowrap">beginning
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1831.29px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2521.58px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2721.71px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3222.16px;white-space:nowrap">up </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3472.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3672.51px;white-space:nowrap">10% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1264.92px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1855.2px;white-space:nowrap">outstanding
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3076.08px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3276.21px;white-space:nowrap">September
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4206.71px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">2025.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:0px;white-space:nowrap">Information
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:1039.92px;white-space:nowrap">about
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:1579.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:1899.84px;letter-spacing:-0.95px;white-space:nowrap">fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:2483.09px;white-space:nowrap">goal,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:2953.13px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1838.64px;left:3953.41px;white-space:nowrap">strategies,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:0px;white-space:nowrap">principal
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:800.16px;white-space:nowrap">risks,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:1320.56px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:1690.58px;white-space:nowrap">fundamental
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:2810.65px;white-space:nowrap">investment
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:3810.94px;white-space:nowrap">policies</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2518.64px;left:0px;white-space:nowrap">Goal</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:360.18px;white-space:nowrap">goal </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:2851.88px;white-space:nowrap">current </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2948.64px;left:3462.1px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:0px;white-space:nowrap">consistent </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:1010.39px;white-space:nowrap">among </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:1610.77px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:1911.01px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:2311.08px;white-space:nowrap">government
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:3311.63px;letter-spacing:-1.24px;white-space:nowrap">sector,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:4282.21px;white-space:nowrap">yield </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:540.18px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:890.51px;white-space:nowrap">international
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3698.64px;left:4032.16px;white-space:nowrap">securities
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3948.64px;left:0px;white-space:nowrap">market.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:0px;white-space:nowrap">The
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:370.02px;letter-spacing:-0.95px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:1003.27px;white-space:nowrap">Main
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:1463.29px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:2463.57px;white-space:nowrap">Strategies
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:3383.96px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4378.64px;left:3753.98px;white-space:nowrap">Related
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4628.64px;left:0px;white-space:nowrap">Risks</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5058.64px;left:390.06px;white-space:nowrap">section </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5058.64px;left:1010.39px;white-space:nowrap">contains
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5058.64px;left:1730.83px;white-space:nowrap">detail </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5058.64px;left:2211.15px;white-space:nowrap">regarding
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5308.64px;left:920.39px;white-space:nowrap">strategies
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5308.64px;left:3761.89px;white-space:nowrap">face </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5558.64px;left:400.34px;letter-spacing:-0.76px;white-space:nowrap">shareholder.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5558.64px;left:1441.05px;white-space:nowrap">It </div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">61</div></div>
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">&#8212; </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2831.04px;white-space:nowrap">investments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:2494.25px;white-space:nowrap">debt </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:2894.59px;white-space:nowrap">investments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:3904.98px;white-space:nowrap">typically
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:2501.37px;letter-spacing:-1.34px;white-space:nowrap">maturity,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5695.75px;white-space:nowrap">buildings,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6506.28px;white-space:nowrap">retail </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6946.44px;white-space:nowrap">space </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7827.1px;white-space:nowrap">shopping </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8607.74px;white-space:nowrap">malls, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9127.79px;white-space:nowrap">cooperative
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">apartments,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7101.12px;white-space:nowrap">motels, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:7731.39px;white-space:nowrap">disruptions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:8341.88px;white-space:nowrap">investments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:5840.42px;text-rendering:optimizeLegibility;white-space:nowrap">non-qualified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:6921.21px;white-space:nowrap">mortgages.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:7871.66px;white-space:nowrap">Litigation
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5570.33px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5967.16px;letter-spacing:-0.74px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6720.64px;white-space:nowrap">bills </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7080.73px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7290.79px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7751.07px;white-space:nowrap">government
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8751.62px;white-space:nowrap">obligations.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5580.18px;white-space:nowrap">fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6370.58px;white-space:nowrap">also </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7160.8px;white-space:nowrap">time </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8141.04px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8661.27px;white-space:nowrap">all </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9251.54px;white-space:nowrap">portion
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5650.14px;white-space:nowrap">cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6080.36px;white-space:nowrap">balances
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6850.9px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7041.01px;white-space:nowrap">money </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7631.28px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8231.4px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8791.79px;white-space:nowrap">short-term
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">bond </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5670.44px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6160.78px;white-space:nowrap">advised
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6831.21px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7071.33px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7751.6px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8541.83px;white-space:nowrap">Inc. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9092.02px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5972.61px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6332.78px;white-space:nowrap">percentage
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8184.2px;white-space:nowrap">invested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8904.64px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:9094.75px;white-space:nowrap">cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:9524.97px;white-space:nowrap">and </div></div>
</div> </div></div>

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<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:9.39px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:914.92px;letter-spacing:10.2px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2001.89px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2254.38px;letter-spacing:11.08px;white-space:nowrap">Shareholders
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:3532.88px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">66</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:610.78px;left:0px;position:absolute;top:0px;transform:translate(35.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:430.22px;white-space:nowrap">equivalents
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1390.87px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1741.2px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2171.43px;white-space:nowrap">money </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3361.82px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3712.15px;white-space:nowrap">short-term
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">bond </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:450.44px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:940.78px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1120.78px;white-space:nowrap">expected </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2101.46px;white-space:nowrap">vary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2491.52px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2891.69px;white-space:nowrap">time </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3632.08px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3932.05px;white-space:nowrap">depend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:250.22px;white-space:nowrap">various </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2281.2px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2881.32px;white-space:nowrap">conditions,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3791.87px;white-space:nowrap">purchase </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:350.33px;white-space:nowrap">redemption
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1300.87px;white-space:nowrap">activity </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1900.99px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2141.1px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2541.45px;white-space:nowrap">shareholders,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">assessment </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:900.7px;white-space:nowrap">pursue </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:5220px;white-space:nowrap">dispose </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:5890.43px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:6090.56px;white-space:nowrap">real </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:6440.71px;white-space:nowrap">estate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:6981.06px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:7191.12px;white-space:nowrap">interests
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:7921.41px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:8111.51px;white-space:nowrap">real </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:8461.67px;white-space:nowrap">estate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10558.64px;left:9002.02px;white-space:nowrap">acquired
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:5220px;white-space:nowrap">through </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:5880.5px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:6180.73px;white-space:nowrap">exercise
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:6901px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:7101.12px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:7331.13px;white-space:nowrap">rights </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:7821.3px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:8061.42px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:8211.53px;white-space:nowrap">holder </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:8761.9px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10808.64px;left:8962.03px;white-space:nowrap">debt </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:5220px;white-space:nowrap">obligations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:6130.63px;white-space:nowrap">secured
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:6821.02px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:7061.13px;white-space:nowrap">real </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:7411.29px;white-space:nowrap">estate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:7951.64px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:8161.7px;white-space:nowrap">interests
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11058.64px;left:8891.98px;white-space:nowrap">therein.</div></div>
</div> </div></div>

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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:5574.7px;letter-spacing:9.39px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6489.63px;letter-spacing:10.2px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7576.59px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7829.08px;letter-spacing:11.08px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">67</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">4. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:200.13px;white-space:nowrap">Purchase </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1010.57px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1220.63px;white-space:nowrap">sell </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1540.72px;white-space:nowrap">commodities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2601.04px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2811.09px;white-space:nowrap">commodity
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3731.31px;white-space:nowrap">contracts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">except </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:580.34px;white-space:nowrap">that </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1230.82px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1631.16px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2021.22px;white-space:nowrap">purchase </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2811.71px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3162.04px;white-space:nowrap">sell </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3482.14px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4192.56px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:780.29px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1130.63px;white-space:nowrap">options </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1761.06px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2111.4px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2501.46px;white-space:nowrap">enter </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3301.96px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3902.34px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:780.29px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1130.63px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1590.91px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2301.33px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3321.83px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3622.06px;white-space:nowrap">involving
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">physical </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:700.31px;white-space:nowrap">commodities.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">5. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:200.13px;white-space:nowrap">Make </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:690.29px;white-space:nowrap">loans, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1220.63px;white-space:nowrap">except </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1800.97px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2041.08px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2831.57px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3031.7px;white-space:nowrap">debt </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3432.04px;white-space:nowrap">obligations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:4342.68px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:510.21px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:810.44px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1210.78px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1600.84px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2121.06px;white-space:nowrap">consistent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2981.51px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3351.62px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3581.63px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">policies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:650.3px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1470.76px;white-space:nowrap">without </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2091.09px;white-space:nowrap">limitation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2851.35px;white-space:nowrap">debt </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3251.69px;white-space:nowrap">obligations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4162.32px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:240.12px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:700.4px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1370.74px;white-space:nowrap">funds), </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1971.04px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2211.15px;white-space:nowrap">entering
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2911.64px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3251.87px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">agreements </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1000.55px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1210.61px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1450.72px;white-space:nowrap">lending </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2081.25px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2311.26px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3001.64px;white-space:nowrap">securities.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:0px;white-space:nowrap">6. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:200.13px;white-space:nowrap">With </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:610.14px;white-space:nowrap">respect </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1250.42px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1450.55px;white-space:nowrap">50% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1860.82px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2060.95px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2290.96px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2681.19px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3301.44px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3821.66px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:4011.77px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:200.13px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:540.35px;white-space:nowrap">issuer </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1070.51px;white-space:nowrap">if, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1260.53px;white-space:nowrap">immediately
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2270.83px;white-space:nowrap">after </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2681.02px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3111.24px;white-space:nowrap">investment,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:4081.64px;white-space:nowrap">more </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:0px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:400.34px;white-space:nowrap">5% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:710.51px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:910.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1210.87px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1601.1px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2171.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2371.46px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2671.7px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3072.04px;white-space:nowrap">(taken </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3622.32px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3822.45px;white-space:nowrap">current </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:0px;white-space:nowrap">value) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:540.26px;white-space:nowrap">would </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1060.58px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1310.8px;white-space:nowrap">invested </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2031.24px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2221.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2521.58px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3331.85px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3531.97px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3962.2px;white-space:nowrap">issuer; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:0px;white-space:nowrap">provided </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:740.48px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1090.72px;white-space:nowrap">this </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:1420.84px;white-space:nowrap">limitation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2181.09px;white-space:nowrap">does </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2621.43px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2921.66px;white-space:nowrap">apply </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3401.98px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3602.11px;white-space:nowrap">obligations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:0px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:570.32px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:780.38px;white-space:nowrap">guaranteed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1741.2px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1981.32px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2181.45px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:2821.73px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3031.79px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3752.14px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3992.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:4292.49px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:0px;white-space:nowrap">Government </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1040.45px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1250.51px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1480.52px;white-space:nowrap">agencies
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2251.05px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2461.11px;white-space:nowrap">instrumentalities.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:0px;white-space:nowrap">7. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:200.13px;white-space:nowrap">With </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:610.14px;white-space:nowrap">respect </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:1250.42px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:1450.55px;white-space:nowrap">50% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:1860.82px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:2060.95px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:2290.96px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:2681.19px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:3301.44px;white-space:nowrap">acquire </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:3941.81px;white-space:nowrap">more </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4768.64px;left:4401.91px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:0px;white-space:nowrap">10% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:410.27px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:610.4px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:910.63px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:1891.41px;white-space:nowrap">voting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:2421.74px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3232px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3432.13px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3772.35px;letter-spacing:-1.42px;white-space:nowrap">issuer.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:0px;white-space:nowrap">8. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:200.13px;white-space:nowrap">Invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:730.37px;white-space:nowrap">more </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:1190.48px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:1590.82px;white-space:nowrap">25% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:2001.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:2201.22px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:2501.46px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:2981.78px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:3181.9px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:3411.91px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:3802.15px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:0px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:190.11px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:530.33px;white-space:nowrap">one </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:880.66px;letter-spacing:-1.34px;white-space:nowrap">industry.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:1597.59px;white-space:nowrap">(Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:2497.85px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:2697.98px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:2998.21px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:3398.29px;white-space:nowrap">Government,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:0px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:230.01px;white-space:nowrap">agencies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:1000.55px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:1210.61px;white-space:nowrap">instrumentalities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:2611.14px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:2821.2px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:3021.33px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5948.64px;left:3361.55px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:0px;white-space:nowrap">government, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:1050.56px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:1280.57px;white-space:nowrap">agencies
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:2051.1px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:2261.16px;white-space:nowrap">instrumentalities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:3661.7px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6198.64px;left:4471.96px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:0px;white-space:nowrap">supranational </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:1130.8px;white-space:nowrap">entities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:1801.14px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:2151.47px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:2961.74px;white-space:nowrap">backed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:3592.18px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:3832.29px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6448.64px;left:4132.53px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6698.64px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6698.64px;left:200.13px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6698.64px;left:350.24px;white-space:nowrap">governmental
</div>

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</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2133.63px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2461.99px;white-space:nowrap">Shareholders:
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4365.88px;white-space:nowrap">April
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5038.42px;white-space:nowrap">25,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5530.96px;white-space:nowrap">2025
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6269.77px;white-space:nowrap">(unaudited)</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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</div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12312px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:350.24px;white-space:nowrap">Annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:960.73px;white-space:nowrap">Meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1651.11px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1851.24px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2971.93px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3172.06px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3842.4px;white-space:nowrap">Premier </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4522.5px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5159.53px;letter-spacing:-1.11px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5612.87px;white-space:nowrap">(the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5973.05px;white-space:nowrap">&#8220;Fund&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6613.15px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6983.26px;white-space:nowrap">held </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7373.58px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7573.71px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7873.95px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8460.97px;text-rendering:optimizeLegibility;white-space:nowrap">offices,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9076.73px;white-space:nowrap">100 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9427.06px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">Street, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:580.25px;white-space:nowrap">Boston, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1240.66px;white-space:nowrap">MA, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1610.68px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1850.98px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2261.07px;white-space:nowrap">25, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2561.31px;white-space:nowrap">2025. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3058.51px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3418.68px;white-space:nowrap">purpose </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4119.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4319.3px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4619.53px;white-space:nowrap">meeting </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8601.59px;letter-spacing:-0.74px;white-space:nowrap">Trustees
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">Fund. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:200.13px;white-space:nowrap">Election </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4584.81px;left:2831.4px;white-space:nowrap">8:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:423.83px;white-space:nowrap">Expiring
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:1108.36px;white-space:nowrap">2026</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:4342.27px;white-space:nowrap">%
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:4093.05px;white-space:nowrap">Present</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:5422.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:5608.98px;white-space:nowrap">of
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2467.26px;left:4817.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:5226.33px;white-space:nowrap">Shares
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:6166.02px;letter-spacing:-0.18px;white-space:nowrap">Withheld</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:7582.27px;white-space:nowrap">%
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:7333.05px;white-space:nowrap">Present</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:8662.27px;white-space:nowrap">%
</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:8466.33px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2862.14px;left:0px;white-space:nowrap">Robert </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2862.14px;left:524.69px;white-space:nowrap">D. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2862.14px;left:720.31px;white-space:nowrap">Agdern*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2859.72px;left:1317.18px;letter-spacing:58.95px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3054.14px;left:0px;white-space:nowrap">Carol </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3054.14px;left:426.8px;white-space:nowrap">L. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3054.14px;left:604.69px;white-space:nowrap">Colman</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3051.72px;left:1223.1px;letter-spacing:58.85px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3246.14px;left:0px;white-space:nowrap">Anthony </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3246.14px;left:631.56px;white-space:nowrap">Grillo</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3243.72px;left:1034.93px;letter-spacing:58.68px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.14px;left:0px;white-space:nowrap">Eileen </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.14px;left:480.39px;white-space:nowrap">A. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.14px;left:676.02px;white-space:nowrap">Kamerick</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3435.72px;left:1411.27px;letter-spacing:59.07px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3630.14px;left:0px;white-space:nowrap">Nisha </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3630.14px;left:453.52px;white-space:nowrap">Kumar</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3627.72px;left:940.84px;letter-spacing:58.61px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.14px;left:0px;white-space:nowrap">Peter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.14px;left:426.88px;white-space:nowrap">Mason*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3819.72px;left:1034.93px;letter-spacing:58.68px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4014.14px;left:0px;white-space:nowrap">Hillary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4014.14px;left:480.08px;white-space:nowrap">A. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4014.14px;left:675.7px;white-space:nowrap">Sale</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4011.72px;left:1034.93px;letter-spacing:58.68px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.14px;left:0px;white-space:nowrap">Jane </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.14px;left:391.41px;white-space:nowrap">E. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.14px;left:584.14px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4203.72px;left:942.66px;letter-spacing:58.61px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">70,115,572</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:2799.22px;white-space:nowrap">70,396,930</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:2799.22px;white-space:nowrap">70,220,575</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:2799.22px;white-space:nowrap">69,536,398</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:2799.22px;white-space:nowrap">69,416,861</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:2799.22px;white-space:nowrap">70,320,581</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:2799.22px;white-space:nowrap">70,479,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:2799.22px;white-space:nowrap">69,523,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:4137.34px;white-space:nowrap">95.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:4137.34px;white-space:nowrap">96.14%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:4137.34px;white-space:nowrap">95.90%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:4137.34px;white-space:nowrap">94.97%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:4137.34px;white-space:nowrap">94.80%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:4137.34px;white-space:nowrap">96.04%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:4137.34px;white-space:nowrap">96.25%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:4137.34px;white-space:nowrap">94.95%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:5217.34px;white-space:nowrap">73.49%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:5217.34px;white-space:nowrap">73.79%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:5217.34px;white-space:nowrap">73.60%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:5217.34px;white-space:nowrap">72.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:5217.34px;white-space:nowrap">72.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:5217.34px;white-space:nowrap">73.71%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:5217.34px;white-space:nowrap">73.87%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:5217.34px;white-space:nowrap">72.87%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:6128.2px;white-space:nowrap">3,107,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:6140.08px;letter-spacing:-1.32px;white-space:nowrap">2,826,115</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:6128.2px;white-space:nowrap">3,002,470</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:6128.2px;white-space:nowrap">3,686,647</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:6128.2px;white-space:nowrap">3,806,184</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:6128.2px;white-space:nowrap">2,902,464</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:6128.2px;white-space:nowrap">2,743,458</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:6128.2px;white-space:nowrap">3,699,295</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:7466.33px;white-space:nowrap">4.24%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:7466.33px;white-space:nowrap">3.86%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:7466.33px;white-space:nowrap">4.10%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:7466.33px;white-space:nowrap">5.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:7466.33px;white-space:nowrap">5.20%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:7466.33px;white-space:nowrap">3.96%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:7466.33px;white-space:nowrap">3.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:7466.33px;white-space:nowrap">5.05%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:8546.33px;white-space:nowrap">3.26%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:8546.33px;white-space:nowrap">2.96%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:8546.33px;white-space:nowrap">3.15%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:8546.33px;white-space:nowrap">3.86%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:8546.33px;white-space:nowrap">3.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:8546.33px;white-space:nowrap">3.04%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:8546.33px;white-space:nowrap">2.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:8546.33px;white-space:nowrap">3.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5213.43px;left:3066.33px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5405.43px;left:3167.42px;letter-spacing:-2.37px;white-space:nowrap">Voted</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5021.43px;left:4342.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5021.43px;left:4528.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5213.43px;left:4146.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5405.43px;left:4093.05px;white-space:nowrap">Present</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5021.43px;left:5422.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5021.43px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5213.43px;left:4817.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5405.43px;left:5226.33px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608.31px;left:0px;white-space:nowrap">For</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5605.89px;left:282.25px;letter-spacing:58.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5800.31px;left:0px;white-space:nowrap">Against</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5797.89px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.31px;left:0px;white-space:nowrap">Abstain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5989.89px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608.31px;left:2799.22px;white-space:nowrap">70,569,948</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5800.31px;left:2888.2px;white-space:nowrap">1,741,660</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.31px;left:3033.52px;letter-spacing:-1.7px;white-space:nowrap">911,430</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608.31px;left:4137.34px;white-space:nowrap">96.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5800.31px;left:4226.33px;white-space:nowrap">2.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.31px;left:4226.33px;white-space:nowrap">1.24%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608.31px;left:5217.34px;white-space:nowrap">73.97%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5800.31px;left:5306.33px;white-space:nowrap">1.83%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.31px;left:5306.33px;white-space:nowrap">0.96%</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">69</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:55.43px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1230.64px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3117.66px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3692.29px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4463.44px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5792.7px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6465.59px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:611.48px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.315px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.6px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:0px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:1063.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:1332.57px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:2200.43px;white-space:nowrap">closed-end
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:3422.89px;letter-spacing:-1.73px;white-space:nowrap">funds&#8217;
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:4131.77px;white-space:nowrap">amended
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:5158.72px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:5610.97px;white-space:nowrap">restated
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:6528.03px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:7493.64px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:8924.18px;white-space:nowrap">plans</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:670.34px;white-space:nowrap">Managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:1470.94px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:2281.29px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:2918.32px;letter-spacing:-0.95px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:3421.67px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:4092.01px;white-space:nowrap">Master </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:4692.13px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:5742.69px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:6379.72px;letter-spacing:-0.95px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:437.76px;left:6883.07px;white-space:nowrap">Putnam </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4727.76px;left:3038.29px;white-space:nowrap">02266-8383,
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:9947.76px;left:0px;white-space:nowrap">Plan
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10197.76px;left:7190.33px;text-rendering:optimizeLegibility;white-space:nowrap">confirmation
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10877.76px;left:0px;white-space:nowrap">About
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10877.76px;left:569.79px;white-space:nowrap">brokerage
</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10877.76px;left:6833.5px;white-space:nowrap">commissions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10877.76px;left:7923.69px;white-space:nowrap">incurred
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:0px;white-space:nowrap">purchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:880.49px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:1701.12px;white-space:nowrap">shares </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:3942.42px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:4132.53px;white-space:nowrap">accordance
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:5483.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:5783.47px;white-space:nowrap">Plans. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:6850.72px;white-space:nowrap">are </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:7411.11px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:8271.65px;white-space:nowrap">charges
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11127.76px;left:8962.03px;white-space:nowrap">applied
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:590.27px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:1160.6px;white-space:nowrap">directly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:1780.75px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:2020.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:2321.1px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:2871.39px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:3381.77px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11377.76px;left:3682px;white-space:nowrap">Plans.</div></div>
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<div style="height:610.83px;left:0px;position:absolute;top:0px;transform:translate(36.000px,120.971px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">About
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:569.79px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1080.18px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1450.2px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1880.33px;white-space:nowrap">amendments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3040.66px;white-space:nowrap">Reinvesting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4031.19px;white-space:nowrap">dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4751.72px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5102.05px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5672.37px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6062.7px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7073.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7263.28px;white-space:nowrap">shares </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8353.92px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8904.2px;white-space:nowrap">does </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">relieve </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1120.61px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1410.73px;white-space:nowrap">obligations,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2371.38px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2881.58px;white-space:nowrap">are </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5052.83px;white-space:nowrap">received </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5783.2px;white-space:nowrap">cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6213.43px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7270.66px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7620.91px;white-space:nowrap">Agent </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9141.86px;white-space:nowrap">information
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1741.11px;letter-spacing:-1.34px;white-space:nowrap">annually.
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5870.04px;white-space:nowrap">terminate
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6900.38px;white-space:nowrap">Plan </div>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12312px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:360.18px;white-space:nowrap">business </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1120.61px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1470.94px;text-rendering:optimizeLegibility;white-space:nowrap">affairs
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2007.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2207.37px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2877.71px;white-space:nowrap">Premier </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3557.81px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4194.84px;letter-spacing:-1.11px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4648.18px;white-space:nowrap">(the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5008.36px;white-space:nowrap">&#8220;Fund&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5648.47px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5958.63px;white-space:nowrap">conducted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6839.3px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7079.41px;white-space:nowrap">management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8180.07px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8690.45px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8990.68px;white-space:nowrap">supervision
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:350.33px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:970.66px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1170.79px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1471.03px;white-space:nowrap">direction
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2201.4px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2401.52px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2631.53px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3161.87px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3358.74px;letter-spacing:-0.67px;white-space:nowrap">Trustees.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4149.05px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4509.23px;white-space:nowrap">business </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5269.66px;white-space:nowrap">address </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5960.04px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6160.17px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6597.25px;letter-spacing:-0.83px;white-space:nowrap">Trustee
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:8830.02px;white-space:nowrap">5
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2856.54px;left:0px;white-space:nowrap">Robert
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2856.54px;left:560px;white-space:nowrap">D.
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2856.54px;left:758.52px;white-space:nowrap">Agdern</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3048.54px;left:0px;white-space:nowrap">(Born
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3048.54px;left:471.02px;white-space:nowrap">1950)</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:5348px;white-space:nowrap">21</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:0px;white-space:nowrap">Principal
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:720.23px;white-space:nowrap">Occupation(s)
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:1840.31px;white-space:nowrap">During
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:5104.53px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:5629.22px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:5807.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:6073.98px;white-space:nowrap">Kellogg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:6652.19px;white-space:nowrap">Graduate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:7363.75px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:7897.42px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:8075.31px;white-space:nowrap">Business,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:8813.44px;white-space:nowrap">Northwestern
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:0px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:746.8px;white-space:nowrap">(2002 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:1200.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:1378.36px;white-space:nowrap">2016); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3834.97px;left:1876.48px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:2516.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:2605.63px;white-space:nowrap">Deputy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:3157.03px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:3770.7px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:4402.19px;white-space:nowrap">responsible
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:5264.92px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:5496.09px;white-space:nowrap">western </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:6100.78px;white-space:nowrap">hemisphere
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:6981.25px;white-space:nowrap">matters </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:7559.14px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:7790.31px;letter-spacing:-0.96px;white-space:nowrap">BP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:8045.31px;white-space:nowrap">PLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:8401.02px;white-space:nowrap">(1999 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:8854.69px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:9032.58px;white-space:nowrap">2001); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:0px;white-space:nowrap">Associate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:738.13px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:1351.8px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:1983.28px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:2152.34px;white-space:nowrap">Amoco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:2694.77px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:3575.23px;white-space:nowrap">responsible
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:4437.97px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:4669.14px;white-space:nowrap">corporate,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:5433.98px;white-space:nowrap">chemical,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:6154.22px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:6465.63px;text-rendering:optimizeLegibility;white-space:nowrap">refining
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:7034.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:7346.25px;white-space:nowrap">marketing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:8093.2px;white-space:nowrap">matters </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:8671.09px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:8982.5px;white-space:nowrap">special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:0px;white-space:nowrap">assignments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:942.66px;white-space:nowrap">(1993 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:1396.33px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:1574.22px;white-space:nowrap">1998) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:2027.89px;white-space:nowrap">(Amoco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:2623.59px;white-space:nowrap">merged </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:3210.55px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:3539.53px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:4028.52px;white-space:nowrap">Petroleum
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:4802.19px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:4971.17px;white-space:nowrap">1998 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:5371.56px;white-space:nowrap">forming </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:5949.53px;letter-spacing:-0.96px;white-space:nowrap">BP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:6204.53px;white-space:nowrap">PLC)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4690.45px;left:0px;white-space:nowrap">Carol
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4690.45px;left:453.44px;white-space:nowrap">L.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4690.45px;left:640.08px;white-space:nowrap">Colman
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4882.45px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4882.45px;left:471.02px;white-space:nowrap">1946)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:0px;white-space:nowrap">President, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:764.84px;white-space:nowrap">Colman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:1360.63px;white-space:nowrap">Consulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:2161.09px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5948.36px;left:0px;white-space:nowrap">Anthony
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5948.36px;left:693.2px;white-space:nowrap">Grillo</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6140.36px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6140.36px;left:471.02px;white-space:nowrap">1955)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:8296.42px;white-space:nowrap">Littelfuse,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:9025.72px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.36px;left:7514px;white-space:nowrap">(electronics
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.36px;left:8376.5px;white-space:nowrap">manufacturing)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:7514px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:7985.25px;white-space:nowrap">1991); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6332.36px;left:8483.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:9123.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:9212.52px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:7691.89px;white-space:nowrap">Oaktree </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:8296.66px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:9114.86px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:9550.56px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:7514px;white-space:nowrap">(2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:7967.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:8145.56px;white-space:nowrap">2022); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:8643.69px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:9248.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:9426.11px;white-space:nowrap">Oaktree </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:7514px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:8332.2px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:8767.91px;white-space:nowrap">(2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:9221.58px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:9399.47px;white-space:nowrap">2021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:0px;white-space:nowrap">Retired; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:604.69px;letter-spacing:-0.98px;white-space:nowrap">Founder,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:1280.7px;white-space:nowrap">Managing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:2027.89px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:2632.42px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:2943.83px;white-space:nowrap">Partner </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:3512.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:3682.03px;white-space:nowrap">American
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:4402.27px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:5149.22px;white-space:nowrap">Opportunity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:6020.78px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:6509.92px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:7087.89px;white-space:nowrap">equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:7559.3px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:7870.7px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:8306.41px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:8670.7px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:9124.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:9302.27px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7513.33px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:729.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:1236.09px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:1983.28px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:2587.81px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:2765.7px;white-space:nowrap">Evercore </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:3450.39px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:4099.53px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:4401.88px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:5273.28px;white-space:nowrap">banking)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:5931.48px;white-space:nowrap">(2001 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:6385.16px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:6563.05px;white-space:nowrap">2004); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:7061.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:7568.13px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:8315.31px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:8919.84px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:9097.73px;white-space:nowrap">Joseph </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:0px;white-space:nowrap">Littlejohn </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:684.92px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:836.09px;letter-spacing:-1.98px;white-space:nowrap">Levy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:1251.09px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:1553.44px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:2131.41px;white-space:nowrap">equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:2602.81px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:2967.11px;white-space:nowrap">(1999 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:3420.78px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:3598.67px;white-space:nowrap">2001); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:4096.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:4603.75px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:5350.94px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:5955.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:6130.47px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:6450.63px;white-space:nowrap">Blackstone
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:7277.73px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:7766.88px;letter-spacing:-4.12px;white-space:nowrap">L.P.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:8075.31px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:8653.28px;white-space:nowrap">equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:9124.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:9436.09px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:364.3px;white-space:nowrap">(1991 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:817.97px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:995.86px;white-space:nowrap">1999)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8368.82px;left:0px;white-space:nowrap">Eileen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8368.82px;left:509.84px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8368.82px;left:714.3px;white-space:nowrap">Kamerick</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8560.82px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8560.82px;left:471.02px;white-space:nowrap">1958)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:2316px;letter-spacing:-0.49px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:2316px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:2627.41px;white-space:nowrap">Chair</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:7514px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:8154.16px;letter-spacing:-1.98px;white-space:nowrap">VALIC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:8649.16px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:9378.38px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:9467.28px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:7514px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:8127.59px;white-space:nowrap">2022); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:8625.72px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:9230.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:9399.31px;white-space:nowrap">ACV </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:7514px;white-space:nowrap">Auctions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:8172.13px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:8474.47px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:8945.72px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:9443.84px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:7683.06px;white-space:nowrap">Associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:8510.17px;white-space:nowrap">Banc-Corp
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:9319.39px;text-rendering:optimizeLegibility;white-space:nowrap">(financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:7514px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:8145.25px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:8892.2px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:9363.45px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9328.82px;left:7514px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:8154.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:8243.14px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:8847.67px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:9025.56px;white-space:nowrap">Hochschild
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:7514px;white-space:nowrap">Mining </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:8029.78px;white-space:nowrap">plc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:8278.77px;white-space:nowrap">(precious
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:8981.27px;white-space:nowrap">metals </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9712.82px;left:7514px;white-space:nowrap">company) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9712.82px;left:8260.95px;white-space:nowrap">(2016-2023);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9712.82px;left:9221.58px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9712.82px;left:9861.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:7514px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:8094.94px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:8264px;white-space:nowrap">AIG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:8584.08px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:9073.22px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:9375.8px;white-space:nowrap">Anchor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:7514px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:8009.08px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:8412.05px;white-space:nowrap">(2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:8865.72px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:9043.61px;white-space:nowrap">2021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:0px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:417.97px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:1156.09px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:1700.47px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:2020.63px;white-space:nowrap">Governance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:2936.72px;white-space:nowrap">Partners,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:3630.31px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:3968.28px;white-space:nowrap">(consulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:4786.48px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:5150.78px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:5622.03px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:6120.16px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:6742.81px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:7605.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:7783.36px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:8539.3px;white-space:nowrap">Directors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:9223.83px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:0px;white-space:nowrap">Leadership </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:836.17px;white-space:nowrap">Fellow </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:1342.97px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:1814.22px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:2259.06px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:2588.05px;white-space:nowrap">Directorship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:3486.09px;text-rendering:optimizeLegibility;white-space:nowrap">Certification
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:4375.31px;white-space:nowrap">since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:4793.28px;white-space:nowrap">2019) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:5246.95px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:5558.36px;white-space:nowrap">NACD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:6056.17px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:6456.56px;white-space:nowrap">Directorship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:7354.61px;white-space:nowrap">100 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:7666.02px;white-space:nowrap">honoree;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:8333.28px;white-space:nowrap">Adjunct
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:8911.41px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:0px;white-space:nowrap">Georgetown </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:916.09px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:1662.89px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:2000.86px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:2525.55px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:2996.8px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:3486.09px;white-space:nowrap">Adjunct
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:4064.22px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:4826.09px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:5146.25px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:5893.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:6070.94px;white-space:nowrap">Chicago
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:6702.42px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:7040.39px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:7574.06px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:8045.31px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:8534.61px;white-space:nowrap">Adjunct
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:9112.73px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:0px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:746.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:924.69px;white-space:nowrap">Iowa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:1307.11px;white-space:nowrap">College
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:1894.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:2072.03px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:2410px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:2881.25px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11085.79px;left:3379.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:4019.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:4108.52px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:4526.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:5211.25px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:5758.52px;white-space:nowrap">Press </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:6211.95px;white-space:nowrap">Ganey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:6718.98px;white-space:nowrap">Associates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:7537.11px;white-space:nowrap">(health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:8070.78px;white-space:nowrap">care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:8426.48px;white-space:nowrap">informatics
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:9244.45px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:0px;white-space:nowrap">(2012 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:453.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:631.56px;white-space:nowrap">2014); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:1129.69px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:1876.88px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:2481.41px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:2792.81px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:3210.78px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:3895.55px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:4442.81px;white-space:nowrap">Houlihan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:5118.83px;white-space:nowrap">Lokey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:5590.23px;white-space:nowrap">(international
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:6559.69px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:7377.81px;white-space:nowrap">bank) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:7822.5px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:8133.91px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:8898.75px;white-space:nowrap">Houlihan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:9574.77px;white-space:nowrap">Lokey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:0px;white-space:nowrap">Foundation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:845.08px;white-space:nowrap">(2010 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:1298.75px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:1476.64px;white-space:nowrap">2012)</div></div>
</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">72</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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</div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12901.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:480.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:382.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:578.05px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:2316px;white-space:nowrap">Position(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:3187.09px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:2316px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:3632px;letter-spacing:-2.37px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:4055.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:4251.3px;text-rendering:optimizeLegibility;white-space:nowrap">Office
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:3958.02px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:4340.59px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:3632px;white-space:nowrap">Began*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member**</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:9452.2px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">at
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:7700.72px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8163.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8447.59px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8830.02px;white-space:nowrap">5
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8960.56px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Nisha
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1020.79px;left:480.16px;white-space:nowrap">Kumar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1212.79px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1212.79px;left:471.02px;white-space:nowrap">1970)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8296.42px;white-space:nowrap">Stonepeak-Plus
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:7514px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8501.03px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8910.17px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:9147.44px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:9618.69px;white-space:nowrap">2025); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8296.42px;white-space:nowrap">Birkenstock
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:9167.83px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:9754.86px;white-space:nowrap">plc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:7514px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:7985.25px;white-space:nowrap">2023); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:8483.38px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9087.91px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9262.91px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9583.06px;white-space:nowrap">India </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:7514px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:7967.59px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8269.94px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8741.19px;white-space:nowrap">2016); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1788.79px;left:9239.31px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:9879.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8287.59px;white-space:nowrap">Aberdeen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:7514px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8083.14px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8554.39px;white-space:nowrap">Strategies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:9319.23px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:7514px;white-space:nowrap">(2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:7967.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:8145.56px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:8643.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:8955.09px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:9559.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:9734.63px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:7514px;white-space:nowrap">Asia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:7866.81px;letter-spacing:-0.85px;white-space:nowrap">Tigers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:8349.86px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:8803.45px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:9105.8px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:9559.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.79px;left:7514px;white-space:nowrap">2018)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Formerly,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:708.13px;white-space:nowrap">Managing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:1455.31px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2059.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2371.25px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2638.13px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3056.09px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3740.86px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4252.5px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4563.91px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4981.88px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:5871.17px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:6382.81px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:6560.7px;white-space:nowrap">Greenbriar
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:7369.92px;white-space:nowrap">Equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:7859.06px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:8392.66px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:8629.92px;letter-spacing:-0.91px;white-space:nowrap">(2011-2021);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3353.76px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:729.14px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:1147.11px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:1831.88px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:2343.52px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:2654.92px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:3064.06px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4113.28px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4624.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4802.81px;white-space:nowrap">Rent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:5185.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:5452.11px;letter-spacing:-1.48px;white-space:nowrap">Runway,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6107.19px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6409.53px;letter-spacing:-1.48px;white-space:nowrap">(2011);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6949.06px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:7687.19px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:8040px;white-space:nowrap">President </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:8760.39px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:9071.8px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:0px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:684.77px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1196.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1365.47px;letter-spacing:-1.48px;white-space:nowrap">AOL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1724.14px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:2106.56px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:2240px;white-space:nowrap">subsidiary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3004.77px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3179.77px;letter-spacing:-1.19px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3573.83px;letter-spacing:-0.85px;white-space:nowrap">Warner
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4136.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4439.22px;white-space:nowrap">(2007 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4892.89px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:5070.78px;white-space:nowrap">2009). </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:5568.91px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6200.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6378.05px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6644.92px;white-space:nowrap">Council </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:7222.97px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:7445.39px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:8032.34px;white-space:nowrap">Relations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4017.24px;left:0px;white-space:nowrap">Peter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4017.24px;left:444.69px;white-space:nowrap">Mason</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4209.24px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4209.24px;left:471.02px;white-space:nowrap">1959)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:7514px;white-space:nowrap">Chairman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:8252.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:8429.94px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:9176.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:9354.63px;white-space:nowrap">Sydney </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:7514px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:7878.61px;white-space:nowrap">Foundation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:8723.69px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:9194.94px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8296.42px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8563.3px;white-space:nowrap">Radio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:9025.8px;letter-spacing:-0.32px;white-space:nowrap">Workshop
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:9787.59px;white-space:nowrap">US, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:7514px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:7816.34px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:8287.59px;white-space:nowrap">2023)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:0px;white-space:nowrap">Arbitrator </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:702.42px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:1013.83px;white-space:nowrap">Mediator
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:1680.78px;white-space:nowrap">(self-employed)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:2827.81px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:3299.06px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5006.21px;left:3797.19px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:4437.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:4526.33px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:5033.28px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:5646.95px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:6278.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:6456.33px;white-space:nowrap">UNICEF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:7096.33px;white-space:nowrap">(intergovernmental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:8474.77px;white-space:nowrap">organization)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:9444.22px;white-space:nowrap">(1998-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5198.21px;left:0px;white-space:nowrap">2021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5669.69px;left:0px;white-space:nowrap">Hillary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5669.69px;left:527.66px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5669.69px;left:732.11px;white-space:nowrap">Sale</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5861.69px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5861.69px;left:471.02px;white-space:nowrap">1961)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:8296.42px;white-space:nowrap">CBOE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:8794.31px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:9149.94px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5861.69px;left:7514px;white-space:nowrap">Exchanges, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5861.69px;left:8394.55px;white-space:nowrap">CBOE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5861.69px;left:8892.44px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.69px;left:7514px;white-space:nowrap">Exchange, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.69px;left:8314.55px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:7514px;white-space:nowrap">CBOE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:8011.89px;letter-spacing:-3.55px;white-space:nowrap">SEF,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:8394.23px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:8998.77px;white-space:nowrap">(Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:7514px;white-space:nowrap">2022); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:8003.3px;white-space:nowrap">Advisory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:8661.27px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:9132.67px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:7691.89px;white-space:nowrap">Foundation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:8536.97px;white-space:nowrap">Press </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:8990.41px;white-space:nowrap">(academic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:7514px;white-space:nowrap">book </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:7905.41px;white-space:nowrap">publisher)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:8652.44px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:9123.69px;white-space:nowrap">2019); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:9621.81px;white-space:nowrap">Chair </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:7691.89px;letter-spacing:-0.24px;white-space:nowrap">DirectWomen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:8702.52px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:9173.92px;white-space:nowrap">Institute
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:7514px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:7985.25px;white-space:nowrap">2019); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7205.69px;left:8483.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:9123.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:9212.52px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:9843.77px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.69px;left:7514px;letter-spacing:-0.24px;white-space:nowrap">DirectWomen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.69px;left:8524.63px;text-rendering:optimizeLegibility;white-space:nowrap">(nonprofit)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.69px;left:9298.3px;white-space:nowrap">(2007-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:7514px;white-space:nowrap">2022)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:0px;white-space:nowrap">Agnes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:498.13px;white-space:nowrap">Williams </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:1138.05px;white-space:nowrap">Sesquicentennial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:2401.17px;white-space:nowrap">Professor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:3130.31px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:3308.2px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:4144.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:4455.78px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:5211.72px;white-space:nowrap">Governance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:6172.27px;white-space:nowrap">Georgetown
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:7088.36px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:7426.33px;white-space:nowrap">Center; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:7995.47px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:8306.88px;white-space:nowrap">Professor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:9036.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:0px;white-space:nowrap">Management, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:1022.81px;white-space:nowrap">McDonough
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:1930px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:2463.67px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:2641.56px;white-space:nowrap">Business
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:3335.23px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:3806.48px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8194.66px;left:4304.61px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:4944.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:5024.92px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:5763.05px;white-space:nowrap">Dean </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:6190px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:6421.17px;letter-spacing:-1.19px;white-space:nowrap">Strategy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:7094.06px;white-space:nowrap">Georgetown
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:8010.16px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:8348.13px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:8872.81px;white-space:nowrap">(2020-2023);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:0px;white-space:nowrap">National </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:622.66px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:1485.31px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:1663.2px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:2419.14px;white-space:nowrap">Directors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:3103.67px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:3575.08px;white-space:nowrap">Faculty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:4135.23px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:4766.48px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:5237.73px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8386.66px;left:5735.86px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:6376.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:6465px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:6598.44px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:7229.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:7407.58px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:7674.45px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:8145.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:8323.75px;white-space:nowrap">Governors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:9115.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:9293.05px;letter-spacing:-1.47px;white-space:nowrap">FINRA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8578.66px;left:0px;white-space:nowrap">(2016-2022)</div></div>
</div>

<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Independent </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1518.11px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2284.14px;white-space:nowrap">Members</div>

<div style="font-family:Arial, sans-serif;font-size:151.6px;position:absolute;top:-25.63px;left:3367.69px;white-space:nowrap">#</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3451.99px;white-space:nowrap">: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:53.82px;left:3596.46px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">73</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12816px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Interested </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1228.53px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1994.56px;white-space:nowrap">Members </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3150.34px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:360.18px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:947.2px;white-space:nowrap">executive </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:1757.64px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:2383.33px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:2693.5px;white-space:nowrap">elected </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:3323.94px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:3764.27px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:4164.43px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:4364.56px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:4514.68px;white-space:nowrap">regular </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:5124.99px;white-space:nowrap">meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:5815.37px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:6015.5px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:6315.73px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:6846.06px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7046.19px;white-space:nowrap">hold </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7436.51px;text-rendering:optimizeLegibility;white-space:nowrap">office
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7912.27px;white-space:nowrap">until </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:8292.48px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:8692.65px;white-space:nowrap">respective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:0px;white-space:nowrap">successors </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:950.27px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:1260.44px;white-space:nowrap">duly </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:3391.96px;text-rendering:optimizeLegibility;white-space:nowrap">Officers
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:3632px;letter-spacing:-2.37px;white-space:nowrap">Term
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:4055.83px;white-space:nowrap">of
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:3958.02px;letter-spacing:-1.77px;white-space:nowrap">Year
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:9061.03px;white-space:nowrap">Held
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2450.79px;left:889.22px;letter-spacing:-2.94px;white-space:nowrap">CFA</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2454px;left:1209.22px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2642.79px;left:0px;white-space:nowrap">(Born
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2642.79px;left:471.02px;white-space:nowrap">1962)</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:2316px;white-space:nowrap">President </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:2316px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:2733.97px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:4076.69px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:5348px;letter-spacing:-0.35px;white-space:nowrap">Trustee/Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:6533.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:6711.36px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:5348px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:6130.66px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:6566.52px;white-space:nowrap">consisting
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5348px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5525.89px;letter-spacing:-0.99px;white-space:nowrap">119
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5825.42px;white-space:nowrap">portfolios;
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:6637.3px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:6815.19px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:5348px;white-space:nowrap">consisting </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:6103.94px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:6281.83px;white-space:nowrap">105 </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:1840.31px;white-space:nowrap">During
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:0px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:506.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:859.77px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:1624.61px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:2033.75px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:2505.16px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:3527.97px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:4138.59px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:4921.25px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:5392.5px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:5890.63px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:6402.27px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:6897.5px;letter-spacing:-0.35px;white-space:nowrap">Trustee/Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8082.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8260.86px;letter-spacing:-0.99px;white-space:nowrap">119
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8560.39px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8996.25px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:0px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:328.98px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:939.61px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:1722.27px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:2122.58px;letter-spacing:-0.98px;white-space:nowrap">Adviser,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:2736.17px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:3074.14px;letter-spacing:-0.8px;white-space:nowrap">(FTFA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:3616.25px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:3802.97px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4007.42px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4634.84px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:5106.09px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:5601.33px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6182.27px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6360.16px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6956.02px;white-space:nowrap">Family </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:7471.56px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:7649.45px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:8138.59px;white-space:nowrap">consisting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:8894.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:9072.42px;white-space:nowrap">105 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:0px;white-space:nowrap">Portfolios; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:755.86px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:1476.25px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:1787.66px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2205.63px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2943.75px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:3455.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:3633.28px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4060px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4531.25px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4197.21px;left:5029.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:5669.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:5758.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:6265.47px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7012.66px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7617.19px;white-space:nowrap">(2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8070.86px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8248.75px;white-space:nowrap">2020) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8702.42px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9013.83px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:0px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:604.53px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1058.2px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1236.09px;white-space:nowrap">2018) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1689.77px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1867.66px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:2268.05px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:2792.73px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:2943.91px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:3281.8px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:3619.77px;white-space:nowrap">(&#8220;Legg
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:4126.72px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:4651.41px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:4802.58px;white-space:nowrap">Co.&#8221;);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:5247.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:5558.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:6065.39px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:6418.2px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:7138.59px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:7316.48px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:7743.2px;white-space:nowrap">(2015)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.7px;left:0px;white-space:nowrap">Fred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.7px;left:391.17px;white-space:nowrap">Jensen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.7px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.7px;left:471.02px;white-space:nowrap">1963)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:2316px;white-space:nowrap">Chief</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.7px;left:2316px;white-space:nowrap">Compliance</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5244.7px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:0px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:604.53px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:702.27px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:1209.22px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:2098.52px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:2276.41px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:2887.03px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:3669.69px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:4140.94px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:4639.06px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:5386.25px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:5990.78px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:6168.67px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:6569.06px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7093.75px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7244.92px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7538.36px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7992.03px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:8169.92px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:8668.05px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:9272.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:0px;white-space:nowrap">Compliance, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:933.75px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:1334.14px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:1858.83px;text-rendering:optimizeLegibility;white-space:nowrap">Office
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:2317.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:2495.08px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:2761.95px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:3179.92px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:4069.22px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:4580.86px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:5034.53px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:5212.42px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6031.12px;left:5710.55px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:6350.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:6439.69px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:6857.66px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:7746.95px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:8258.59px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:8436.48px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:8836.88px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:9361.56px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:0px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:435.78px;white-space:nowrap">Allocation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:1173.98px;white-space:nowrap">(prior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:1591.8px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:1769.69px;white-space:nowrap">2014); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:2267.81px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:2685.78px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:3575.08px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:4086.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:4264.61px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:4665px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:5189.69px;white-space:nowrap">Private </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:5732.11px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:6363.52px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:6852.66px;white-space:nowrap">(prior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:7270.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:7448.36px;white-space:nowrap">2013); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6223.12px;left:7946.48px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:8586.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:8675.63px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:9093.59px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:511.64px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:686.64px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:1006.8px;white-space:nowrap">Reserve </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:1647.03px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:2136.17px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:3007.58px;letter-spacing:-0.98px;white-space:nowrap">adviser,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:3603.44px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:4039.3px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:4350.7px;white-space:nowrap">broker-dealer)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:5400px;white-space:nowrap">(2004) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:5906.95px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:6209.53px;white-space:nowrap">Ambac </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:6751.95px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:7436.72px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:7925.86px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:8797.27px;letter-spacing:-0.98px;white-space:nowrap">adviser,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:9393.13px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:311.41px;white-space:nowrap">broker-dealer)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:1360.7px;white-space:nowrap">(2000 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:1814.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:1992.27px;white-space:nowrap">2003)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:0px;white-space:nowrap">Marc
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:412.03px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:616.48px;white-space:nowrap">De
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:865.47px;white-space:nowrap">Oliveira</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7270.61px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7270.61px;left:471.02px;white-space:nowrap">1971)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:2316px;white-space:nowrap">Secretary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:3045.14px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7270.61px;left:2316px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7270.61px;left:2733.97px;white-space:nowrap">Legal</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7462.61px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:0px;white-space:nowrap">Associate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:738.13px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:1351.8px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:1983.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:2161.17px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:2771.8px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:3554.45px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:4025.7px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:4523.83px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:5252.97px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:5564.38px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:5982.34px;white-space:nowrap">Legal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:6418.28px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:6929.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:7107.81px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:7632.5px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:8068.36px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:8877.73px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:9206.72px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:0px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:524.69px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:675.86px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:969.3px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:1156.02px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:1360.47px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:1987.89px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:2459.14px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:2948.44px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:3642.03px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:4371.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:4549.06px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:5073.75px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:5509.61px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:6318.98px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:6647.97px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:7048.36px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:7573.05px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:7724.22px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:8017.66px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:8204.38px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:8408.83px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:9036.25px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:9507.5px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8441.03px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:729.14px;white-space:nowrap">Managing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:1476.33px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:2080.86px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:2534.53px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:2712.42px;white-space:nowrap">2020) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:3166.09px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:3468.67px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:4206.8px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:4820.47px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:5451.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:5629.84px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6030.23px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6554.92px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6706.09px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6999.53px;white-space:nowrap">(2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:7453.2px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:7631.09px;white-space:nowrap">2020)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8912.51px;left:0px;white-space:nowrap">Thomas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8912.51px;left:657.89px;white-space:nowrap">C.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8912.51px;left:862.34px;white-space:nowrap">Mandia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9104.51px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9104.51px;left:471.02px;white-space:nowrap">1962)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:2316px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:2822.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9104.51px;left:2316px;white-space:nowrap">President</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:0px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:498.13px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:1236.25px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:1849.92px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:2481.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:2659.3px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:3269.92px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:4052.58px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:4523.83px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:5021.95px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:5751.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:5928.98px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:6355.7px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:6826.95px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:7325.08px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8054.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8232.11px;white-space:nowrap">LM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8490px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8934.61px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:9637.03px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:0px;white-space:nowrap">(&#8220;LMAS&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:693.28px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:1164.53px;white-space:nowrap">2002) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:1618.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:1929.61px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:2330px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:2854.69px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:3255px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:3699.61px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:4722.42px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:5024.77px;letter-spacing:-0.88px;white-space:nowrap">(&#8220;LMFAM&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:5833.52px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:6304.77px;white-space:nowrap">2013) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:6758.44px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9890.94px;left:6811.72px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:7496.41px;white-space:nowrap">registered
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:8252.34px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:9070.47px;white-space:nowrap">advisers)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:302.58px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:996.17px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:1725.31px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:1903.2px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:2427.89px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:2863.75px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:3032.73px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:3299.61px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:3655.47px;white-space:nowrap">complex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:4295.7px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:4766.95px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10082.94px;left:5265.08px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:5905.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:5994.22px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:6741.41px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:7345.94px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:7657.34px;white-space:nowrap">Deputy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:8208.75px;white-space:nowrap">General
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:8822.42px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:9453.91px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:9631.8px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:0px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:524.69px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:675.86px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:969.3px;white-space:nowrap">(2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:1422.97px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:1600.86px;white-space:nowrap">2020)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10746.42px;left:0px;white-space:nowrap">Jeanne
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10746.42px;left:595.86px;white-space:nowrap">M.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10746.42px;left:818.05px;white-space:nowrap">Kelly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10938.42px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10938.42px;left:471.02px;white-space:nowrap">1951)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:2316px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:2822.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.42px;left:2316px;white-space:nowrap">President</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:355.63px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:764.77px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:1233.28px;letter-spacing:-3.55px;white-space:nowrap">Team
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:1668.98px;letter-spacing:-0.98px;white-space:nowrap">Manager,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:2380.55px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:2991.17px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:3773.83px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:4245.08px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:4743.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:5250.16px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:5602.97px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:6323.36px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:6501.25px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:7025.94px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:7461.8px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:8271.17px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:8600.16px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:9000.55px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:9525.23px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:0px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:293.44px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:480.16px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:684.61px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1312.03px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1783.28px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:2281.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:2788.36px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:3141.17px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:3861.56px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4039.45px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4306.33px;letter-spacing:-1.96px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4733.05px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:5204.3px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:5702.42px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:6422.81px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:6734.22px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7152.19px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7890.31px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:8401.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:8579.84px;white-space:nowrap">LMAS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:9060px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:9371.41px;letter-spacing:-1.47px;white-space:nowrap">LMFAM
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:0px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:471.25px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11916.85px;left:969.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:1609.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:1698.52px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:2445.7px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3050.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3228.13px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3628.52px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:4153.2px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:4304.38px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:4597.81px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5069.06px;white-space:nowrap">2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5469.45px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5647.34px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6145.47px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6652.42px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7005.23px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7725.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7903.52px;letter-spacing:-1.47px;white-space:nowrap">LMFAM
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:8499.14px;white-space:nowrap">(2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:8952.81px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:9130.7px;white-space:nowrap">2015)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:47.41px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:850.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1404.45px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2047.44px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">74</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:0px;white-space:nowrap"># </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:3858.83px;white-space:nowrap">meaning
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:4544.53px;white-space:nowrap">Section
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:5018.67px;white-space:nowrap">2(a)(19)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:6207.73px;white-space:nowrap">Act.</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:3048.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1251.74px;left:2316px;white-space:nowrap">Principal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1443.74px;left:2316px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1443.74px;left:3000.77px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:0px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:352.81px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:1117.66px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:1517.97px;white-space:nowrap">Administration
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:2576.17px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:2887.58px;white-space:nowrap">Reporting,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:3670.23px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:4280.86px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:5063.52px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:5534.77px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:6030px;letter-spacing:-0.59px;white-space:nowrap">Treasurer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:6762.03px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:7233.28px;white-space:nowrap">2010) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:7686.95px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:7998.36px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:8656.41px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:9341.17px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:0px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:471.25px;white-space:nowrap">2019) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:924.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:1102.81px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:1627.5px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:2063.36px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:2872.73px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:3201.72px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:3602.11px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4126.8px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4277.97px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4571.41px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4758.13px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4962.58px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2230.17px;left:5634.45px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:6274.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:6363.59px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:7110.78px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:7715.31px;white-space:nowrap">(2020), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:8266.72px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:8871.25px;white-space:nowrap">(2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:9324.92px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:9502.81px;white-space:nowrap">2020), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:311.41px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:664.22px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:1384.61px;letter-spacing:-1.98px;white-space:nowrap">(2011
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:1826.41px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:2004.3px;white-space:nowrap">2015) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:2457.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:2635.86px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:3036.25px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:3560.94px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:3712.11px;white-space:nowrap">Co.</div></div>
</div>

<div style="height:24.96px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Interested </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1228.53px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1994.56px;white-space:nowrap">Members </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3150.34px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:53.82px;left:4690.03px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7549.64px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8223.95px;letter-spacing:10.5px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:40.02px;left:0px;position:absolute;top:0px;transform:translate(54.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:631.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Shareholder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1690.31px;white-space:nowrap">Information</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">75</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:623.65px;left:0px;position:absolute;top:0px;transform:translate(54.000px,108.150px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12352px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:751.69px;white-space:nowrap">Approval </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1850.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2139.16px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3728.99px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4235.03px;white-space:nowrap">Sub-</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:0px;white-space:nowrap">Advisory </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:1054.85px;white-space:nowrap">Agreements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:710.07px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:1430.51px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:2110.69px;letter-spacing:-1.66px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:2600.77px;white-space:nowrap">(PPT)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:914.48px;left:0px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1414.48px;left:0px;white-space:nowrap">Background</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:360.18px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:1290.59px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:2101.03px;white-space:nowrap">Act </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:2411.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:2611.23px;white-space:nowrap">1940, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:3111.68px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:3351.8px;white-space:nowrap">amended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1664.48px;left:4152.39px;white-space:nowrap">(the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6510.5px;white-space:nowrap">sub-advisory
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7580.92px;white-space:nowrap">services
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">Advisory </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6590.83px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7751.25px;white-space:nowrap">functions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9012.13px;white-space:nowrap">rendered
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9782.67px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5520.23px;letter-spacing:-1.1px;white-space:nowrap">Manager,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6310.72px;white-space:nowrap">Agreement,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7941.8px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8862.19px;white-space:nowrap">sub-advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">functions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5990.45px;white-space:nowrap">being </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6480.88px;white-space:nowrap">rendered
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7491.53px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7791.77px;white-space:nowrap">Sub-Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8912.2px;white-space:nowrap">pursuant
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5520.23px;white-space:nowrap">Sub-Advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6630.73px;white-space:nowrap">Agreements.</div></div>
</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Board
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:563.38px;white-space:nowrap">Approval
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1393.51px;white-space:nowrap">of
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1613.41px;white-space:nowrap">Management
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:2756.95px;white-space:nowrap">Agreement
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:228.64px;left:0px;white-space:nowrap">Advisory
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:228.64px;left:813.6px;white-space:nowrap">Agreements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">The </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1407.92px;letter-spacing:-0.74px;white-space:nowrap">Trustees
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12628.64px;left:7060.69px;white-space:nowrap">Broadridge
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:340.14px;white-space:nowrap">(&#8220;Broadridge&#8221;),
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2711.43px;white-space:nowrap">throughout
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</div>

<div style="height:652.80px;left:0px;position:absolute;top:0px;transform:translate(35.999px,78.996px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12960px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-2.85px;white-space:nowrap">Taking
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1660.96px;letter-spacing:-1.42px;white-space:nowrap">below,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2351.69px;white-space:nowrap">Sub-Advisory
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3472.12px;white-space:nowrap">Fees </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">reasonable </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2041.26px;white-space:nowrap">nature, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2651.66px;white-space:nowrap">extent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3192.01px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3542.34px;white-space:nowrap">overall </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4122.6px;white-space:nowrap">quality </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2691.83px;white-space:nowrap">Sub-Advisers
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1901.34px;white-space:nowrap">Agreement
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">Agreements, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1070.51px;letter-spacing:-1.03px;white-space:nowrap">respectively.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2158.64px;left:0px;white-space:nowrap">Manager
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2158.64px;left:790.22px;text-rendering:optimizeLegibility;white-space:nowrap">Profitability</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">The </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2041.17px;white-space:nowrap">Contract
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2771.46px;white-space:nowrap">Renewal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3521.87px;white-space:nowrap">Information,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">received </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2181.27px;text-rendering:optimizeLegibility;white-space:nowrap">profitability
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:580.34px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1476.3px;white-space:nowrap">providing
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;letter-spacing:0.34px;white-space:nowrap">Manager&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:893.85px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1353.96px;white-space:nowrap">years </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1844.12px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2394.67px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3325.17px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3625.4px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4075.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:930.5px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1230.73px;white-space:nowrap">2023. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2138.12px;white-space:nowrap">Board </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3779.03px;text-rendering:optimizeLegibility;white-space:nowrap">profitability
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">information </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3138.13px;letter-spacing:-2px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:4018.62px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">complex </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1930.96px;white-space:nowrap">addition,
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">Contract </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:730.28px;white-space:nowrap">Renewal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1480.69px;white-space:nowrap">Information
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3941.89px;letter-spacing:0.34px;white-space:nowrap">Manager&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:0px;white-space:nowrap">revenue </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2241.47px;white-space:nowrap">methodologies
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9347.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9648.11px;white-space:nowrap">Sub-</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">Advisers, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6010.22px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6450.38px;white-space:nowrap">reasonable.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px">

<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:10.19px;left:0px;position:absolute;top:0px;transform:translate(477.359px,737.290px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:80.64px">

<div style="width:1612.8px;height:100.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.87px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:845.34px;white-space:nowrap">38924 </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1205.75px;letter-spacing:-3.31px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1312.51px;white-space:nowrap">09/25</div></div>
</div>

<div style="height:10.19px;left:0px;position:absolute;top:0px;transform:translate(36.000px,737.290px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:338.40px">

<div style="width:6768px;height:100.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.87px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:0px;white-space:nowrap">&#169; </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:121.76px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:422.05px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:880.02px;letter-spacing:-1.33px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1467.01px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2174px;white-space:nowrap">All </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2340.7px;white-space:nowrap">rights </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2667.48px;white-space:nowrap">reserved.</div></div>
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8602.28px;left:0px;white-space:nowrap">Investors </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8602.28px;left:780.29px;white-space:nowrap">should </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8602.28px;left:3482.14px;white-space:nowrap">investments
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8602.28px;left:8994.99px;white-space:nowrap">investment
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:0px;white-space:nowrap">securities, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:860.27px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:2141.19px;white-space:nowrap">Fund&#39;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:2725.84px;white-space:nowrap">portfolio
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:5087.11px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:5417.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:5617.18px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:5987.29px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:6397.29px;white-space:nowrap">market, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:7047.42px;letter-spacing:-1.34px;white-space:nowrap">currency,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:7824.29px;white-space:nowrap">economic,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:8694.67px;white-space:nowrap">political
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:9344.97px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:9695.3px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:0px;white-space:nowrap">factors. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:636.94px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:997.12px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:1457.4px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:1807.73px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:2037.74px;white-space:nowrap">investors
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:2808.02px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:3118.18px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:3418.42px;white-space:nowrap">protected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:4218.93px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:4628.94px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:5059.16px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:5619.38px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:5859.49px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:6159.73px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:7080.12px;letter-spacing:-1.1px;white-space:nowrap">manager.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:7877.37px;white-space:nowrap">Therefore,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:8757.77px;white-space:nowrap">investors
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:9528.05px;white-space:nowrap">who </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:0px;white-space:nowrap">cannot </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:590.45px;white-space:nowrap">accept </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:1170.79px;white-space:nowrap">this </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:1500.91px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:1830.85px;white-space:nowrap">should </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:2411.28px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:2711.51px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:3231.74px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:3421.85px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:4012.12px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:4212.25px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:4512.48px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:240.12px;white-space:nowrap">help </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:630.44px;white-space:nowrap">ensure </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:1230.82px;white-space:nowrap">we </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:1510.93px;white-space:nowrap">provide </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:2151.3px;white-space:nowrap">you </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:2491.52px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:2861.63px;white-space:nowrap">quality </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:3431.95px;white-space:nowrap">service,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:4102.12px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:4332.22px;white-space:nowrap">calls </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:4742.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:4942.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:5292.77px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:5702.78px;white-space:nowrap">our </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:6012.95px;white-space:nowrap">service </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:6633.11px;white-space:nowrap">areas </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:7133.38px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:7443.54px;white-space:nowrap">monitored
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:8293.97px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9662.28px;left:8854.37px;white-space:nowrap">recorded.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10608.46px;left:3210px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10608.46px;left:3796.64px;white-space:nowrap">Report</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10811.35px;left:3210px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10811.35px;left:3841.17px;white-space:nowrap">Premier
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10811.35px;left:4481.56px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10811.35px;left:5086.17px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:3210px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:4099.14px;white-space:nowrap">Manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:5950px;letter-spacing:-0.98px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:6619.92px;white-space:nowrap">Agent</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:9090px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:9525.39px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:3210px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:3814.69px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:4517.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:5950px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6545.86px;white-space:nowrap">Investor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7159.45px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7861.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:5950px;white-space:nowrap">100 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6261.41px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6848.36px;white-space:nowrap">Street,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:5950px;white-space:nowrap">Boston, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6537.03px;letter-spacing:-2.94px;white-space:nowrap">MA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6812.66px;letter-spacing:-2.37px;white-space:nowrap">02110</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:5950px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:6234.53px;white-space:nowrap">Free </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:6607.97px;white-space:nowrap">Number:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12158.88px;left:5950px;white-space:nowrap">1-800-225-1581</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:9090px;white-space:nowrap">(800) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:9507.97px;letter-spacing:-1.19px;white-space:nowrap">DIAL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:9902.19px;white-space:nowrap">BEN</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11394.09px;left:10231.17px;white-space:nowrap">&#174;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:10344.36px;white-space:nowrap">/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:9090px;white-space:nowrap">342-5236</div></div>
</div> </div></div>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 2.</TD>
    <TD>CODE OF ETHICS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) The Registrant has adopted a code of ethics that applies
to its principal executive officers and principal financial and accounting officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(d) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(f) Pursuant to Item 19(a) (1), the Registrant is attaching
as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 3.</TD>
    <TD>AUDIT COMMITTEE FINANCIAL EXPERT.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The Board of Trustees of the Registrant has determined that
Eileen A. Kamerick and Nisha Kumar possess the technical attributes identified in Item 3 to Form N-CSR to qualify as &#8220;audit committee
financial experts,&#8221; and has designated Eileen A. Kamerick and Nisha Kumar as the Audit Committee&#8217;s financial experts. Eileen
A. Kamerick and Nisha Kumar are &#8220;independent&#8221; Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Under applicable securities laws, a person determined to
be an audit committee financial expert will not be deemed an &#8220;expert&#8221; for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.
The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations,
or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board
of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee
financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 4.</TD>
    <TD>PRINCIPAL ACCOUNTANT FEES AND SERVICES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) <U>Audit Fees</U>. The aggregate fees billed in the last
two fiscal years ending July 31, 2024 and July 31, 2025 (the &#8220;Reporting Periods&#8221;) for professional services rendered by the
Registrant&#8217;s principal accountant (the &#8220;Auditor&#8221;) for the audit of the Registrant&#8217;s annual financial statements,
or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting
Periods, were $166,945 in July 31, 2024 and $123,251 in July 31, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(b) <U>Audit-Related Fees</U>. The aggregate fees billed
in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant&#8217;s
financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) <U>Tax Fees</U>. The aggregate fees billed in the Reporting
Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (&#8220;Tax Services&#8221;)
were $14,281 in July 31, 2024 and $23,802 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state,
local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or
administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments
held or proposed to be acquired or held.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(d) <U>All Other Fees</U>. The aggregate fees billed in the
Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs
(a) through (c) of this item, were $<FONT STYLE="background-color: white">0 in </FONT>July 31, 2024 <FONT STYLE="background-color: white">and
$0 in </FONT>July 31, 2025<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">There were no other non-audit services rendered by the Auditor
to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(e) Audit Committee&#8217;s pre&#8211;approval policies and
procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(1) The Charter for the Audit Committee (the &#8220;Committee&#8221;)
of the Board of each registered investment company (the &#8220;Fund&#8221;) advised by the Registrant&#8217;s investment manager or one
of their affiliates (each, an &#8220;Adviser&#8221;) requires that the Committee shall approve (a) all audit and permissible non-audit
services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund&#8217;s independent auditors
to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services
to the Fund (&#8220;Covered Service Providers&#8221;) if the engagement relates directly to the operations and financial reporting of
the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The Committee shall not approve non-audit services that the
Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible
non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided
to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial
statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records
or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services,
fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions
or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services
unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Pre-approval by the Committee of any permissible non-audit
services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser
and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during
the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling,
controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the
services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by
the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the
Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(2) None of the services described in paragraphs (b) through
(d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(f) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(g) Non-audit fees billed by the Auditor for services rendered
to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in July 31, 2024 and $489,647 in July 31, 2025.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(h) Yes. The Registrant&#8217;s Audit Committee has considered
whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval),
is compatible with maintaining the Auditor&#8217;s independence. All services provided by the Auditor to the Registrant or to the Service
Affiliates, which were required to be pre-approved, were pre-approved as required.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(i) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(j) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 5.</TD>
    <TD>AUDIT COMMITTEE OF LISTED REGISTRANTS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) The independent board members are acting as the registrant&#8217;s
audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Robert D. Agdern</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Carol L. Colman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Anthony Grillo</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Eileen A. Kamerick</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Nisha Kumar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Peter Mason</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Hillary A. Sale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 6.</TD>
    <TD>SCHEDULE OF INVESTMENTS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(a)</TD>
    <TD>Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(b)</TD>
    <TD>Not applicable.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 7.</TD>
    <TD>FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 8.</TD>
    <TD>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 9.</TD>
    <TD>PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 10.</TD>
    <TD>REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 11.</TD>
    <TD>STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The information is disclosed as part of the Financial Statements
included in Item 1 of this Form N-CSR, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 12.</TD>
    <TD>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Putnam Investments</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><U>Proxy Voting Procedures</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 144pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><I><U>Introduction and Summary</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Many of Putnam&#8217;s investment management clients have
delegated to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of
proxies can be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in
the best interests of its clients as investors. In Putnam&#8217;s view, strong corporate governance policies, most notably oversight by
an independent board of qualified directors, best serve investors&#8217; interests. Putnam will vote proxies and maintain records of voting
of shares for which Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Putnam&#8217;s voting policies are rooted in our views that
(1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors&#8217;
active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market
discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management
services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits
over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular
political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation
costs, practicability, and other factors), in Putnam&#8217;s view, outweigh their investment merits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">This memorandum sets forth Putnam&#8217;s policies for voting
proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual Funds<SUP>1 </SUP>and
Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by The Putnam Advisory Company,
LLC, Putnam Investments Limited and Putnam Fiduciary Trust Company, LLC. In addition, the policies include US mutual funds and other accounts
sub-advised by Putnam Investment Management, LLC.<SUP>2</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><SUP>1</SUP> Effective January 27, 2023, the Board of Trustees
of the Putnam Mutual Funds delegated proxy voting authority to Putnam Investment Management, LLC, the investment manager to the Putnam
Mutual Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><SUP>2</SUP> The Putnam Proxy Voting Procedures and Guidelines
will apply also to certain funds and institutional and other accounts managed by Franklin Advisers, Inc. (&#8220;FAV&#8221;) but formerly
managed or sub-advised by one of the Putnam adviser entities identified above, pursuant to sub-advisory agreements in effect from time
to time between FAV and the relevant Putnam entity(ies).</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Committee</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Putnam has a Proxy Committee composed of senior professionals,
including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of
Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies.
Specifically, the Committee:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD STYLE="text-align: justify">Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered to
        be advisable.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD STYLE="text-align: justify">Considers special proxy issues as they may from time to time arise.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD STYLE="text-align: justify">Must approve all vote overrides recommended by investment professionals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Voting Administration</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Putnam Sustainability Strategy group administers Putnam&#8217;s proxy
voting through a Proxy Voting Team. The Proxy Voting Team has the following duties:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD>Annually prepares the Proxy Voting Guidelines and distributes them to the Proxy Committee for review.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD>Coordinates the Proxy Committee&#8217;s review of any new or unusual proxy issues and serves as Secretary thereto</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD>Manages the process of referring issues to portfolio managers for voting instructions.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">4.</TD>
    <TD>Oversees the work of any third-party vendor hired to process proxy votes (as of the date of these procedures Putnam has engaged Institutional
        Shareholder Services (ISS) to process proxy votes) and the process of setting up the voting process with ISS and custodial banks for new
        clients.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">5.</TD>
    <TD>Coordinates responses to investment professionals&#8217; questions on proxy issues and proxy policies, including forwarding specialized
        proxy research from ISS and other vendors and forwards information to investment professionals prepared by other areas at Putnam.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">6.</TD>
    <TD>Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset Allocation
        (&#8220;GAA&#8221;) team within Franklin Templeton Investment Solutions described in more detail in the Proxy Referral section below.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">7.</TD>
    <TD>Maintains required records of proxy votes on behalf of the appropriate Putnam client accounts.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">8.</TD>
    <TD>Prepares and distributes reports required by Putnam clients.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Voting Guidelines</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam maintains written voting guidelines (&#8220;Guidelines&#8221;) setting
forth voting positions determined by the Proxy Committee on those issues believed most likely to arise day to day. The Guidelines may
call for votes to be cast normally in favor of or opposed to a matter or may deem the matter an item to be referred to investment professionals
on a case-by-case basis. A copy of the Guidelines is attached to this memorandum as Exhibit A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In light of our views on the importance of issuer governance and investor
engagement, which we believe are applicable across our various strategies and clients, regardless of a specific portfolio&#8217;s investment
objective, Putnam will vote all proxies in accordance with the Guidelines, subject to two exceptions as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD STYLE="text-align: justify">If the portfolio managers of client accounts holding the stock of a company with a proxy vote believe that
        following the Guidelines in any specific case would not be in the clients&#8217; best interests, they may request the Proxy Voting Team
        not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for
doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair
of the Proxy Committee acting on the Proxy Committee&#8217;s behalf) prior to implementing the request.</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD>Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment Division
        and the Legal and Compliance Department.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Other</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD>Putnam may elect not to vote when the security is no longer held.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD>Putnam will <B><U>abstain</U></B> on items that require case-by-case review when a vote recommendation from the appropriate investment
        professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD>Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection with
        a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed lending
        agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam&#8217;s securities lending procedures Due to differences
        in non-U.S. markets, Putnam does not currently seek to recall non-U.S. securities on loan. In addition, where Putnam does not administer
        a client&#8217;s securities lending program, this recall policy does not apply, since Putnam generally does not have information on loan
        details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled security
        may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">4.</TD>
    <TD>Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its control
        and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or custodial
        error.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Voting Referrals</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the Guidelines, certain proxy matters will be referred to Portfolio
Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list
of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and the Director of Equity Research
for the Putnam Equity group). The Analyst will be required to make the affirmation and disclosures identified in (3) below. Normally specific
referral items will be referred to the portfolio team leader (or another member of the portfolio team he or she designates) whose accounts
hold the greatest number of shares of the issuer of the proxies through the Proxy Referral Administration Database. The referral request
contains (1) a field that will be used by the portfolio team leader or member for recommending a vote on each referral item, (2) a field
for describing any contacts relating to the proxy referral item the portfolio team may have had with any Franklin Templeton employee outside
Putnam Equity or with any person other than a proxy solicitor acting in the normal course of proxy solicitation, and (3) a field for portfolio
managers to affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to Compliance
any potential conflicts of interest relevant to their vote recommendation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam may vote any referred items on securities held solely in accounts
managed by the GAA team within Franklin Templeton Investment Solutions (and not held by any other investment product team) in accordance
with the recommendation of Putnam&#8217;s third-party proxy voting service provider. The Proxy Voting Team will first give the relevant
portfolio manager(s) on the GAA team the opportunity to review the referred items and vote on them. If the portfolio manager(s) on the
GAA team do not decide to make any active voting decision on any of the referred items, the items will be voted in accordance with the
service provider&#8217;s recommendation. If the security is also held by other investment teams at Putnam Equity, the items will be referred
to the largest holder who is not a member of the GAA team.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The portfolio team leader or members who have been requested to provide
a recommendation on a proxy referral item will complete the referral request. Upon receiving each completed referral request from the applicable Portfolio Manager or Analyst, the Proxy Voting Team will review
the completed request for accuracy and completeness, and will follow up with investment personnel as appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Conflicts of Interest</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A potential conflict of interest may arise when voting proxies of an issuer
which has a significant business relationship with Putnam. For example, Putnam could manage a defined benefit or defined contribution
pension plan for the issuer. Putnam&#8217;s policy is to vote proxies based solely on the investment merits of the proposal. In order
to guard against conflicts, the following procedures have been adopted:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD>The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability
        Strategy group. None of these individuals or groups reports to Franklin Templeton&#8217;s marketing businesses.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD>No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting the
        Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate
        investment-related information to investment professionals except for Putnam&#8217;s restrictions on dissemination of material, non-public
        information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances
        of conflict.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD>Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with
        proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed
        to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">4.</TD>
    <TD>The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam
        business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships
        (<I>i.e., </I>conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure
        Form (<U>attached as Exhibit B and C</U>) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam
        Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">5.</TD>
    <TD>Putnam&#8217;s Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division
        and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee&#8217;s
        behalf).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Recordkeeping</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Putnam Equity Sustainability Strategy Group will retain copies of the
following books and records:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD>A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD>A copy of each proxy statement received with respect to securities in client accounts;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD>Records of each vote cast for each client;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">4.</TD>
    <TD>Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">5.</TD>
    <TD>Written reports to clients on proxy voting and all client requests for information and Putnam&#8217;s response.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All records will be maintained for seven years. A proxy vendor may on Putnam&#8217;s
behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Exhibit A to Proxy Procedures</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Putnam Investments Proxy
Voting Guidelines</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The proxy voting guidelines below summarize Putnam&#8217;s positions on
various issues of concern to investors and indicate how client portfolio securities will be voted on proposals dealing with a particular
issue. The proxy voting service is instructed to vote all proxies relating to client portfolio securities in accordance with these guidelines,
except as otherwise instructed by the Proxy Voting Team.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam&#8217;s voting policies are rooted in our views that (1) strong,
independent corporate governance is important to long-term company financial performance, and (2) long-term investors&#8217; active engagement
with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline,
potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services,
at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term
horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social,
or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability,
and other factors), in Putnam&#8217;s view, outweigh their investment merits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">These proxy voting policies are intended to be decision-making guidelines.
The guidelines are not exhaustive and do not include all potential voting issues. In addition, as contemplated by and subject to Putnam&#8217;s
Proxy Voting Procedures, because proxy issues and the circumstances of individual companies are so varied, portfolio teams may recommend
votes that may vary from the general policy choices set forth in the guidelines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following guidelines are grouped according to the types of proposals
generally presented to shareholders. Part I deals with proposals which have been approved and recommended by a company&#8217;s board of
directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations
pertaining to non-US issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>I. Board-Approved Proposals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Proxies will be voted <B>for </B>board-approved proposals, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0pt"></TD>
    <TD STYLE="width: 18pt"><B>A.</B></TD>
    <TD><B><U>Matters Relating to the Board of Directors</U></B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Uncontested Election of Directors</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The board of directors has the important role of overseeing management and
its performance on behalf of shareholders. When evaluating a company&#8217;s board, Putnam may consider the diversity of professional
backgrounds and personal characteristics. Putnam believes that companies generally benefit from diversity on the board, including diversity
with respect to gender, ethnicity, race, skills, perspectives and experience.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Proxies will be voted <B><U>for</U></B> the election of the company&#8217;s
nominees for directors (and/or subsidiary directors) and <B><U>for</U></B> board-approved proposals on other matters relating to the board
of directors (provided that such nominees and other matters have been approved by an independent nominating committee), except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from the entire board of directors if:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The board does not have a majority of independent directors,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The board does not have nominating, audit and compensation committees composed solely of independent directors, or</TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The board has more than 15 members or fewer than five members, absent special circumstances.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam may refrain from withholding votes from the board due to insufficient key committee independence due to director resignation, change
        in board structure, or other specific circumstances, provided that the company has stated (for example in an 8-K), or it can otherwise
        be determined, that the board will address committee composition to ensure compliance with the applicable corporate governance code in
        a timely manner after the shareholder meeting and the company has a history of appropriate board independence.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Unless otherwise indicated, for the purposes of determining whether a board
has a majority of independent directors and independent nominating, audit, and compensation committees, an independent director is a director
who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g.,
no material business relationships with the company and no present or recent employment relationship with the company (including employment
of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or
other compensatory fee (excluding immaterial fees for transactional services as defined by the NYSE Corporate Governance rules) from the
company other than in his or her capacity as a member of the board of directors or any board committee. Putnam believes that the receipt
of such compensation for services other than service as a director raises significant independence issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from any nominee for director who is considered an independent director by the company and who
        has received compensation within the last three years from the company for the provision of professional services (e.g., investment banking,
        consulting, legal or financial advisory fees).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from any nominee for director who attends fewer than 75% of board and committee meetings. Putnam
        may refrain from withholding votes on a <B>case-by-case </B>basis if a valid reason for the absence exists, such as illness, personal
        emergency, potential conflict of interest, etc.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from any incumbent nominee for director who served on a board that has not acted to implement
        a policy requested in a shareholder proposal that received the support of a majority of the votes actually cast on the matter at its previous
        two annual meetings, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from any incumbent nominee for director who served on a board that adopted, renewed, or made
        a material adverse modification to a shareholder rights plan (commonly referred to as a &#8220;poison pill&#8221;) without shareholder
        approval during the current or prior calendar year. (This is applicable to any type of poison pill, for example, advance-warning type
        pill, EGM pill, and Trust Defense Plans in Japan.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will refrain from opposing the board members who served at the time
of the adoption of the poison pill if the duration is one year or less, if the plan contains other suitable restrictions; or if the company
publicly discloses convincing rationale for its adoption and seeks shareholder approval of future renewals of the poison pill. (Suitable
restrictions could include but are not limited to, a higher threshold for passive investors. Convincing rationale could include circumstances
such as, but not limited to, extreme market disruption or conditions, stock volatility, substantial merger, active investor interest,
or takeover attempts.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B>case-by-case </B>basis and may consider voting against the Nominating Committee Chair if there is a lack of evidence
        of board diversity.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam is concerned about over-committed directors. In some cases, directors
may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies
(or other directors with substantially full-time employment) who serve on more than a few outside boards.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> any non-executive nominee for director who serves on more than four (4) public company boards,
        except where Putnam would otherwise be withholding votes for the entire board of directors. For the purpose of this guideline, boards
        of affiliated registered investment companies and other similar entities such as UCITS will count as one board. Generally, Putnam will
        withhold support from directors serving on more than four unaffiliated public company boards, although an exception may be made in the
        case of a director who represents an investing firm with the sole purpose of managing a portfolio of investments that includes the company.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold</U></B> votes from any nominee for director who serves as an executive officer of any public company (&#8220;home
        company&#8221;) while serving on more than two (2) public company board<B>s </B>other than the home company board. (Putnam will withhold
        votes from the nominee at each company where Putnam client portfolios own shares.) In addition, if Putnam client portfolios are shareholders
        of the executive&#8217;s home company, Putnam will withhold votes from members of the company&#8217;s governance committee. For the purpose
        of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><I>withhold votes</I></B> from any nominee for director of a public company (Company A) who is employed as a senior executive
        of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred to as an
        &#8220;interlocking directorate&#8221;).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Board independence depends not only on its members&#8217; individual relationships,
but also the board&#8217;s overall attitude toward management. Independent boards are committed to good corporate governance practices
and, by providing objective independent judgment, enhancing shareholder value. Putnam may withhold votes on a case-by-case basis from
some or all directors that, through their lack of independence, have failed to observe good corporate governance practices or, through
specific corporate action, have demonstrated a disregard for the interest of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Note: Designation of executive director is based on company disclosure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals that provide that a director may be removed only for cause. Putnam will generally vote
        <B><U>for</U></B> proposals that permit the removal of directors with or without cause.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals authorizing a board to fill a director vacancy without shareholder approval.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on subsidiary director nominees if Putnam will be voting against the nominees of
        the parent company&#8217;s board.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis for director nominees, including nominees for positions on Supervisory Boards or
        Supervisory Committees, or similar board entities (depending on board structure), for (re)election when cumulative voting applies.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to approve annual directors&#8217; fees, except that Putnam will vote on a <B><U>case-by-case</U></B>
        basis if Putnam&#8217;s independent proxy voting service has recommended a vote against such proposal. Additionally, Putnam will vote
        <B><U>for</U></B> proposals to approve the grant of equity awards to directors, except that Putnam will consider these proposals on a
        <B><U>case-by-case</U></B> basis if Putnam&#8217;s proxy service provider is recommending a vote against the proposal.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I><U>Classified Boards</U></I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals to classify a board, absent special circumstances indicating that shareholder interests
        would be better served by this structure.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I><U>Ratification of Auditors</U></I></B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to ratify the selection of independent auditors if there is evidence
        that the audit firm&#8217;s independence or the integrity of an audit is compromised. (Otherwise, Putnam will vote <B><U>for</U></B>.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Contested Elections of Directors</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis in contested elections of directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>B. <U>Executive Compensation</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved
proposals relating to executive compensation, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> stock option and restricted stock plans that will result in an average annual dilution of 1.67% or
        less (based on the disclosed term of the plan and including all equity-based plans), except where Putnam would otherwise be withholding
        votes for the entire board of directors in which case Putnam will evaluate the plans on a <B><U>case-by-case</U></B> basis.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> stock option and restricted stock plans that will result in an average annual dilution of greater
        than 1.67% (based on the disclosed term of the plan and including all equity plans).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> any stock option or restricted stock plan where the company&#8217;s actual grants of stock options
        and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average annual
        dilution of greater than 1.67%.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Additionally, if the annualized dilution cannot be calculated, Putnam will vote <B><U>for</U></B> plans where the Total Potential Dilution
        is 5% or less. If the annualized dilution cannot be calculated and the Total Potential Dilution exceeds 5%, then Putnam will vote <B><U>against</U></B>.
        Note: Such plans must first pass all of Putnam&#8217;s other screens.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote proposals to issue equity grants to executives on a <B><U>case-by-case</U></B> basis.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> stock option plans that permit replacing or repricing of underwater options (and <B><U>against</U></B>
        any proposal to authorize such replacement or repricing of underwater options).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> stock option plans that permit issuance of options with an exercise price below the stock&#8217;s
        current market price.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> stock option plans/ restricted stock plans with evergreen features providing for automatic share
        replenishment.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B>for </B>bonus plans under which payments are treated as performance-based compensation that is deductible under Section
        162(m) of the Internal Revenue Code of 1986, as amended, except as follows:</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Vote on a <B><U>case-by-case</U></B> basis on such proposals
if any of the following circumstances exist:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the amount per employee under the plan is unlimited, or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the maximum award pool is undisclosed, or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the incentive bonus plan&#8217;s performance criteria are undisclosed, or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the independent proxy voting service recommends a vote against.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on-Pay).</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> advisory votes on executive compensation (Say-on-Pay). However, Putnam will vote <B><U>against</U></B>
        an advisory vote if the company fails to effectively link executive compensation to company performance according to benchmarking performed
        by the independent proxy voting service.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Putnam will review the proposal on a <B><U>case-by-case</U></B> basis if there is no recommendation of the independent proxy voting service.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on severance agreements (e.g., golden and tin parachutes)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold</U></B> votes from members of a Board of Directors which has approved compensation arrangements Putnam&#8217;s
        investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> employee stock purchase plans that have the following features: (1) the shares purchased under the
        plan are acquired for no less than 85% of their market value, (2) the offering period under the plan is 27 months or less, and (3) dilution
        is 10% or less.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> Non-qualified Employee Stock Purchase Plans with all the following features:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"></TD>
    <TD STYLE="width: 18pt">1)</TD>
    <TD>Broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5 percent or more of beneficial ownership
        of the company).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"></TD>
    <TD STYLE="width: 18pt">2)</TD>
    <TD>Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"></TD>
    <TD STYLE="width: 18pt">3)</TD>
    <TD>Company matching contribution up to 25 percent of employee&#8217;s contribution, which is effectively a discount of 20 percent from market
        value.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"></TD>
    <TD STYLE="width: 18pt">4)</TD>
    <TD>No discount on the stock price on the date of purchase since there is a company matching contribution.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>against</U></B> Non-qualified Employee Stock Purchase
Plans when any of the plan features do not meet the above criteria.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam may vote against executive compensation proposals on a <B><U>case-by-case</U></B>
basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of
executive compensation. In voting on proposals relating to executive compensation, Putnam will consider whether the proposal has been
approved by an independent compensation committee of the board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>C. <U>Capitalization</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved
proposals involving changes to a company&#8217;s capitalization, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals relating to the authorization of additional common stock, except that Putnam will evaluate
        such proposals on a <B><U>case-by-case</U></B> basis if (i) they relate to a specific transaction or to common stock with special voting
        rights, (ii) the company has a non-shareholder approved poison pill in place, or (iii) the company has had sizeable stock placements to
        insiders within the past three years at prices substantially below market value without shareholder approval.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to effect stock splits (excluding reverse stock splits.)</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals authorizing share repurchase programs, except that Putnam will vote on a <B><U>case-by-case</U></B>
        basis if there are concerns that there may be abusive practices related to the share repurchase programs.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>D. <U>Acquisitions, Mergers, Reorganizations and
Other Transactions</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on business transactions
such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a
company&#8217;s assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>E. <U>Anti-Takeover Measures</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>against</U></B> board-approved proposals to adopt
anti-takeover measures such as supermajority voting provisions, issuance of blank check preferred stock, the creation of a separate class
of stock with disparate voting rights, control share acquisition provisions, targeted share placements, and ability to make greenmail
payments, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to ratify or approve shareholder rights plans;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to adopt fair price provisions.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to issue blank check preferred stock in the case of REITs (only)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals that enable or expand shareholders&#8217; ability to take action by written consent.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to increase shares of an existing class of stock with disparate voting
        rights from another share class.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on <B>shareholder or board-approved </B>proposals to eliminate supermajority voting
        provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on <B>board-approved </B>proposals to adopt supermajority voting provisions at
        controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to issue blank check preferred stock if appropriate &#8220;<I>de-clawed&#8221;
        </I>language is present. Specifically, appropriate <I>de-clawed </I>language will include cases where the Company states (i.e., through
        8-K, proxy statement or other public disclosure) it will not use the preferred stock for anti-takeover purposes, or in order to implement
        a shareholder rights plan, or discloses a commitment to submit any future issuances of preferred stock to be used in a shareholder rights
        plan/anti-takeover purpose to a shareholder vote prior to its adoption.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>F. <U>Other Business Matters</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>for</U></B> board-approved proposals approving routine
business matters such as changing the company&#8217;s name and procedural matters relating to the shareholder meeting, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to amend a company&#8217;s charter or bylaws (except for charter amendments
        necessary or to effect stock splits, to change a company&#8217;s name, to authorize additional shares of common stock or other matters
        which are considered routine (for example, director age or term limits), technical in nature, fall within
Putnam&#8217;s guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing
rules, have little or no economic impact or will not negatively impact shareholder rights).</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders&#8217;
        best interest. We may vote against the entire bundled proposal if we would normally vote against any of the items if presented individually.
        In these cases, we will review the bundled proposal on a case-by-case basis.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented in
        person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a <B><U>case-by-case</U></B>
        basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market
        or exchange requirements.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals seeking to change a company&#8217;s state of incorporation. However,
        Putnam will vote <B><U>for</U></B> mergers and reorganizations involving business combinations designed solely to reincorporate a company
        in Delaware.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> authorization to transact other unidentified, substantive business at the meeting.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals where there is a lack of information to make an informed voting decision.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote as follows on proposals to adjourn shareholder meetings:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">If Putnam is withholding support for the board
of the company at the meeting, any proposal to adjourn should be referred for case-by-case analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">If Putnam is not withholding support for the board, Putnam will
vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such
circumstances, the proposal to adjourn should also be referred to Putnam for <B><U>case-by-case</U></B> analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> management proposals to adopt a specific state&#8217;s courts, or a specific U.S. district court
        as the exclusive forum for certain disputes, except that Putnam will vote <B><U>for</U></B> proposals adopting the State of Delaware,
        or the Delaware Chancery Court, as the exclusive forum, for corporate law matters for issuers incorporated in Delaware. Requiring shareholders
        to bring actions solely in one state may discourage the pursuit of derivative claims by increasing their difficulty and cost. However,
        Putnam&#8217;s guideline recognizes the expertise of the Delaware state court system in handling disputes involving Delaware corporations.
        In addition, Putnam will <B><U>withhold votes</U></B> from the chair of the Nominating/Governance committee if a company amends its Bylaws,
        or takes other actions, to adopt a specific state&#8217;s courts (other than Delaware courts, for issuers incorporated in Delaware) or
        a specific U.S. district court as the exclusive forum for certain disputes without shareholder approval.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on management proposals seeking to adopt a bylaw amendment allowing the company
        to shift legal fees and costs to unsuccessful plaintiffs in intra-corporate litigation (fee-shifting bylaw). Additionally, Putnam will
        vote <B><U>against</U></B> the Chair of the Nominating/Governance committee if a company adopts a fee-shifting bylaw amendment without
        shareholder approval.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will support management/shareholder proxy access proposals as long as the proposals align with the following principles for a shareholder
        (or up to 20 shareholders together as a group) to receive proxy access:</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">1) The required minimum aggregate ownership of the Company&#8217;s
outstanding common stock is no greater than 3%;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">2) The required minimum holding period for the shareholder proponent(s)
is no greater than two years; and</P>  <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">3) The shareholder(s) are permitted to nominate at least 20% of
director candidates for election to the board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Proposals requesting shares be held for 3 years will be reviewed
on a <B><U>case-by-case</U></B> basis. Putnam will vote <B><U>agains</U></B><U>t</U> proposals requesting shares be held for more than
three years. Proposals that meet Putnam&#8217;s stated criteria and include other requirements relating to issues such as, but not limited
to, shares on loan or compensation agreements with nominees, will be reviewed on a <B><U>case-by-case</U></B> basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Additionally, shareholder proposals seeking an amendment to a company&#8217;s
proxy access policy which include any one of the supported criteria under Putnam&#8217;s guidelines, for example, a 2-year holding period
for shareholders, will be reviewed on a <B><U>case-by-case</U></B> basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership requirement
        in such proposals is at least <B>15% </B>of the company&#8217;s outstanding common stock and not more than <B>25%</B>.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">In general, Putnam will vote <B><U>for</U></B> management or shareholder
proposals to reduce the ownership requirement below a company&#8217;s existing threshold, as long as the new threshold is at least <B>15%
</B>and not greater than <B>25% </B>of the company&#8217;s outstanding common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Putnam will vote <B><U>against</U></B> any proposal with an ownership
requirement exceeding <B>25% </B>of the company&#8217;s common stock or an ownership requirement that is less than <B>15% </B>of the company&#8217;s
outstanding common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">In cases where there are competing management and shareholder proposals
giving shareholders the right to call a special meeting, Putnam will generally vote <B><U>for</U></B> the proposal which has the lower
minimum shareholder ownership threshold, as long as that threshold is within Putnam&#8217;s recommended minimum/maximum thresholds. If
only one of the competing proposals has a threshold that falls within Putnam&#8217;s threshold range, Putnam will normally support that
proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote <B><U>against</U></B>
both proposals if neither proposal has a requisite ownership level between <B>15% </B>and <B>25% </B>of the company&#8217;s outstanding
common stock<B>.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> management or shareholder proposals to allow a company to hold virtual-only or hybrid shareholder
        meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal does
        not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the company
        has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and meaningfully
        communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether there have
        been concerns about the company&#8217;s previous meeting practices.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Disclosure should address the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the ability of shareholders to ask questions during the meeting</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>including time guidelines for shareholder questions</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>rules around what types of questions are allowed</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>and rules for how questions and comments will be recognized and disclosed to meeting participants</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>the manner in which appropriate questions received during the meeting will be addressed by the board</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&#8226;</TD>
    <TD>procedures, if any, for posting appropriate questions received during the meeting and the company&#8217;s answers on the investor page
        of their website as soon as is practical after the meeting</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>technical and logistical issues related to accessing the virtual meeting platform; and</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam may vote against proposals that do not meet these criteria.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Additionally, Putnam may vote <B><U>agains</U></B><U>t</U> the Chair of
the Governance Committee when the board is planning to hold a virtual-only shareholder meeting and the company has not provided sufficient
disclosure (as noted above) or shareholder access to the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to approve a company&#8217;s board-approved climate transition action plan (&#8220;say on
        climate&#8221; proposals in which the company&#8217;s board proposes that shareholders indicate their support for the company&#8217;s
        plan), unless the proxy voting service has recommended a vote against the proposal, in which case Putnam will vote on a <B><U>case-by-case</U></B>
        basis on the proposal.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved proposals that conflict with shareholder proposals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>II. Shareholder Proposals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shareholder proposals are non-binding votes that are often opposed by management.
Some proposals relate to matters that are financially immaterial to the company&#8217;s business, while others may be impracticable or
costly for a company to implement. At the same time, well-crafted shareholder proposals may serve the purpose of raising issues that are
material to a company&#8217;s business for management&#8217;s consideration and response. Putnam seeks to weigh the costs of different
types of proposals against their expected financial benefits. More specifically:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>in accordance with the recommendation of the company&#8217;s
board of directors</U></B> on all shareholder proposals, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals that are consistent with Putnam&#8217;s proxy voting guidelines for board-approved
        proposals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals to declassify a board, absent special circumstances which would indicate that
        shareholder interests are better served by a classified board structure.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals to require shareholder approval of shareholder rights plans.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals asking that director nominees receive support from holders of a majority of votes
        cast or a majority of shares outstanding of the company in order to be (re) elected.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will review on a <B><U>case-by-case</U></B> basis, shareholder proposals requesting that the board adopt a policy whereby, in the
        event of a significant restatement of financial results or significant extraordinary write-off, the board will recoup, to the fullest
        extent practicable, for the benefit of the company, all performance-based bonuses or awards that were made to senior executives based
        on having met or exceeded specific performance targets to the extent that the specified
performance targets were not met.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to seek shareholder approval of any future supplemental executive
        retirement plan (&#8220;SERP&#8221;), or individual retirement arrangement, for senior executives that provides credit for additional
        years of service not actually worked, preferential benefit formulas not provided under the company&#8217;s tax-qualified retirement plans,
        accelerated vesting of retirement benefits or retirement perquisites and fringe benefits that are not generally offered to other company
        employees. (Implementation of this policy shall not breach any existing employment agreement or vested benefit.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring companies to report on their executive retirement benefits. (Deferred
        compensation, split-dollar life insurance, SERPs and pension benefits)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals requesting that a company establish a pay-for-superior-performance standard whereby
        the company discloses defined financial and/or stock price performance criteria (along with the detailed list of comparative peer group)
        to allow shareholders to sufficiently determine the pay and performance correlation established in the company&#8217;s performance-based
        equity program. In addition, no multi-year award should be paid out unless the company&#8217;s performance exceeds, during the current
        CEO&#8217;s tenure (three or more years), its peer median or mean performance on selected financial and stock price performance criteria.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to disclose in a separate report to shareholders, the Company&#8217;s
        relationships with its executive compensation consultants or firms. Specifically, the report should identify the entity that retained
        each consultant (the company, the board or the compensation committee) and the types of services provided by the consultant in the past
        five years (non-compensation-related services to the company or to senior management and a list of all public company clients where the
        Company&#8217;s executives serve as a director.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring companies to accelerate vesting of equity awards under management severance
        agreements only if both of the following conditions are met:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the company undergoes a change in control, and</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the change in control results in the termination of employment for the person receiving the severance payment.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring that the chair&#8217;s position be filled by an independent director
        (separate chair/CEO). However, Putnam will vote on a <B>case-by-case </B>basis on such proposals when the company&#8217;s board has a
        lead-independent director (or already has an independent or separate chair) and Putnam is supporting the nominees for the board of directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals seeking the submission of golden coffins to a shareholder vote or the elimination
        of the practice altogether.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals seeking a policy that forbids any director who receives more than 25% withhold
        votes cast (based on for and withhold votes) from serving on any key board committee for two years and asking the board to find replacement
        directors for the committees if need be.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to seek shareholder approval of severance agreements (e.g.,
        golden and tin parachutes).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>However, Putnam will vote <B><U>against</U></B> such proposals when the company has a policy that minimally requires shareholder approval
        of severance agreements for executives that provides for cash severance benefits exceeding 2.99 times the sum of the executive&#8217;s
base salary plus target annual non-equity incentive plan bonus opportunity.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on approving such
compensation arrangements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring companies to make cash payments under management severance agreements
        only if both of the following conditions are met: the company undergoes a change in control, and the change in control results in the
        termination of employment for the person receiving the severance payment.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on shareholder proposals to limit a company&#8217;s ability to make excise tax
        gross-up payments under management severance agreements as well as proposals to limit income or other tax gross-up payments.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>in accordance with the recommendation of the company&#8217;s board of directors</U></B> on shareholder proposals
        regarding corporate political spending, unless Putnam is voting against the directors, in which case the proposal would be reviewed on
        a <B><U>case-by-case</U></B> basis.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on shareholder proposals that conflict with board-approved proposals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Environmental and Social</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value creation.
        Companies should evaluate the potential risks to their business operations that are directly related to environmental and social factors
        (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account (1) the
        relevance and materiality of the proposal to the company&#8217;s business, (2) whether the proposal is well crafted (e.g., whether it
        references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Putnam may support well-crafted and well-targeted proposals that
request additional reporting or disclosure on a company&#8217;s plans to mitigate risk to the company related to the following issues
and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions,
renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and
development, safety, labor rights, supply chain management<I>, </I>privacy and data security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">In addition, Putnam will consider proposals related to Artificial
Intelligence (&#8220;AI&#8221;) on a case-by-case basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Putnam will consider factors such as (i) the industry in which
the company operates, (ii) the company&#8217;s current level of disclosure, (iii) the company&#8217;s level of oversight, (iv) the company&#8217;s
management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also
be considered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Putnam will consider the recommendation of its third-party proxy
service provider and may consider other factors such as third-party evaluations of ESG performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Additionally, Putnam may vote on a <B><U>case-by-case</U></B> basis
on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more
reasons to warrant a vote FOR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>III. Voting Shares of Non-US Issuers</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Many non-US jurisdictions impose material burdens on voting proxies. There
are three primary types of limits as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">(1)</TD>
    <TD>Share blocking. Shares must be frozen for certain periods of time to vote via proxy.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">(2)</TD>
    <TD>Share re-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client for
        the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">(3)</TD>
    <TD>Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized
        to deliver this information or sign the relevant documents.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam&#8217;s policy is to weigh the benefits to clients from voting in
these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in
a client&#8217;s interest to freeze shares simply to participate in a non- contested routine meeting. More specifically, Putnam will normally
not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections
and major corporate transactions) where directed by portfolio managers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam recognizes that the laws governing non<B>-</B>US issuers will vary
significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these
guidelines mechanically to non-US issuers. However, Putnam believes that shareholders of all companies are protected by the existence
of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non<B>-</B>US issuers <B><U>in accordance
with the foregoing guidelines where applicable</U></B>, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals calling for a majority of the directors to be independent of management.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> shareholder proposals that implement corporate governance standards similar to those established under
        U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction
        under which the company is incorporated.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals relating to (1) the issuance of common stock in excess of 20% of a
        company&#8217;s outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess
        of 100% of a company&#8217;s outstanding common stock where shareholders have preemptive rights.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to authorize share repurchase programs that are recommended for approval by Putnam&#8217;s
        proxy voting service provider, otherwise Putnam will vote <B><U>against</U></B> such proposals; except that Putnam will vote on a <B><U>case-by-case
        basis</U></B> if there are concerns that there may be abusive practices related to the share repurchase programs.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> authorizations to repurchase shares or issue shares or convertible debt instruments with or without
        preemptive rights when such authorization can be used as a takeover defense without shareholder approval. Putnam will not apply this policy
        to a company with a shareholder who controls more than 50% of its voting rights.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals that include debt issuances, however substantive/non-routine proposals, and proposals
        that fall outside of normal market practice or reasonable standards, will be reviewed on a <B><U>case-by-case</U></B> basis.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> board-approved routine, market-practice proposals. These proposals are limited to (1) those issues
        that will have little or no economic impact, such as technical, editorial, or mandatory regulatory compliance items, (2) those issues
        that will not adversely affect and/or which clearly improve shareholder rights/values, and which do not violate Putnam&#8217;s proxy voting
        guidelines, or (3) those issues that do not seek to deviate from existing laws or regulations. Examples include but are not limited to, related party transactions (non-strategic), profit-and-loss
transfer agreements (Germany), authority to increase paid-in capital (Taiwan). Should any unusual circumstances be identified concerning
a normally routine issue, such proposals will be referred back to Putnam for internal review.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals regarding amendments seeking to expand business lines or to amend the corporate
        purpose, provided the proposal would not include a significant or material departure from the company&#8217;s current business, and/or
        will provide the company with greater flexibility in the performance of its activities.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will normally vote <B><U>for</U></B> management proposals concerning allocation of income and the distribution of dividends. However,
        Putnam portfolio teams will override this guideline when they conclude that the proposals are outside the market norms (i.e., those seen
        as consistently and unusually small or large compared to market practices).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals seeking to adjust the par value of common stock. However, non-routine, substantive
        proposals will be reviewed on a <B><U>case-by-case</U></B> basis.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals that would authorize the company to reduce the notice period for calling special or extraordinary
        general meetings to less than 21-Days.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals relating to transfer of reserves/increase of reserves (i.e., France, Japan). However,
        Putnam will vote on a <B><U>case-by-case</U></B> basis if the proposal falls outside of normal market practice.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals to increase the maximum variable pay ratio. However, Putnam will vote on a <B><U>case-by-case</U></B>
        basis if we are voting against a company&#8217;s remuneration report or if the proposal seeks an increase in excess of 200%.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will review stock option plans on a <B><U>case-by-case</U></B> basis which allow for the options exercise price to be reduced by
        dividend payments (if the plan would normally pass Putnam&#8217;s Guidelines).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> requests to provide loan guarantees however, Putnam will vote on a <B><U>case-by-case</U></B>
        basis if the total amount of guarantees is in excess of 100% of the company&#8217;s audited net assets.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding) where a company&#8217;s executive compensation
        is linked directly with the performance of the business and executive. Putnam will generally support compensation proposals which incorporate
        a mix of reasonable salary and performance based short- and long-term incentives. Companies should demonstrate that their remuneration
        policies are designed and managed to incentivize and retain executives while growing the company&#8217;s long-term shareholder value.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Generally, Putnam will vote <B><U>against</U></B> remuneration report/policy
proposals (i.e., advisory/binding) in the following cases:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Disconnect between pay and performance</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>No performance metrics disclosed;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>No relative performance metrics utilized;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Single performance metric was used and it was an absolute measure;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Performance goals were lowered when management failed or was unlikely to meet original goals;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Long Term Incentive Plan is subject to retesting (e.g., Australia);</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Service contracts longer than 12 months (e.g., United Kingdom);</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Allows vesting below median for relative performance metrics;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Ex-gratia / non-contractual payments have been made (e.g., United Kingdom and Australia);</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Contains provisions to automatically vest upon change-of-control; or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Other poor compensation practices or structures.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Pension provisions for new executives is not at the same level as the majority of the wider workforce; pension provisions for incumbent
        executives are not set to decrease over time (United Kingdom)</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Proposed CEO salary increases are not justifiably appropriate in comparison to wider workforce or rationale for exception increases is
        not fully disclosed (United Kingdom)</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case basis</U></B> on bonus payments to executive directors or senior management; however, Putnam
        will vote <B><U>against</U></B> payments that include outsiders or independent statutory auditors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Matters Relating to Board of Directors</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Uncontested Board Elections</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan
and Thailand</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B>vote <U>against</U></B> the entire board of directors if</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>fewer than one-third of the directors are independent directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established <U>audit</U>, <U>compensation</U> and <U>nominating</U> committees each composed of a majority of independent
        directors, or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the chair of the audit, compensation or nominating committee is not an independent director.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Commentary: Companies listed in China (or dual-listed in China and Hong
Kong) often have a separate supervisory committee in addition to a standard board of directors containing audit, compensation, and nominating
committees. The supervisory committee provides oversight of the financial affairs of the company and supervises members of the board and
management, while the board of directors makes decisions related to the company&#8217;s business and investment strategies. The supervisory
committee normally comprises employee representatives and shareholder representatives. Shareholder representatives are elected by shareholders
of the company while employee representatives are elected by the company&#8217;s staff. Shareholder representatives may be independent
or may be affiliated with the company or its substantial shareholders. Current laws and regulations neither provide a basis for evaluation
of supervisor independence nor do they require a supervisor to be independent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote in favor of nominees to the Supervisory Committee</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Australia</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the entire board of directors if</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>fewer than a majority of the directors are independent, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established an audit committee composed solely of non-executive directors, a majority of whom, including the chair of
        the committee (who should not be the board chair), should be independent directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established nominating and compensation committees each composed of a majority of independent, non-executive directors,
        with an independent chair.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Brazil</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals requesting cumulative voting unless there are more candidates than number of seats available,
        in which case vote for.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire slate
        of nominees. Putnam will vote <B><U>against</U></B> such proposals if Putnam is not supporting the entire slate.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>abstain</U></B> on individual director allocation proposals if Putnam is voting for the proportional allocation of cumulative
        votes. Putnam will vote on a <B><U>case-by-case</U></B> basis on individual director allocation proposals if Putnam is voting against
        the proportional allocation of votes.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to cumulate votes of common and preferred shareholders if the nominees are known and Putnam
        is supporting the applicable nominees; Putnam will vote <B><U>against</U></B> such proposals if Putnam is not supporting the known nominees,
        or if the nominees are unknown.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>against</U></B> proposals seeking the recasting of votes for amended slate (as new candidates could be
        included in the amended slate without prior disclosure to shareholders).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals regarding instructions if meeting is held on second call if election of directors is
        part of the recasting as the slate can be amended without (prior) disclosure to shareholders.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals regarding the casting of minority votes to the candidate with largest number of votes.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B><I>Canada</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Canadian corporate governance requirements mirror corporate governance reforms
that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters
relating to the board of directors of Canadian issuers <B><U>in accordance with the guidelines applicable to U.S. issuers.</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary</U>: Like the UK&#8217;s Combined Code on Corporate Governance,
the policies on corporate governance issued by Canadian securities regulators embody the &#8220;comply and explain&#8221; approach to
corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral
to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Continental Europe (ex-Germany)</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B>against </B>the entire board of directors if</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>fewer than a majority of the directors are independent directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Commentary</U></B>: An &#8220;independent director&#8221; under the
European Commission&#8217;s guidelines is one who is free of any business, family or other relationship, with the company, its controlling
shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A &#8220;non-executive director&#8221;
is one who is not engaged in the daily management of the company.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In France, Employee Representatives are employed by the company and represent
rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee
shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected
by the company&#8217;s shareholders (via general meeting).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Germany</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>For companies subject to &#8220;co-determination,&#8221; Putnam will vote <B><U>for </U></B>the election of nominees to the supervisory
        board, except:</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against </U></B>the Supervisory Board if</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>the board has not established an audit committee comprising an Independent chair.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>the audit committee chair serves as board chair.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>the board contains more than two former management board members.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the election of a former member of the company&#8217;s managerial board to chair of the supervisory
        board.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary</U>: German corporate governance is characterized by a two-tier
board system - a managerial board composed of the company&#8217;s executive officers, and a supervisory board. The supervisory board appoints
the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a
large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board
members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected
by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Israel</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I><U>Non-Controlled Banks:</U></I></B> Director elections at Non-Controlled
banks are overseen by the Supervisor of the Banks and nominees for election as &#8220;other&#8221; (non-external) directors and external
directors (under Companies Law and Directive 301) are put forward by an external and independent committee. As such,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam&#8217;s guidelines regarding board Nominating Committees will not apply</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> on nominees when there are more nominees than seats available.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Italy</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Election of directors and statutory auditors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (<B><U>for</U></B> or <B><U>against</U></B>)
        if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support
        the shareholder slate of nominees that is recommended for approval by Putnam&#8217;s service provider.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the entire list of director nominees if the list is bundled as one proposal and if Putnam would
        otherwise be voting against any one director nominee.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> the majority shareholder supported list of statutory auditor nominees.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Note: Pursuant to Italian law, directors and statutory auditors are elected
through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of
share capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Japan</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>For companies that have established a U.S.-style corporate governance structure, Putnam will <B><U>withhold votes</U></B> from the entire
        board of directors if:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board does not have a majority of outside directors,</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established nominating and compensation committees composed of a majority of outside directors,</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established an audit committee composed of a majority of independent directors, or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board does not have at least two independent directors for companies with a controlling shareholder.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>For companies that have established a statutory auditor board structure:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from the appointment of members of a company&#8217;s board of statutory auditors if a majority
        of the members of the board of statutory auditors is not independent.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>For companies that have established a statutory auditor board structure, Putnam will <B><U>withhold votes</U></B> from the entire board
        of directors if:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board does not have at least two outside directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board does not have at least two independent directors for companies with a controlling shareholder.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Putnam will vote <B><U>against</U></B> any statutory auditor nominee who attends fewer than 75% of board and committee meeting without
        valid reasons for the absences (i.e., illness, personal emergency, etc.) (Note that Corporate Law requires disclosure of outsiders&#8217;
        attendance but not that of insiders, who are presumed to have no more important time commitments.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>For companies that have established an audit committee board structure (one-tier / one committee), Putnam will <B><U>withhold votes</U></B>
        from the entire board of directors if:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board does not have at least two outside directors,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board does not have at least two independent directors for companies with a controlling shareholder, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established an audit committee composed of a majority of independent directors</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>Election of Executive Director and Election of Supervisory
Director &#8211; REIT</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">REITs have a unique two-tier board structure with generally one
or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal
to, the</P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">number of executive directors. Shareholders are asked to vote on
both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> the election of Executive Director</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> the election of Supervisory Directors</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Definition of outside director and independent director:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Japanese Companies Act focuses on two director classifications: Insider
or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its
parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities,
of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are
met. An outside director is designated as an &#8220;independent&#8221; director based on the Tokyo Stock Exchange listing rules. An outside
director is &#8220;independent&#8221; if that person can make decisions completely independent from the managers of the company, its parent,
subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other
business relationship; familial relationship with current director or executive; etc.).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The guidelines have incorporated these definitions in applying the board
independence standards above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Korea</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will <B><U>withhold votes</U></B> from the entire board of directors
if:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors
        or less than a majority of directors are independent directors,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent directors,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The board has not established a nominating committee with at least half of the members being outside directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are
        independent directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U> For purposes of these guidelines, an &#8220;outside director&#8221;
is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair
performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is
an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act<I>, </I>i.e., no employment
relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the
company&#8217;s largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside
director.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients
        of the grants include non-executives; the proposal would have a negative impact on shareholders, or the proposal appear to be outside
        of normal market practice, in which case Putnam will vote <B><U>against</U></B>.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Malaysia</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the entire board of directors if:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large
        companies,</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established an <U>audit</U> committee with all members being independent directors, including the committee chair,</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent,
        including the committee chair; the board chair should not serve as a member of the nomination committee, or</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established a <U>compensation</U> committee with all members being non-executive directors, a majority of whom are independent;
        the board chair should not serve as a member of the remuneration committee.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Nordic Markets &#8211; Finland, Norway, Sweden</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the entire board of directors if:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Board Independence:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The board does not have a majority of directors independent
from the company and management. (Sweden, Finland, Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The board does not have at least two directors independent
from the company and its major shareholders holding &gt; 10% of the Company&#8217;s share capital. (Sweden, Finland, Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; An executive director is a member of the board. (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Audit Committee:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The audit committee does not consist of a majority of directors
independent from the company and management. (Sweden, Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The audit committee does not have at least one director
independent from the company and its major shareholders holding &gt; 10% of the Company&#8217;s share capital. (Sweden, Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The audit committee is not majority independent. (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Remuneration Committee:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not fully independent of
the company, excluding the chair. (Sweden)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not majority independent
of the company. (Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee does not consist fully of non-executive
directors. (Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not fully independent of
management (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not majority independent
from the company and its major shareholders holding &gt; 50% of the Company&#8217;s share capital. (Sweden, Finland, Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Board Nomination Committee:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The nomination committee does not consist of a majority
of directors independent from the company. (Finland)</P>  <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; An executive is a member of the nomination committee. (Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>External Nomination Committee: </U></B>Vote against the establishment
of the nomination committee and its guidelines when:</P>  <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee is not majority independent of the
company and management. (Sweden)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee does not have at least one director
not affiliated to largest shareholder on the committee. (Sweden)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee does not meet best practice based
on ISS analysis. (Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee is not majority independent of the
board and management. (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee has more than one member of the
board of the directors sitting on the committee. (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; There is insufficient disclosure provided for new nominees
(Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; An executive is a member of the committee. (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Russia</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case basis</U></B> for the election of nominees to the board of directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U> In Russia, director elections are handled through a cumulative
voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to
allocate their votes among nominees in any other way. In contrast, in &#8220;regular&#8221; voting, shareholders may not give more than
one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Singapore</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> from the entire board of directors if</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>in the case of a board with an independent director serving as chair, fewer than one-third of the directors are independent directors;
        or, in the case of a board not chaired by an independent director, fewer than half of the directors are independent directors,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established audit and compensation committees, each with an independent director serving as chair, with at least a majority
        of the members being independent directors, and with all of the directors being non-executive directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established a nominating committee, with an independent director serving as chair, and with at least a majority of the
        members being independent directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>United Kingdom, Ireland</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Application of guidelines</B>: Although the Combined Code has adopted
the &#8220;comply and explain&#8221; approach to corporate governance, Putnam believes that the guidelines discussed above with respect
to board independence standards are integral to the protection of investors in UK companies. As a result, these guidelines will be applied
in a prescriptive manner.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Definition of independence</B>: For the purposes of these guidelines,
a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined
Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services,
no close family ties with senior employees or directors of the company, etc.), except that Putnam does not view service on the board for
more than nine years as affecting a director&#8217;s independence.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Smaller companies</B>: A smaller company is one that is below the FTSE
350 throughout the year immediately prior to the reporting year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>withhold votes</U></B> from the entire board of directors if:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board, excluding the Non-Executive Chair, is not comprised of at least half independent non-executive directors,</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established a Nomination committee composed of a majority of independent non-executive directors, excluding the Non-Executive
        Chair, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies, as
        defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The company chair may be a member
        of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined
        by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit
        committee of large or small companies.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>All other jurisdictions</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards:</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the entire board of directors if</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>fewer than a majority of the directors are independent directors, or</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Additional Commentary regarding all Non-US jurisdictions:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Whether a director is considered &#8220;independent&#8221; or not will be
determined by reference to local corporate law or listing standards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Some jurisdictions may legally require or allow companies to have a certain
number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board.
Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder
representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to
vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have
a legal right to nominate shareholder representatives. Shareholders are required to approve the election of shareholder representatives
to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on
the board or its committees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>not include</U></B> employee or employee shareholder representatives in the independence calculation of the board or
        key committees, nor in the calculation of the size of the board.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will <B><U>include</U></B> shareholder representatives in the independence calculation of the board and key committees, and in
        the calculation of the size of the board.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally support shareholder or employee representatives if included in the agenda Putnam will vote on a <B><U>case-by-case</U></B>
        basis when there are more candidates than seats. Additionally, Putnam will vote <B><U>against</U></B> such nominees when there is insufficient
        information disclosed.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam Investments&#8217; policies regarding the provision of professional services and transactional relationship with regard to directors
        will apply.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> independent nominees for alternate director, unless such nominees do not meet Putnam&#8217;s individual
        director standards.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Shareholder nominated directors/self-nominated directors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> shareholder nominees if Putnam supports the board of directors.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by case</U></B> basis if Putnam will be voting against the current board.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a case-by-case basis if the proposal regarding a self-nominated/shareholder nominated director nominee would add an
        additional seat to the board if the nominee is approved.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Other Business Matters</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 8pt"><B><I>Japan</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><B>A.</B></TD>
    <TD><B><U>Article Amendments</U></B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit,
        nominating, and compensation committees). Putnam will vote <B><U>for</U></B> proposals to amend a company&#8217;s articles of incorporation
        to adopt the U.S.-Style &#8220;Board with Committees&#8221; structure. However, the independence of the outside directors is critical
        to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees
        at such companies, and will vote <B><U>against</U></B> the amendment where Putnam believes the board lacks the necessary level of independence
        from the company or a substantial shareholder.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on granting the board the authority to repurchase shares at its discretion.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> amendments to delete a requirement directing the company to reduce authorized capital by the number
        of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will have
        greater leeway to issue new shares (for example as a private placement or a takeover defense).</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals to authorize appointment of special directors. Under the new Corporate Law, companies
        are allowed to appoint, from among their directors, &#8220;special directors&#8221; who will be authorized to make decisions regarding
        the purchase or sale of important assets and major borrowing or lending, on condition that the board has at least six directors, including
        at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall
        be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives,
        so in effect companies may use this mechanism to bypass outsiders.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> proposals to create new class of shares or to conduct a share consolidation of outstanding
        shares to squeeze out minority shareholders.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals seeking to enable companies to establish specific rules governing the exercise of shareholder
        rights. (Note: Such as, shareholders&#8217; right to submit shareholder proposals or call special meetings.)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>B. Compensation Related Matters</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> option plans which allow the grant of options to suppliers, customers, and other outsiders.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> stock option grants to independent internal statutory auditors. The granting of stock options to
        internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore
        accounting problems, which could affect the stock price over the long term.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> the payment of retirement bonuses to directors and statutory auditors when one or more of the individuals
        to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote <B><U>against</U></B>
        payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement
        bonus proposals are all-or-nothing, meaning that split votes against individual payments cannot be made. If any one individual does not
        meet Putnam&#8217;s criteria, Putnam will vote <B><U>against</U></B> the entire bundled item.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>C. <U>Other Business Matters</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam votes <B><U>for</U></B> mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require
        the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions
        are routine.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> the acquisition if it is between parent and wholly-owned subsidiary.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> the formation of a holding company, if routine. Holding companies are once again legal in Japan and
        a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended
        to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation
        of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders&#8217;
        ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals that authorize the board to vary the AGM record date.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to abolish the retirement bonus system</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> board-approved director/officer indemnification proposals</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on private placements (Third-party share issuances). Where Putnam views the share
        issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote <B><U>for</U></B>.
        When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices,
        or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote <B><U>against</U></B>.</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>against</U></B> shareholder rights plans (poison pills). However, if all of the following criteria are
        met, Putnam will evaluate such poison pills on a <B><U>case-by-case</U></B> basis:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">1)</TD>
    <TD>The poison pill must have a duration of no more than three years.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">2)</TD>
    <TD>The trigger threshold must be no less than 20 percent of issued capital.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">3)</TD>
    <TD>The company must have no other types of takeover defenses in place.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">4)</TD>
    <TD>The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam&#8217;s&#8217;
        definition of independence.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">5)</TD>
    <TD>At least 20 percent, and no fewer than two, of the directors must meet Putnam&#8217;s definition of independence. These independent directors
        must also meet Putnam&#8217;s guidelines on board meeting attendance.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">6)</TD>
    <TD>The directors must stand for reelection on an annual basis.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt">7)</TD>
    <TD>The company must release its proxy materials no less than three weeks before the meeting date.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals to allow the board to decide on income allocation without shareholder vote.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals to limit the liability of External Audit Firms (&#8220;Accounting Auditors&#8221;)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals seeking a reduction in board size that eliminates all vacant seats.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam may generally vote <B><U>against</U></B> proposals seeking an increase in authorized capital that leaves the company with as little
        as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific
        basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and
        rationale for the increase.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> corporate split agreement and transfer of sales operations to newly created wholly-owned subsidiaries
        where the transaction is a purely internal one which does not affect shareholders&#8217; ownership interests in the various operations.
        All other proposals will be referred back to Putnam for <B><U>case-by-case</U></B> review. These reorganizations usually accompany the
        switch to a holding company structure, but may be used in other contexts.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>United Kingdom</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will generally
        vote <B><U>for</U></B> &#8216;Save-As-You-Earn&#8217; schemes in the U.K which allow for no more than a 20% purchase discount, and which
        otherwise comply with U.K. law and Putnam standards.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>France</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam will
        generally vote <B><U>for</U></B> employee share purchase schemes in France that allow for no greater than a 30% purchase discount, or
        40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam
        standards.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> the Remuneration Report (established based on SRD II), however Putnam will vote on a <B><U>case-by-case</U></B>
        basis when Putnam is voting against both the ex-Post Remuneration Report (CEO) and ex-Ante Remuneration Policy (CEO, or proposal including
        CEO remuneration package) in the current year, and Putnam&#8217;s third party service provider(s) is recommending a vote against.</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Canada</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will generally vote <B><U>for</U></B> Advance Notice provisions for submitting director nominations not less than 30 days prior
        to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less
        than 30 days prior to the meeting date, Putnam will vote on a <B><U>case-by-case</U></B> basis. Putnam will also vote on a <B><U>case-by-case</U></B>
        basis if the company&#8217;s policy expressly prohibits the commencement of a new notice period in the event the originally scheduled
        meeting is adjourned or postponed<B>.</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Hong Kong</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to approve a general mandate permitting the company to engage in non-pro rata share issuances
        of up to 20% of total equity in a year if the company&#8217;s board meets Putnam&#8217;s independence standards; if the company&#8217;s
        board does not meet Putnam&#8217;s independence standards, then Putnam will vote against these proposals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Additionally, Putnam will vote <B><U>for</U></B> proposals to approve
the reissuance of shares acquired by the company under a share repurchase program, provided that: (1) Putnam supported (or would have
supported, in accordance with these guidelines) the share repurchase program, (2) the reissued shares represent no more than 10% of the
company&#8217;s outstanding shares (measured immediately before the reissuance), and (3) the reissued shares are sold for no less than
85% of current market value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This policy supplements policies regarding share issuances as stated above
under section III. Voting Shares of Non-US Issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Taiwan</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>against</U></B> proposals to release the board of directors from the non-compete restrictions specified in Taiwanese
        Company Law. However, Putnam will vote <B><U>for</U></B> such proposals if the directors are engaged in activities with a wholly- owned
        subsidiary of the company.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Australia</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B><U>for</U></B> proposals to carve out, from the general cap on non-pro rata share issues of 15% of total equity in
        a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month period,
        if the company&#8217;s board meets Putnam&#8217;s independence standards; if the company&#8217;s board does not meet Putnam&#8217;s independence
        standards, then Putnam will vote <B><U>against</U></B> these proposals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote <B>for </B>proposals renewing partial takeover provisions.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on Board-Spill proposals.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Turkey</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
    <TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals involving related party transactions. However, Putnam will vote <B><U>against</U></B>
        when such proposals do not provide information on the specific transaction(s) to be entered into with the board members or executives.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 72pt">ITEM 13.</TD>
    <TD>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">(a)(1) <B>Portfolio Managers. </B>The officers
of the investment manager identified below are primarily responsible for the day-to-day management of the fund&#8217;s portfolio as of
the filing date of this report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt; white-space: nowrap; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
        managers</B></FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Joined
        Fund</B></FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; width: 163px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Employer</B></FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; width: 204px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Positions
        Over Past Five Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Albert
        Chan, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2020</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2024 - Present</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Management</B><BR> 2002-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager<BR> <BR> </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Benjamin
        Cryer, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2006 - Present</P></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Patrick
        Klein, PhD</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2005 - Present</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Michael
        Salm</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2024 - Present</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Management</B><BR> 1997-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Matthew
        Walkup</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2024 - Present</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Management</B><BR> 2014-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">(a)(2) <B>Other Accounts Managed by the Fund&#8217;s
Portfolio Managers.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table shows the number and approximate assets of other investment
accounts (or portions of investment accounts) that the fund&#8217;s Portfolio Managers managed as of the fund&#8217;s most recent fiscal
year-end. Unless noted, none of the other accounts pays a fee based on the account&#8217;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
        Leader or Member</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
        SEC-registered open-end and closed-end funds</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
        accounts that pool assets from more than one client</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
        accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number
        of<BR> accounts</B></FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Assets
        ($)</B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number
        of<BR> accounts</B></FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Assets
        ($)</B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number
        of<BR> accounts</B></FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Assets
        ($)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Albert
        Chan</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,525,400,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,833,000,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43*</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,143,300,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Benjamin
        Cryer</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,402,200,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,093,600,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$
        -</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Patrick
        Klein</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,596,300,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,659,600,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15**</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,639,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Michael
        Salm</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,164,800,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26***</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,030,700,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22****</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,507,500,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Matthew
        Walkup</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,809,900,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200,500,000</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$
        -</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">* 1 account, with total assets of $442,800,000
pay an advisory fee based on account performance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">** 2 accounts, with total assets of $1,727,200,000
pay an advisory fee based on account performance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">*** 1 account, with total assets of $12,500,000
pay an advisory fee based on account performance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">**** 3 accounts, with total assets of $4,040,100,000
pay an advisory fee based on account performance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Potential conflicts of interest in managing multiple accounts.</U> Like
other investment professionals with multiple clients, the fund&#8217;s Portfolio Managers may face certain potential conflicts of interest
in connection with managing both the fund and the other accounts listed under &#8220;Other Accounts Managed by the Fund&#8217;s Portfolio
Managers&#8221; at the same time. The paragraphs below describe some of these potential conflicts, which the investment manager believes
are faced by investment professionals at most major financial firms. As described below, the investment manager and the Trustees of the
Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The management of accounts with different advisory fee rates and/or fee
structures, including accounts that pay advisory fees based on account performance (&#8220;performance fee accounts&#8221;), may raise
potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted
        to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The trading of other accounts could be used to benefit higher-fee accounts (front- running).</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The investment manager attempts to address these potential conflicts of
interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless
of fee structure, on the same footing for investment management purposes. For example, under the investment manager&#8217;s policies:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the
        procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>All trading must be effected through Putnam&#8217;s trading desks and normal queues and procedures must be followed (i.e., no special
        treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>Front running is strictly prohibited.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">&bull;</TD>
    <TD>The fund&#8217;s Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As part of these policies, the investment manager has also implemented trade
oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts)
are being favored over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Potential conflicts of interest may also arise when the Portfolio Manager(s)
have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited
exceptions, the investment managers investment professionals do not have the opportunity to invest in client accounts, other than the
Putnam funds. However, in the ordinary course of business, the investment manager or related persons may from time to time establish &#8220;pilot&#8221;
or &#8220;incubator&#8221; funds for the purpose of testing proposed investment strategies and products prior to offering them to clients.
These pilot accounts may be in the form of</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">registered investment companies, private funds such as partnerships or separate
accounts established by Putnam Management or an affiliate. The investment manager or an affiliate supplies the funding for these accounts.
Putnam employees, including the fund&#8217;s Portfolio Manager(s), may also invest in certain pilot accounts. The investment manager,
and to the extent applicable, the Portfolio Manager(s) will benefit from the favorable investment performance of those funds and accounts.
Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. t\The investment manager policy
is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation &#8211; neither favoring nor disfavoring
them except as is legally required. For example, pilot accounts are normally included in the investment managers daily block trades to
the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A potential conflict of interest may arise when the fund and other accounts
purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in
the best interests of the fund as well as other accounts, the investment managers trading desk may, to the extent permitted by applicable
laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions,
if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another
in allocating the securities purchased or sold &#8211; for example, by allocating a disproportionate amount of a security that is likely
to increase in value to a favored account. The investment manager trade allocation policies generally provide that each day&#8217;s transactions
in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such
accounts (including the fund) in a manner which in Franklin Advisers opinion is equitable to each account and in accordance with the amount
being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed
on a periodic basis as part of the investment managers trade oversight procedures in an attempt to ensure fairness over time across accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8220;Cross trades,&#8221; in which one Putnam account sells a particular
security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest.
Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another
account at a higher price than an independent third party would pay, or if such trades result in more attractive investments being allocated
to higher-fee accounts. The investment manager and the fund&#8217;s Trustees have adopted compliance procedures that provide that any
transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by
law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Another potential conflict of interest may arise based on the different
investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon
or different investment objectives, policies or restrictions than the fund. Depending on another account&#8217;s objectives or other factors,
the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made,
with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular
account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold
for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio
Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases
or sales of portfolio securities for one or more accounts may have an adverse</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">effect on other accounts. As noted above, the investment manager has implemented
trade oversight and review procedures to monitor whether any account is systematically favored over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The fund&#8217;s Portfolio Manager(s) may also face other potential conflicts
of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist
in managing both the fund and other accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(3) <B>Compensation of portfolio managers. </B>Portfolio managers are
evaluated and compensated across the group of specified products they manage, in part, based on their performance relative to peers or
performance ahead of the applicable benchmark, depending on the product, based on a blend of 3-year and 5-year performance. In addition,
evaluations take into account individual contributions and a subjective component.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Each portfolio manager is assigned an industry-competitive incentive compensation
target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than the target, based
on group, individual, and subjective performance, and may also reflect the performance of Putnam as a firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Incentive compensation includes a cash bonus and may also include grants
of deferred cash, stock or options. In addition to incentive compensation, portfolio managers receive fixed annual salaries typically
based on level of responsibility and experience.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities
Trust, Franklin evaluates performance based on the fund&#8217;s peer ranking in the fund&#8217;s Lipper category. This peer ranking is
based on pre-tax performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust,
Putnam evaluates performance based on the peer ranking of related products managed by the investment manager with similar strategies in
those products&#8217; Lipper categories. This peer ranking is based on pre-tax performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">One or more of the portfolio managers of Putnam Master Intermediate Income
Trust and Putnam Premier Income Trust receive a portion of the performance fee payable by a private fund managed by Putnam (the &#8220;Private
Fund&#8221;) in connection with their service as members of the Private Fund portfolio management team. See &#8220;Other Accounts Managed
by the Fund&#8217;s Portfolio Managers&#8212;Potential conflicts of interest in managing multiple accounts&#8221; in (a)(2) above for
information on how the investment manager addresses potential conflicts of interest resulting from an individual&#8217;s management of
more than one account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(4) <B>Fund ownership. </B>The following table shows the dollar ranges
of shares of the fund owned by the professionals listed above at the end of the fund&#8217;s last two fiscal years, including investments
by their immediate family members and amounts invested through retirement and deferred compensation plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">*: Assets in the fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; width: 15%; font-family: Arial, Helvetica, Sans-Serif">Name</TD>
    <TD STYLE="padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; width: 8%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year</FONT></TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</TD>
    <TD STYLE="padding: 4pt; width: 4%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">0</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0-$10,000</FONT></TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10,001-<BR>
        $50,000</FONT></TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$50,001-<BR>
        $100,000</FONT></TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$100,001-<BR>
        $500,000</FONT></TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$500,001-<BR>
        $1,000,000</FONT></TD>
    <TD STYLE="padding: 4pt; width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; width: 9%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$1,000,001 and
        over</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Albert Chan</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Brett S Kozlowski</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
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    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
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    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Michael Salm</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: left">&nbsp;</TD>
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  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Robert Davis</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
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    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
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    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
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    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
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  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Robert L Salvin</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
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    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
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    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 8pt 4pt 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
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    <TD STYLE="padding: 4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
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  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 14. <B></B></TD>
    <TD>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.&#9;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="border-top: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding: 4pt; vertical-align: bottom">(a)</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">(b)</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">(c)</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">(d)</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Period</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">Total Number of Shares Purchased</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">Average Price Paid per Share</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">Total Number of Shares Purchased as Part of Publicly
    Announced Plans or Programs*</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">Maximum Number (or Approximate Dollar Value) of Shares
    that May Yet Be Purchased Under the Plans or Programs**</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 17%; text-align: left">August 1 &#8211; August
        31, 2024</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 16%; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 16%; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: right">8,835,850</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">September 1 &#8211; September 28, 2024</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
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    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8,835,850</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">October 1 &#8211; October 31, 2024</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,559,802</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">November 1 &#8211; November 30, 2024</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30,484</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.54</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30,484</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">December 1 &#8211; December 31, 2024</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">January 1 &#8211; January 31, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">February 1 &#8211; February 28, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">March 1 &#8211; March 31, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">April 1 &#8211; April 30, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">May 1 &#8211; May 31, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">June 1 &#8211; June 30, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">July 1 &#8211; July 31, 2025</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9,529,318</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 4pt; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30,484</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30,484</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">* In October 2005, the Board of Trustees
of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the fund to repurchase
of up to 10% of its fund's outstanding common shares over the two-years ending October 5, 2007. The Trustees have subsequently renewed
the program on an annual basis. The program renewed by the Board in September 2023, which was in effect between October 1, 2023 and September
30, 2024, allowed the fund to repurchase up to 9,643,172 of its shares. The program renewed by the Board in September 2024, which is in
effect between October 1, 2024 and September 30, 2025, allows the fund to repurchase up to 9,559,802 of its shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">**Information prior to October 1,
2024, is based on the total number of shares eligible for repurchase under the program, as amended through September 2023. Information
from October 1, 2024 forward is based on the total number of shares eligible for repurchase under the program, as amended through September
2024.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 15.</TD>
    <TD>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">There have been no changes to the procedures by which shareholders
may recommend nominees to the Registrant&#8217;s Board of Trustees that would require disclosure herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 16.</TD>
    <TD>CONTROLS AND PROCEDURES.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(a)</TD>
    <TD>The Registrant&#8217;s chief executive officer and principal financial officer have concluded that the Registrant&#8217;s disclosure controls
        and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) are effective
        as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
        evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
        Act of 1934.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(b)</TD>
    <TD>During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
        and administrative services for the Registrant that are subject to Franklin Templeton&#8217;s oversight.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 72pt; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 17.</TD>
    <TD>DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANY. <B>&#9; </B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 72pt; text-indent: 0pt">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 18.</TD>
    <TD>RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(a)</TD>
    <TD>Not applicable.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(b)</TD>
    <TD>Not applicable.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 50pt">ITEM 19.</TD>
    <TD>EXHIBITS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt"><A HREF="ptfit-efp17575_ex99code.htm">(a) (1) Code
of Ethics attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">Exhibit 99.CODE ETH</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><A HREF="ppit-efp17575_ex99cert.htm">(a) (3) Certifications
pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">Exhibit 99.CERT</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt"><A HREF="ppit-efp17575_ex99906cert.htm">(b) Certifications
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">Exhibit 99.906CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) Pursuant to the Securities and Exchange Commission&#8217;s
Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto
as Exhibit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">SIGNATURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 12pt; margin: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto
duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Premier Income Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jane
        Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 26, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 12pt; margin: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jane
        Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 26, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher
        Berarducci</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Berarducci</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Financial Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 26, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>ptfit-efp17575_ex99code.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>Code of Ethics for Principal Executives &amp; Senior Financial
Officers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15.7pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 2.5pt"><B>Procedures</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt">Revised [September 27, 2024]</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15.7pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>FRANKLIN TEMPLETON AFFILIATED
FUNDS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>CODE OF ETHICS FOR PRINCIPAL
EXECUTIVES AND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SENIOR FINANCIAL OFFICERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 145pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">I.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Covered Officers
                                            and Purpose of the Code</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 145pt">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">This code of ethics (the &ldquo;Code&rdquo;)
applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the &ldquo;Covered Officers&rdquo;)
of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities &amp;
Exchange Commission (&ldquo;SEC&rdquo;) (collectively, &ldquo;FT Funds&rdquo;) for the purpose of promoting:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Honest
                                            and ethical conduct, including the ethical resolution of actual or apparent conflicts of
                                            interest between personal and professional relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Full,
                                            fair, accurate, timely and understandable disclosure in reports and documents that a registrant
                                            files with, or submits to, the SEC and in other public communications made by or on behalf
                                            of the FT Funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Compliance
                                            with applicable laws and governmental rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The
                                            prompt internal reporting of violations of the Code to an appropriate person or persons identified
                                            in the Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Accountability
                                            for adherence to the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Each Covered Officer will be
expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 0"><I>* </I>Rule 38a-1 under the Investment Company Act of 1940 (&ldquo;1940
Act&rdquo;) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;) (together the &ldquo;Compliance
Rule&rdquo;) require registered investment companies and registered investment advisers to, among other things, adopt and implement written
policies and procedures reasonably designed to prevent violations of the federal securities laws (&ldquo;Compliance Rule Policies and
Procedures&rdquo;).</P>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">II.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other Policies
                                            and Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.95pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">This Code
shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Franklin
Resources, Inc. has separately adopted the <U>Code of Ethics and Business Conduct</U> (&ldquo;Business Conduct&rdquo;), which is applicable
to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles
and business practices that guide the employee&rsquo;s business conduct and also provides a set of basic principles to guide officers,
directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business
conduct identified in the Code and other existing employee policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12.65pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Additionally,
the Franklin Templeton Funds have separately adopted the <U>FTI Personal Investments and Insider Trading Policy</U> governing personal
securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered
Officers and others, and therefore is not part of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Insofar as other
policies or procedures of Franklin Resources, Inc., the Funds, the Funds&rsquo; adviser, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this
Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with
the Legal Department if have questions regarding the applicability of these policies to you.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">III.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 80.1pt">Covered
                                            Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt"><B>Overview.
</B>A &ldquo;conflict of interest&rdquo; occurs when a Covered Officer&rsquo;s private interest interferes with the interests of, or
his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family,
receives improper personal benefits as a result of a position with the FT Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Certain conflicts
of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;) and the Investment Advisers Act of 1940 (&ldquo;Investment
Advisers Act&rdquo;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale
of securities or other property) with the FT Funds because of their status as &ldquo;affiliated persons&rdquo; of the FT Funds. The FT
Funds&rsquo; and the investment advisers&rsquo; compliance programs and procedures are designed to prevent, or identify and correct,
violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such
conflicts fall outside of the parameters of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Although
typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship
between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees.
As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds,
for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have
different effects on the</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">adviser, administrator and the FT
Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds,
the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the
FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds&rsquo; Boards of Directors (&ldquo;Boards&rdquo;)
that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Other conflicts
of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and
the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should
keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should
not be placed improperly before the interest of the FT Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify">Each Covered Officer must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            use his or her personal influence or personal relationships improperly to influence investment
                                            decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
                                            personally to the detriment of the FT Funds;</TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            cause the FT Funds to take action, or fail to take action, for the individual personal benefit
                                            of the Covered Officer rather than the benefit of the FT Funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
                                            persons for reports of potential violations that are made in good faith;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Report
                                            at least annually the following affiliations or other relationships:<SUP>1</SUP></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">all
                                            directorships for public companies and all companies that are required to file reports with
                                            the SEC;</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect business relationship with any independent directors of the FT Funds;&#8239;</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect business relationship with any independent public accounting firm (which
                                            are not related to the routine issues related to the firm&rsquo;s service as the Covered
                                            Persons accountant); and</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect interest in any transaction with any FT Fund that will benefit the officer
                                            (not including benefits derived from the advisory, sub-advisory, distribution or service
                                            agreements with affiliates of Franklin Resources).</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0pt 0pt 36pt; text-align: justify">These reports will be reviewed by the
Legal Department for compliance with the Code.</P>

<P STYLE="font: 10pt/100% Arial, Helvetica, Sans-Serif; margin: 5.85pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">There
are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General
Counsel, if material. Examples of these include<SUP>2</SUP>:</P>

<P STYLE="font: 10pt/100% Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Service
                                            as a director on the board of any public or private Company.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                                                                                  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                            receipt of any gifts in excess of $100 from any person, from any corporation or association.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0pt 0pt"><SUP>1</SUP> Reporting of these affiliations or other
relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin
Resources Inc, General Counsel or Deputy General Counsel.</P>

<P STYLE="font: 10pt/9.45pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt"><SUP>2</SUP> Any activity or relationship that would present
a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer&rsquo;s immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by
FT&rsquo;s General Counsel in such situations.</P>






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    <!-- Field: /Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">The
                                            receipt of any entertainment from any Company with which the FT Funds has current or prospective
                                            business dealings unless such entertainment is business related, reasonable in cost, appropriate
                                            as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
                                            the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
                                            General Counsel for any entertainment with a value in excess of $1000.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">&nbsp;</TD></TR>
                                                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            ownership interest in, or any consulting or employment relationship with, any of the FT Fund&rsquo;s
                                            service providers, other than an investment adviser, principal underwriter, administrator
                                            or any affiliated person thereof.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.95pt">&nbsp;</TD></TR>
                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">A
                                            direct or indirect financial interest in commissions, transaction charges or spreads paid
                                            by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
                                            than an interest arising from the Covered Officer&rsquo;s employment, such as compensation
                                            or equity ownership.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                          </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Franklin
                                            Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
                                            provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
                                            scheduled meeting.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">IV.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Disclosure
                                            and Compliance</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should familiarize himself with the disclosure requirements generally applicable
                                            to the FT Funds;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.05pt">&nbsp;</TD></TR>
                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
                                            about the FT Funds to others, whether within or outside the FT Funds, including to the FT
                                            Funds&rsquo; directors and auditors, and to governmental regulators and self- regulatory
                                            organizations;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should, to the extent appropriate within his or her area of responsibility,
                                            consult with other officers and employees of the FT Funds, the FT Fund&rsquo;s adviser and
                                            the administrator with the goal of promoting full, fair, accurate, timely and understandable
                                            disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
                                            in other public communications made by the FT Funds; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.6pt">&nbsp;</TD></TR>
                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">It
                                            is the responsibility of each Covered Officer to promote compliance with the standards and
                                            restrictions imposed by applicable laws, rules and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">V.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Reporting
                                            and Accountability</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin: 10pt 0pt 0pt">Each Covered Officer must:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Upon
                                            becoming a covered officer affirm in writing to the Board that he or she has received, read,
                                            and understands the Code (see Exhibit A);</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.1pt">&nbsp;</TD></TR>
                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Annually
                                            thereafter affirm to the Board that he has complied with the requirements of the Code; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.65pt">&nbsp;</TD></TR>
                                                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Notify
                                            Franklin Resources&rsquo; General Counsel or Deputy General Counsel promptly if he or she
                                            knows of any violation of this Code. Failure to do so is itself is a violation of this Code.</TD></TR></TABLE>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Franklin Resources&rsquo;
General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented
under it and have the authority to interpret this Code in any particular situation.<SUP>3</SUP> However, the Independent Directors of
the respective FT Funds will consider any approvals or waivers<SUP>4</SUP> sought by any Chief Executive Officers of the Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 35.95pt">The FT Funds will follow these procedures in investigating and
enforcing this Code:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Franklin
                                            Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
                                            any potential violations reported to the Legal Department;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.85pt">&nbsp;</TD></TR>
                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">If,
                                            after such investigation, the General Counsel or Deputy General Counsel believes that no
                                            violation has occurred, The General Counsel is not required to take any further action;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">&nbsp;</TD></TR>
                                                                                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            matter that the General Counsel or Deputy General Counsel believes is a violation will be
                                            reported to the Independent Directors of the appropriate FT Fund;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.05pt">&nbsp;</TD></TR>
                                                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">If
                                            the Independent Directors concur that a violation has occurred, it will inform and make a
                                            recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
                                            action, which may include review of, and appropriate modifications to, applicable policies
                                            and procedures; notification to appropriate personnel of the investment adviser or its board;
                                            or a recommendation to dismiss the Covered Officer;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">The
                                            Independent Directors will be responsible for granting waivers, as appropriate; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            changes to or waivers of this Code will, to the extent required, are disclosed as provided
                                            by SEC rules.<SUP>5</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VI.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other
                                            Policies and Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">This Code
shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds&rsquo;
advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this
Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund&rsquo;s principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies
and procedures set forth in FT&rsquo;s Employee Handbook are separate requirements applying to the Covered Officers and others, and are
not part of this Code.</P>



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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VII.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Amendments</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.9pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Any amendments
to this Code must be approved or ratified by a majority vote of the FT Funds&rsquo; Board including a majority of independent directors.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: 10pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0pt 0pt; text-align: justify"><SUP>3</SUP> Franklin Resources
General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to
the FT Funds and counsel to the Independent Directors, and are encouraged to do so.</P>

<P STYLE="font: 10pt/9.45pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify"><SUP>4</SUP> Item 2 of Form N-CSR
defines &ldquo;waiver&rdquo; as &ldquo;the approval by the registrant of a material departure from a provision of the code of
ethics&rdquo; and &ldquo;implicit waiver,&rdquo; which must also be disclosed, as &ldquo;the registrant&rsquo;s failure to take
action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made
known to an executive officer&rdquo; of the registrant. See Part X.</P>

<P STYLE="font: 10pt/10.95pt Arial, Helvetica, Sans-Serif; margin: 0pt"><SUP>5</SUP> See Part X.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VIII.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Confidentiality</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify; text-indent: 35.95pt">All reports
and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds&rsquo; Board
and their counsel.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top:
pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">IX.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Internal
                                            Use</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.85pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The Code
is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to
any fact, circumstance, or legal conclusion.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">X.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Disclosure
                                            on Form N-CSR</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Item 2 of
Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the
report, it has adopted a code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed
by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The registrant
must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet
website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet
website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the
code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit
waivers) from, a provision of the code in the registrant&rsquo;s annual report on Form N-CSR or on its website. If the registrant intends
to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose
its Internet address and this intention.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The Legal Department shall be responsible
for ensuring that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">a
                                            copy of the Code is filed with the SEC as an exhibit to each Fund&rsquo;s annual report;
                                            and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
                                            in the registrant&rsquo;s annual report on Form N-CSR.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">In the event
that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information
with the SEC as an amendment to Form N- CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5.95pt 0pt 0pt; text-indent: 35.95pt">In such an event, the Fund Chief
Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>Exhibit A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>ACKNOWLEDGMENT FORM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>Franklin Templeton Funds Code
of Ethics</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 10pt"><B>For Principal Executives
and Senior Financial Officers</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>Instructions:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">1.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Complete
                                            all sections of this form.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">2.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Print
                                            the completed form, sign, and date.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 17.9pt">3.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 5pt">Submit
                                            completed form to FT&rsquo;s General Counsel c/o Code of Ethics Administration within 10
                                            days of becoming a Covered Officer and by February 15<SUP>th</SUP> of each subsequent year.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40pt; text-align: left"><B>E-mail:</B></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Code
                                            of Ethics Inquiries &amp; Requests (internal address);</P>
                                                                                <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">lpreclear@franklintempleton.com
                                            (external address)</P></TD>
</TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 30%"><B>Covered Officer&rsquo;s
    Name:</B></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Title:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Department:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Location:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Certification
    for Year Ending:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><B><I>To:</I></B>&#9;<B><I>Franklin Resources General
Counsel, Legal Department</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">I acknowledge receiving, reading and understanding
the Franklin Templeton Fund&rsquo;s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the &ldquo;Code&rdquo;).
I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand
and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 41%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B><I>Signature</I></B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B><I>Date signed</I></B></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ppit-efp17575_ex99cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 302</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I, Jane Trust, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Premier Income Trust</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant&#8217;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I have disclosed to the registrant&#8217;s auditors
and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and
report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&#8217;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September 26, 2025</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Jane Trust</FONT></TD>
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jane Trust</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Executive Officer</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I, Christopher Berarducci, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Premier Income Trust</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">c)</TD><TD>Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">d)</TD><TD>Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control
over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I have disclosed to the registrant&#8217;s auditors
and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s
ability to record, process, summarize, and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>
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  <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September 26, 2025</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Christopher Berarducci</FONT></TD>
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher Berarducci</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Financial Officer</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>ppit-efp17575_ex99906cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 906</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.906CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CERTIFICATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jane Trust,</B> Principal Executive Officer, and <B>Christopher Berarducci,</B>
Principal Financial Officer of <B>Putnam Premier Income Trust</B> (the &#8220;Registrant&#8221;), each certify to the best of their knowledge
that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">1.&nbsp;The Registrant&#8217;s
periodic report on Form N-CSR for the period ended <B>July 31, 2025</B> (the &#8220;Form N-CSR&#8221;) fully complies with the requirements
of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">2.&nbsp;The information
contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 35%"><B>Principal Executive Officer</B></TD>
  <TD STYLE="width: 30%">&nbsp;</TD>
  <TD STYLE="width: 35%"><B>Principal Financial Officer</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Putnam Premier Income Trust</TD>
  <TD>&nbsp;</TD>
  <TD>Putnam Premier Income Trust</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Jane Trust</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Christopher Berarducci</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Jane Trust</TD>
  <TD>&nbsp;</TD>
  <TD>Christopher Berarducci</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt"></P>



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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 4%">Date:</TD>
  <TD STYLE="width: 31%">September 26, 2025</TD>
  <TD STYLE="width: 30%">&nbsp;</TD>
  <TD STYLE="width: 4%">Date:</TD>
  <TD STYLE="width: 31%">September 26, 2025</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This certification is being furnished to the Securities and Exchange Commission
solely pursuant to 18 U.S.C. &sect; 1350 and is not being filed as part of the Form N-CSR with the Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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