<SEC-DOCUMENT>0001133228-25-006854.txt : 20250627
<SEC-HEADER>0001133228-25-006854.hdr.sgml : 20250627
<ACCEPTANCE-DATETIME>20250627140303
ACCESSION NUMBER:		0001133228-25-006854
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250430
FILED AS OF DATE:		20250627
DATE AS OF CHANGE:		20250627
EFFECTIVENESS DATE:		20250627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		ORGANIZATION NAME:           	
		EIN:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		251084914

	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>pmot-efp16106_ncsr.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST - N-CSR
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 3pt; 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">&nbsp;</P>

<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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">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>811-07626</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 Municipal Opportunities 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">Marc A. De Oliveira</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Stamford, CT 06902</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&rsquo;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>April 30</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>April 30, 2025</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 41pt">&nbsp;ITEM 1.</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">REPORT TO STOCKHOLDERS.</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; text-indent: 0pt">(a) The Report to Shareholders is filed
herewith</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<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="background-color:transparent;height:328.60px;left:0px;position:absolute;top:0px;transform:translate(71.859px,125.500px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:389.80px">

<div style="background-image:url(data:image/png;base64, );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-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:535px;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:535px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:2464.69px;letter-spacing:-4.9px;white-space:nowrap">Municipal
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:535px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:0px;white-space:nowrap">Opportunities
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:535px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:4570.69px;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">April
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:501.23px;white-space:nowrap">30,
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2020.23px;left:868.18px;white-space:nowrap">2025</div></div>
</div>

<div style="background-color:transparent;height:8.64px;left:0px;position:absolute;top:0px;transform:translate(46.440px,453.780px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:25.92px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGwAAAAkCAYAAABsbd/MAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAcklEQVRoQ+3RsQ3AIADAMOiJfMXV9ARWItlztsyx9hlkfLeAtxgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1iMYTGGxRgWY1jMD4v4AiLwIZE6AAAAAElFTkSuQmCC);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:25.92px;left:0px;position:absolute;top:0px;transform:translate(63.719px,453.780px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.64px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAABsCAYAAAACCxCZAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgklEQVRoQ+3OMRHAIADAQKhEXKGaSviNY8jPGTLH2mc85FNwW0PSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD0pA0JA1JQ9KQNCQNSUPSkDQkDUlD8gNRHgKyHhR7QgAAAABJRU5ErkJggg==);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:33.12px;left:0px;position:absolute;top:0px;transform:translate(100.319px,393.660px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:154.80px">

<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, )"></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>

<div style="height:223.54px;left:0px;position:absolute;top:0px;transform:translate(72.359px,491.881px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:449.28px">

<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, )"></div>
</div>

<div style="height:223.02px;left:0px;position:absolute;top:0px;transform:translate(72.359px,492.398px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:449.64px">

<div style="width:8992.8px;height:4356px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.22px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:41.04px;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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:466.47px;left:0px;position:absolute;top:0px;transform:translate(36.000px,265.331px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:522.00px">

<div style="width:10440px;height:9230.4px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.95px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:830.13px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1890px;white-space:nowrap">Policy</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2420.24px;white-space:nowrap">: </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2517.01px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2877.19px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3337.47px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3677.7px;white-space:nowrap">implemented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4758.22px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4908.34px;white-space:nowrap">managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5708.94px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6629.41px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7019.74px;white-space:nowrap">whereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7750.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8050.34px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8510.63px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8810.6px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9590.98px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9741.09px;white-space:nowrap">level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:0px;white-space:nowrap">distribution </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:920.48px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:1570.87px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:1771px;white-space:nowrap">shareholders.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:2911.64px;white-space:nowrap">Until </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:3311.81px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:3721.9px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:4022.14px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:4522.59px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:4822.82px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:5783.38px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:6463.65px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:7474.13px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:7674.26px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:8764.89px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:8965.02px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:9265.25px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:9625.43px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:9825.56px;white-space:nowrap">$0.035 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:0px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:310.17px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:860.45px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1596.88px;white-space:nowrap">May </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1986.94px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2187.07px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2687.52px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2987.75px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:3448.04px;white-space:nowrap">intends </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4078.48px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4278.6px;white-space:nowrap">make </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4768.77px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:5449.04px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:6459.52px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:6659.65px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:7750.28px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:7950.41px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8610.82px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8810.95px;white-space:nowrap">$0.0393 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9511.61px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9821.78px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:0px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:1100.65px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:1400.63px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:2181.09px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:2961.47px;white-space:nowrap">amounts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3701.87px;white-space:nowrap">necessary
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:4572.25px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:4772.37px;white-space:nowrap">satisfy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:5332.5px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:5632.73px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6217.38px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6607.71px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6958.04px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:7258.27px;white-space:nowrap">requirements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:8358.75px;white-space:nowrap">prescribed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:9249.17px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:9489.29px;white-space:nowrap">excise </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:10049.5px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:0px;white-space:nowrap">rules </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:440.16px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:790.49px;white-space:nowrap">Subchapter
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1761.15px;white-space:nowrap">M </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1961.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:2161.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:2461.46px;white-space:nowrap">Internal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:3111.86px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:3882.39px;white-space:nowrap">Code. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:4409.47px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:4769.65px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:5159.97px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:5339.97px;white-space:nowrap">intended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:6080.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:6280.75px;white-space:nowrap">provide </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:6921.12px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:8011.76px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:8381.87px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:8531.98px;white-space:nowrap">consistent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:9392.43px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:0px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:440.33px;white-space:nowrap">month </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:1340.95px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:1520.95px;white-space:nowrap">intended
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:2261.6px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:2461.73px;white-space:nowrap">narrow </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:3061.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:3362.17px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:4082.61px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:4813.15px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:5113.39px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:5713.51px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:6153.66px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:6503.99px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:6804.23px;letter-spacing:-3.34px;white-space:nowrap">NAV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:7210.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:7411.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:7711.35px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:8296px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:9036.21px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:9676.49px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:9976.73px;white-space:nowrap">there </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:0px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:180px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:430.22px;white-space:nowrap">assurance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:1310.71px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:1660.96px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:1961.19px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:2351.51px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:2651.48px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:2901.71px;white-space:nowrap">successful
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:3792.04px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:3982.15px;white-space:nowrap">doing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274.64px;left:4472.58px;white-space:nowrap">so. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:0px;white-space:nowrap">Under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:540.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:840.5px;white-space:nowrap">managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:1641.09px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:2561.57px;white-space:nowrap">plan, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:3001.9px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:3202.03px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:3502.27px;white-space:nowrap">extent </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:4392.86px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:5148.72px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:6069.11px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:6699.38px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:6879.38px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:7179.61px;white-space:nowrap">available
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:7940.13px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:8190.35px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:8340.47px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:9020.74px;white-space:nowrap">basis, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:9540.97px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1730.64px;left:9841.2px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:0px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:299.97px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:1080.35px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:1890.62px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:2460.94px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:2941.26px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:3501.65px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1946.64px;left:4021.88px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:920.48px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:1130.54px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:1540.55px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:1840.78px;white-space:nowrap">terms </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:2340.79px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:2540.92px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:2841.15px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:3428.17px;white-space:nowrap">Plan. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:3885.21px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:4245.38px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:4705.66px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:5005.63px;white-space:nowrap">send </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:5445.97px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:5596.08px;white-space:nowrap">Form </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:6066.04px;white-space:nowrap">1099-DIV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:6876.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:7076.6px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:8167.24px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:8427.3px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:8727.54px;white-space:nowrap">calendar
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:9468.02px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4370.64px;left:9868.18px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:0px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:299.97px;white-space:nowrap">describe </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:1030.34px;white-space:nowrap">how </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:1410.56px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:1610.68px;white-space:nowrap">report </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:2130.91px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:2431.14px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:3018.16px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:4028.64px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:4288.71px;white-space:nowrap">federal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:4889.09px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:5519.36px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4586.64px;left:5809.48px;white-space:nowrap">purposes.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:0px;white-space:nowrap">Please </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:600.38px;white-space:nowrap">see </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:940.61px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:1240.84px;white-space:nowrap">&quot;Important
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:2115.09px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:3065.54px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:3265.66px;white-space:nowrap">Shareholders&quot;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:4450.25px;white-space:nowrap">section </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:5070.59px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:5330.65px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5042.64px;left:6151.29px;white-space:nowrap">information.</div></div>
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<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">4</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">7</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">20</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">23</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:2091.69px;left:0px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:530.33px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:1470.94px;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">33</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">34</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">35</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">41</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">42</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">44</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">48</div></div>
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<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">Municipal
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<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:3125.91px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:2281.29px;white-space:nowrap">April </div>

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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:6031.45px;left:0px;white-space:nowrap">Q.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:5920.58px;white-space:nowrap">very </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:6310.63px;white-space:nowrap">front </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:6720.82px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:7071.15px;white-space:nowrap">long-end
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:7821.74px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:8021.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1719.85px;left:8322.1px;white-space:nowrap">curve.</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6776.1px;left:5220px;white-space:nowrap">Performance </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6776.1px;left:6780.63px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:5220px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:5540.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:5840.24px;white-space:nowrap">12 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:6090.47px;white-space:nowrap">months </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:6730.75px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:7241.13px;letter-spacing:-1.24px;white-space:nowrap">review,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:7851.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:8151.59px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:8738.61px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.44px;left:9648.98px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:5220px;white-space:nowrap">returns </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:5830.22px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:6270.38px;white-space:nowrap">+1.43% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:6935.89px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:7476.33px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:7726.55px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:8026.79px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:8507.02px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:8987.34px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7401.44px;left:9337.68px;white-space:nowrap">+6.46% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:5220px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:5760.44px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:6010.66px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:6610.78px;white-space:nowrap">price. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:7100.95px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:7420.96px;white-space:nowrap">comparison,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:8451.39px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7651.44px;left:8751.62px;white-space:nowrap">Bloomberg
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:5220px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:6030.35px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:6500.74px;white-space:nowrap">Index, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:7041.09px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:7551.3px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:7731.3px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:7881.42px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7901.44px;left:8481.53px;white-space:nowrap">value-weighted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:5220px;white-space:nowrap">index </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:5700.32px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:5900.45px;white-space:nowrap">tax-exempt,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:6890.8px;white-space:nowrap">investment-grade
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:8331.5px;white-space:nowrap">municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:9141.86px;white-space:nowrap">bonds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8151.44px;left:9682.29px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:5220px;white-space:nowrap">maturities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:6050.21px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:6250.34px;white-space:nowrap">one </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:6600.67px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:7000.84px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:7210.9px;white-space:nowrap">more, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:7721.02px;white-space:nowrap">posted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:8311.46px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:8461.58px;white-space:nowrap">+1.66% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8401.44px;left:9127.09px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:5220px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:5610.23px;white-space:nowrap">return</div>

<div style="font-family:Arial, sans-serif;font-size:104.9px;position:absolute;top:8655.05px;left:6080.45px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:6138.81px;white-space:nowrap">. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:6235.58px;letter-spacing:-4.13px;white-space:nowrap">You
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:6589.34px;white-space:nowrap">can </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:6929.56px;text-rendering:optimizeLegibility;white-space:nowrap">find
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:7269.79px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:7570.02px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:8157.04px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.44px;left:8967.31px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:5220px;white-space:nowrap">data </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:5620.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:5810.45px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:6110.68px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:7191.12px;white-space:nowrap">Summary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:8011.23px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:8261.46px;white-space:nowrap">page </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:8711.89px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8901.44px;left:8812px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:5580.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:6040.46px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:6380.68px;white-space:nowrap">implemented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:7461.21px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:7611.33px;white-space:nowrap">managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:8411.92px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.44px;left:9332.4px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:5220px;white-space:nowrap">whereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:5950.37px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:6250.61px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:6710.89px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:7010.86px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:7791.24px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:7941.36px;white-space:nowrap">level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:8361.56px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.44px;left:9282.04px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:5220px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:5420.13px;white-space:nowrap">shareholders.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:6560.77px;white-space:nowrap">Until </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:6960.94px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:7371.04px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:7671.27px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:8171.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:8471.95px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.44px;left:8932.24px;white-space:nowrap">made </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:5220px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:5900.27px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:6910.75px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:7110.88px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:8201.51px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:8401.64px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:8701.88px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:9062.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.44px;left:9262.18px;white-space:nowrap">$0.035 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:5220px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:5530.17px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:6080.45px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:6816.88px;white-space:nowrap">May </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:7206.94px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:7407.07px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:7907.52px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:8207.75px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:8668.04px;white-space:nowrap">intends
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.44px;left:9298.48px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:5220px;white-space:nowrap">make </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:5710.17px;white-space:nowrap">monthly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:6390.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:7400.92px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:7601.04px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:8691.68px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:8891.81px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:9192.04px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.44px;left:9552.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:5220px;white-space:nowrap">$0.0393 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:5920.66px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:6230.83px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:6781.11px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:7881.77px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:8181.74px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.44px;left:8962.21px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:5220px;white-space:nowrap">amounts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:5960.39px;white-space:nowrap">necessary
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:6830.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:7030.9px;white-space:nowrap">satisfy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:7591.03px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:7891.26px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:8478.28px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:8868.6px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.44px;left:9218.94px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:5220px;white-space:nowrap">requirements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:6320.48px;white-space:nowrap">prescribed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:7210.9px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:7451.02px;white-space:nowrap">excise </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:8011.23px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:8301.36px;white-space:nowrap">rules </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:8741.51px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.44px;left:9091.85px;white-space:nowrap">Subchapter
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:5220px;white-space:nowrap">M </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:5419.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:5620.08px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:5920.31px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:6570.7px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:7341.24px;white-space:nowrap">Code. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:7868.32px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:8228.5px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:8618.82px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:8798.82px;white-space:nowrap">intended
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.44px;left:9539.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:5220px;white-space:nowrap">provide </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:5860.37px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:6951.01px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:7321.11px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:7471.23px;white-space:nowrap">consistent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:8331.68px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.44px;left:9252.16px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:5220px;white-space:nowrap">month </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:5770.28px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:6120.62px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:6300.62px;white-space:nowrap">intended
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:7041.27px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:7241.4px;white-space:nowrap">narrow </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:7841.6px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:8141.84px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:8862.28px;white-space:nowrap">between
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12081.44px;left:9592.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:5220px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:5820.12px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:6260.27px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:6610.61px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:6910.84px;letter-spacing:-3.34px;white-space:nowrap">NAV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:7317.6px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:7517.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:7817.96px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:8404.98px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12331.44px;left:9145.2px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2166.71px;left:5220px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2166.71px;left:6053.75px;white-space:nowrap">Composition</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.59px;left:5220px;white-space:nowrap">4/30/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.53px;left:9363.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.53px;left:9550.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.53px;left:9745.69px;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:2851.53px;left:9182.33px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.47px;left:5220px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.47px;left:5726.95px;white-space:nowrap">Care</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.47px;left:9573.34px;white-space:nowrap">17.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3403.96px;left:5220px;letter-spacing:-0.42px;white-space:nowrap">Transportation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3403.96px;left:9573.34px;white-space:nowrap">15.71%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.44px;left:5220px;white-space:nowrap">Housing</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.44px;left:9573.34px;white-space:nowrap">12.86%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3864.93px;left:5220px;white-space:nowrap">Education</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3864.93px;left:9573.34px;white-space:nowrap">12.19%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4095.41px;left:5220px;white-space:nowrap">Lease</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4095.41px;left:9573.34px;white-space:nowrap">10.53%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4325.89px;left:5220px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4325.89px;left:5913.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4325.89px;left:6900.86px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4325.89px;left:7585.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4325.89px;left:7897.19px;white-space:nowrap">Pollution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4575.89px;left:5220px;white-space:nowrap">Control</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4575.89px;left:9662.33px;white-space:nowrap">7.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4806.38px;left:5220px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4806.38px;left:5786.33px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4806.38px;left:9662.33px;white-space:nowrap">6.19%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5036.86px;left:5220px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5036.86px;left:5664.61px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5036.86px;left:6349.53px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5036.86px;left:9662.33px;white-space:nowrap">5.10%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.35px;left:5220px;white-space:nowrap">Utilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.35px;left:9662.33px;white-space:nowrap">4.90%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5497.83px;left:5220px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5497.83px;left:5638.05px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5497.83px;left:6251.72px;white-space:nowrap">Obligation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5497.83px;left:9662.33px;white-space:nowrap">3.83%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5728.32px;left:5220px;white-space:nowrap">Local</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5728.32px;left:9662.33px;white-space:nowrap">2.33%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5958.8px;left:5220px;white-space:nowrap">Refunded</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5958.8px;left:9662.33px;white-space:nowrap">0.33%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.28px;left:5220px;white-space:nowrap">Exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.28px;left:5973.2px;letter-spacing:-0.85px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.28px;left:6518.67px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.28px;left:9662.33px;white-space:nowrap">0.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6419.77px;left:5220px;white-space:nowrap">Other</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6419.77px;left:9662.33px;white-space:nowrap">0.27%</div></div>
</div>

<div style="height:65.90px;left:0px;position:absolute;top:0px;transform:translate(36.000px,667.472px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1160.48px;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;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;letter-spacing:-0.6px;white-space:nowrap">Morningstar.</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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:0px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:8766.64px;white-space:nowrap">(SOI).</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:532.34px;white-space:nowrap">begins
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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">3</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="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;font-style:italic;position:absolute;top:3358.64px;left:5220px;white-space:nowrap">investment
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3358.64px;left:6140.39px;white-space:nowrap">strategies
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4108.64px;left:6380.51px;white-space:nowrap">advice
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4108.64px;left:9724.04px;white-space:nowrap">The
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4358.64px;left:5220px;white-space:nowrap">information
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4608.64px;left:8444.44px;white-space:nowrap">Fund.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4608.64px;left:8954.74px;white-space:nowrap">Statements
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5358.64px;left:5220px;white-space:nowrap">completeness
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<div style="height:13.14px;left:0px;position:absolute;top:0px;transform:translate(54.000px,719.672px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;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: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(36.000px,75.357px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;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 style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4988.32px;white-space:nowrap">2025</div></div>
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<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)">

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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:674.31px;letter-spacing:9.36px;white-space:nowrap">Municipal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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<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
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<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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2861.19px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3161.43px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3748.45px;white-space:nowrap">dividends
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4558.97px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4909.31px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5479.63px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5869.95px;white-space:nowrap">distributions,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6930.44px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7070.45px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7447.32px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7797.66px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8137.88px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9018.46px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9498.78px;white-space:nowrap">or </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:606.97px;letter-spacing:-3.33px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1037.2px;white-space:nowrap">returns </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1647.42px;white-space:nowrap">do </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1897.65px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2197.88px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2738.06px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3078.28px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3548.5px;white-space:nowrap">charges </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4238.88px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4629.2px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4829.33px;white-space:nowrap">inception
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5599.86px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5809.92px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6670.46px;white-space:nowrap">commissions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7760.65px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8150.98px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8401.2px;white-space:nowrap">secondary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9281.69px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">purchases. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:927.25px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1287.42px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2347.91px;white-space:nowrap">tables </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2878.24px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3228.57px;white-space:nowrap">graph </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3738.96px;white-space:nowrap">do </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3989.18px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4289.41px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4829.59px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5169.81px;white-space:nowrap">taxes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5650.05px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6000.29px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6150.41px;white-space:nowrap">shareholder
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7151.04px;white-space:nowrap">would </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7671.36px;white-space:nowrap">pay </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8011.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8261.81px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8722.09px;white-space:nowrap">dividends,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:570.32px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:960.64px;white-space:nowrap">distributions,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2021.13px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2161.14px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2538.02px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2748.08px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3088.3px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3768.66px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4248.98px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4499.21px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4799.44px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5179.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5379.79px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5840.07px;white-space:nowrap">shares. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6477.1px;letter-spacing:-3.3px;white-space:nowrap">Your
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6890.8px;white-space:nowrap">dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7611.33px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8241.59px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8541.56px;white-space:nowrap">vary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8931.62px;white-space:nowrap">depending
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9822.48px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">dividends </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:810.53px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1020.59px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1660.87px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2051.19px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.31px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3101.57px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3291.68px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3591.91px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4178.94px;white-space:nowrap">portfolio,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4919.33px;white-space:nowrap">adjusted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5649.87px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5909.94px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6710.54px;white-space:nowrap">expenses.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7581.09px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8191.41px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8581.73px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9592.21px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">profits
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:840.41px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1520.77px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1930.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2231.02px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2611.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2811.36px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3501.74px;white-space:nowrap">securities.</div>

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:1560.63px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:1907.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:2196.54px;white-space:nowrap">4/30/25</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:0px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:1080.44px;white-space:nowrap">data
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:1480.78px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:2291.22px;white-space:nowrap">past
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:2681.46px;white-space:nowrap">performance,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:3791.95px;white-space:nowrap">which
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:4302.16px;white-space:nowrap">does
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:4742.49px;white-space:nowrap">not
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:5042.72px;white-space:nowrap">guarantee
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:5903.44px;white-space:nowrap">future
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:6413.73px;white-space:nowrap">results.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:7043.91px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:7974.32px;white-space:nowrap">return
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:8494.54px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:8844.87px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:9565.22px;white-space:nowrap">value
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:0px;white-space:nowrap">will
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:299.97px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:1080.44px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:1430.77px;white-space:nowrap">you
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:1771px;white-space:nowrap">may
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:2161.05px;white-space:nowrap">have
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:2601.39px;white-space:nowrap">a
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:2751.5px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3141.83px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3351.88px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3721.99px;white-space:nowrap">when
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4202.31px;white-space:nowrap">you
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4542.54px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4862.64px;white-space:nowrap">your
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:5262.8px;white-space:nowrap">shares.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:5903.09px;white-space:nowrap">Current
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:6553.3px;white-space:nowrap">performance
</div>

<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;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8449.45px;white-space:nowrap">from
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8859.46px;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:9449.74px;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">+1.43%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:6225.89px;white-space:nowrap">+6.46%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:7953.89px;white-space:nowrap">+1.43%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:9537.89px;white-space:nowrap">+6.46%</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">+10.50%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:6225.89px;white-space:nowrap">+9.10%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:7953.89px;white-space:nowrap">+2.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:9537.89px;white-space:nowrap">+1.76%</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">+32.59%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:6136.91px;white-space:nowrap">+36.86%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:7953.89px;white-space:nowrap">+2.86%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:9537.89px;white-space:nowrap">+3.19%</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">PMO</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">4/30/25</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">4/30/24</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:6427.63px;white-space:nowrap">$10.92</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:8023.5px;letter-spacing:-1.98px;white-space:nowrap">$11.17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:9631.33px;white-space:nowrap">-$0.25</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">$9.94</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:8100.61px;white-space:nowrap">$9.72</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:9591.17px;white-space:nowrap">+$0.22</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">(5/1/24&#8211;4/30/25)</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">$0.3182</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:7922.64px;white-space:nowrap">$0.1018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:9506.64px;white-space:nowrap">$0.4200</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8024.35px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8024.35px;left:1502.74px;white-space:nowrap">Per </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8024.35px;left:1979.58px;white-space:nowrap">Remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8024.35px;left:3467.98px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8024.35px;left:4624.01px;white-space:nowrap">Share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8109.02px;left:5390.05px;white-space:nowrap">(5/1/24&#8211;4/30/25)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8337.5px;left:7940.84px;white-space:nowrap">Income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8337.5px;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:8579.99px;left:0px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8579.99px;left:497.97px;white-space:nowrap">B </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8579.99px;left:649.14px;white-space:nowrap">(2,876 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8579.99px;left:1147.27px;white-space:nowrap">shares)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8579.99px;left:7789.2px;white-space:nowrap">$1,396.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8579.99px;left:9373.2px;white-space:nowrap">$1,396.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8839.47px;left:0px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8839.47px;left:497.97px;white-space:nowrap">C </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8839.47px;left:657.97px;white-space:nowrap">(2,673 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8839.47px;left:1156.09px;white-space:nowrap">shares)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8839.47px;left:7789.2px;white-space:nowrap">$1,390.93</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8839.47px;left:9373.2px;white-space:nowrap">$1,390.93</div></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(35.999px,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">6
</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(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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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
</div>

<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>
</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>
</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:665.23px;left:0px;position:absolute;top:0px;transform:translate(54.000px,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 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, )"></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">6
</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">index </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:7651.49px;white-space:nowrap">includes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:8361.91px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:9442.35px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:9642.48px;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:1900.81px;white-space:nowrap">It </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2050.84px;text-rendering:optimizeLegibility;white-space:nowrap">differs
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2587.15px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:2997.16px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3297.39px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3757.68px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:3947.78px;white-space:nowrap">composition
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:4958.26px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5308.59px;white-space:nowrap">does </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:5748.93px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:6049.16px;white-space:nowrap">pay </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:6389.38px;white-space:nowrap">management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:7490.04px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:7880.27px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:8090.33px;white-space:nowrap">expenses.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:8960.89px;white-space:nowrap">One </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:9351.12px;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">04/30/15&#8211;04/30/25</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
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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:11px;white-space:nowrap">Performance
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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="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:0px;white-space:nowrap">Events
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:437.66px;white-space:nowrap">such
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:751.33px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:926.41px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1145.31px;white-space:nowrap">spread
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1582.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1728.91px;white-space:nowrap">deadly
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2152.03px;white-space:nowrap">diseases,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2742.89px;white-space:nowrap">disasters,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;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:-21.41px;left:3596.33px;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:-21.41px;left:4150.7px;white-space:nowrap">political
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;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:-21.41px;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:-21.41px;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:-21.41px;left:5857.34px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:6141.72px;white-space:nowrap">heighten
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:6681.64px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:6987.81px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:7243.2px;white-space:nowrap">adversely
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:7841.25px;letter-spacing:-0.32px;white-space:nowrap">affect
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:8196.48px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:9003.75px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:9266.33px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:9601.88px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:0px;white-space:nowrap">actively
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:474.06px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:1057.66px;white-space:nowrap">but
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:1743.36px;white-space:nowrap">no
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:1925.78px;white-space:nowrap">guarantee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:2553.2px;white-space:nowrap">that
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:2808.59px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;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:158.59px;left:3672.58px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:4343.59px;white-space:nowrap">decisions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;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:158.59px;left:5145.7px;white-space:nowrap">produce
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:5656.33px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:5875.23px;white-space:nowrap">desired
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;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:518.59px;left:0px;white-space:nowrap">All
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:204.14px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:1006.25px;white-space:nowrap">involve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;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:518.59px;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:518.59px;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:518.59px;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:518.59px;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:518.59px;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:518.59px;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:518.59px;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:518.59px;left:5017.11px;white-space:nowrap">securities</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:5666.25px;white-space:nowrap">involve
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:6111.17px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:6577.97px;white-space:nowrap">rate,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:6877.03px;white-space:nowrap">credit,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;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:518.59px;left:7759.61px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:8015px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:8802.66px;white-space:nowrap">risks,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:9145.31px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:9400.7px;white-space:nowrap">possible
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:0px;white-space:nowrap">loss
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:269.84px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:415.78px;white-space:nowrap">principal.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:970.16px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:1159.77px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:1626.56px;white-space:nowrap">rates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:1954.77px;white-space:nowrap">rise,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:2239.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:2458.05px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:2808.2px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;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:698.59px;left:3267.81px;white-space:nowrap">income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:3727.27px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;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:698.59px;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:698.59px;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:698.59px;left:5980.31px;white-space:nowrap">bonds</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:6410.39px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:6636.48px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:7088.75px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:7234.69px;white-space:nowrap">greater
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:7686.88px;white-space:nowrap">price
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;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:698.59px;left:8537.81px;white-space:nowrap">illiquidity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:9070.16px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:9325.55px;white-space:nowrap">possibility
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:9930.86px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:0px;white-space:nowrap">default.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:466.95px;white-space:nowrap">Active
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:897.19px;white-space:nowrap">management</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:1742.97px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:2063.98px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:2282.89px;white-space:nowrap">ensure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:2720.55px;white-space:nowrap">gains
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:3070.7px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:3223.83px;white-space:nowrap">protect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:3661.48px;white-space:nowrap">against
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:4121.09px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:4558.59px;white-space:nowrap">declines.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:5105.78px;white-space:nowrap">An
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:5302.73px;white-space:nowrap">investor
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:5798.67px;white-space:nowrap">may
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:6265.47px;white-space:nowrap">subject
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:6717.73px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:6863.67px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:7082.58px;white-space:nowrap">federal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:7520.23px;white-space:nowrap">Alternative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:8234.77px;white-space:nowrap">Minimum</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:8847.11px;letter-spacing:-2.4px;white-space:nowrap">Tax,</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:9136.56px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:9391.95px;white-space:nowrap">state
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:9712.97px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:0px;white-space:nowrap">local
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:306.33px;white-space:nowrap">taxes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:656.48px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:940.86px;letter-spacing:-1.37px;white-space:nowrap">apply.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:1315.63px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:1716.8px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:1972.19px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:2307.73px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:2613.91px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:2840px;white-space:nowrap">discussed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:3460px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:3598.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:3817.5px;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:1058.59px;left:4245.55px;white-space:nowrap">prospectus.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:145.94px;white-space:nowrap">Gross
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:532.42px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:1130.63px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:1356.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:1575.63px;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:1418.59px;left:2003.67px;white-space:nowrap">total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:2288.2px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:2718.67px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:3302.27px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:3900.47px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:4075.55px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:4221.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:4440.39px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:4866.72px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:5297.19px;white-space:nowrap">report
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:5676.41px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:6230.78px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:6376.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:6595.63px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:6880px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:7025.94px;white-space:nowrap">publication.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:7719.06px;white-space:nowrap">Actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:8120.23px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:8718.44px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:9002.81px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:9185.23px;white-space:nowrap">higher
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:9586.41px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:0px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:284.38px;white-space:nowrap">impact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:707.34px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:1210.63px;white-space:nowrap">returns.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:1691.95px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:1932.58px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:2530.78px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:2924.61px;white-space:nowrap">contractual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:3602.97px;white-space:nowrap">fee
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:3821.88px;white-space:nowrap">waivers,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:4339.53px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:4872.11px;white-space:nowrap">caps
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:5185.78px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:5594.3px;white-space:nowrap">reimbursements,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:6607.89px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:6979.77px;white-space:nowrap">cannot
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:7410.23px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:7592.66px;white-space:nowrap">terminated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:8249.06px;white-space:nowrap">prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:8547.97px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:8693.91px;white-space:nowrap">6/30/25
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:9168.2px;white-space:nowrap">without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:9620.39px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:0px;white-space:nowrap">consent.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:525.39px;white-space:nowrap">Additional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:1138.13px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:1677.89px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:1962.27px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:2144.69px;white-space:nowrap">voluntarily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:2771.88px;white-space:nowrap">waived
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:3216.72px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:3625.23px;white-space:nowrap">reimbursed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:4317.97px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:4573.36px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:4857.73px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:5040.16px;text-rendering:optimizeLegibility;white-space:nowrap">modified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:5572.58px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:5725.7px;white-space:nowrap">discontinued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:6498.98px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:6644.92px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:6892.97px;white-space:nowrap">time
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:7177.34px;white-space:nowrap">without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:7629.53px;white-space:nowrap">notice.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:0px;white-space:nowrap">2. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;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:1987.39px;left:457.34px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:836.56px;white-space:nowrap">calculations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:1558.67px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:2149.45px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:2368.36px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:3032.03px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:3287.42px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:3798.05px;white-space:nowrap">annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:4228.52px;white-space:nowrap">changes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:4761.09px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:4899.69px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:5249.84px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:5395.78px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:5578.2px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:6249.22px;white-space:nowrap">over
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:6540.94px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:6759.84px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:7226.64px;white-space:nowrap">indicated.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:7824.84px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:8255.08px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:8444.69px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:8714.53px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:9006.41px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:9261.8px;letter-spacing:-1.2px;white-space:nowrap">year,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:9582.81px;white-space:nowrap">if
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1987.39px;left:9684.92px;letter-spacing:-1.92px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2167.39px;left:0px;white-space:nowrap">has
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2167.39px;left:248.05px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2167.39px;left:466.95px;white-space:nowrap">been
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2167.39px;left:795.31px;white-space:nowrap">annualized.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:0px;white-space:nowrap">3. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:2961.48px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:3180.39px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2376.19px;left:3530.55px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:0px;white-space:nowrap">4. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:2961.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:3180.39px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:3705.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:4493.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:4748.67px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:5062.34px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2584.99px;left:5638.59px;white-space:nowrap">plan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:0px;white-space:nowrap">5. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:145.94px;white-space:nowrap">Source:
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:1393.13px;white-space:nowrap">Bloomberg
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:2064.06px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:2654.77px;white-space:nowrap">Bond
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:2997.66px;white-space:nowrap">Index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:3355.16px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:3486.41px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:3595.86px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:4033.36px;white-space:nowrap">value-weighted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:4952.34px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:5302.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:5448.44px;white-space:nowrap">tax-exempt,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:6170.47px;white-space:nowrap">investment-grade
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:7220.7px;white-space:nowrap">municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:7811.41px;white-space:nowrap">bonds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:8205.39px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:8475.16px;white-space:nowrap">maturities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:9080.39px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:9226.33px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:9481.72px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:9773.44px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2973.79px;left:0px;white-space:nowrap">more.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:590.78px;white-space:nowrap">data
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:882.66px;white-space:nowrap">provider
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:1393.13px;white-space:nowrap">notices
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:1845.39px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:2100.78px;white-space:nowrap">terms
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:2465.31px;white-space:nowrap">available
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:3019.69px;white-space:nowrap">at
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<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:6429.34px;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:53.02px;left:6811.91px;white-space:nowrap">Ended
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7748.24px;white-space:nowrap">30,</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
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:302.42px;white-space:nowrap">common
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:1013.59px;white-space:nowrap">share
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:1485px;white-space:nowrap">operating
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:2258.36px;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">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:1075.86px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:1520.55px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2392.34px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:3201.88px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:3468.75px;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:4994.5px;letter-spacing:-1.98px;white-space:nowrap">$11.17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:6146.5px;letter-spacing:-1.98px;white-space:nowrap">$11.17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:7298.5px;letter-spacing:-1.98px;white-space:nowrap">$11.63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:8438.62px;white-space:nowrap">$13.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:9590.62px;white-space:nowrap">$12.49</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">0.62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:6312.59px;white-space:nowrap">0.56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:7464.59px;white-space:nowrap">0.49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:8616.59px;white-space:nowrap">0.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:9768.59px;white-space:nowrap">0.48</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:5054.03px;white-space:nowrap">(0.32)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:6312.59px;white-space:nowrap">0.03</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:7358.03px;white-space:nowrap">(0.18)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:8510.03px;white-space:nowrap">(2.13)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:9768.59px;white-space:nowrap">1.76</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1841.35px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1841.35px;left:924.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1841.35px;left:1102.66px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1841.35px;left:1796.33px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1841.35px;left:2765.78px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:1774.85px;letter-spacing:51.55px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:5054.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:6206.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:7358.03px;white-space:nowrap">(0.16)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:8510.03px;white-space:nowrap">(0.01)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.83px;left:9662.03px;white-space:nowrap">(0.01)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:1042.2px;white-space:nowrap">gains</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:1494.61px;letter-spacing:51.29px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:5312px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:6464px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:7616px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:8716.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2249.53px;left:8876.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.32px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:382.42px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:746.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:1565px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:2335.33px;letter-spacing:52.33px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:5160.59px;white-space:nowrap">0.04</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:6312.59px;white-space:nowrap">0.33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:7464.59px;white-space:nowrap">0.15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:8510.03px;white-space:nowrap">(1.69)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.8px;left:9768.59px;white-space:nowrap">2.23</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2709.28px;left:0px;white-space:nowrap">Less </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2709.28px;left:382.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2709.28px;left:1280.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2709.28px;left:1458.52px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2709.28px;left:2116.48px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2709.28px;left:3085.94px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:1774.85px;letter-spacing:51.55px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:5054.03px;white-space:nowrap">(0.32)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:6206.03px;white-space:nowrap">(0.29)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:7358.03px;white-space:nowrap">(0.53)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:8510.03px;white-space:nowrap">(0.40)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.77px;left:9662.03px;white-space:nowrap">(0.66)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:1042.2px;white-space:nowrap">gains</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:1494.61px;letter-spacing:51.29px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:5312px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:6464px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:7616px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:8510.03px;white-space:nowrap">(0.23)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3114.25px;left:9673.91px;letter-spacing:-1.98px;white-space:nowrap">(0.11)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:144px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:437.44px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:899.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:1077.75px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:5054.03px;white-space:nowrap">(0.10)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:6206.03px;white-space:nowrap">(0.13)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:7358.03px;white-space:nowrap">(0.09)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:8768px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.74px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:382.42px;white-space:nowrap">distributions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:1307.78px;letter-spacing:51.14px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:5054.03px;white-space:nowrap">(0.42)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:6206.03px;white-space:nowrap">(0.42)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:7358.03px;white-space:nowrap">(0.62)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:8510.03px;white-space:nowrap">(0.63)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3548.22px;left:9662.03px;white-space:nowrap">(0.77)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:0px;white-space:nowrap">Repurchase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:907.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:1085.08px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:1609.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:2045.47px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:2134.45px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:5160.59px;white-space:nowrap">0.13</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:6312.59px;white-space:nowrap">0.09</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:7464.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:8716.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3782.92px;left:8876.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3779.71px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:1191.72px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:1503.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:1681.02px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:2055.09px;letter-spacing:51.89px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:4982.62px;white-space:nowrap">$10.92</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:6146.5px;letter-spacing:-1.98px;white-space:nowrap">$11.17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:7298.5px;letter-spacing:-1.98px;white-space:nowrap">$11.17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:8450.5px;letter-spacing:-1.98px;white-space:nowrap">$11.63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4011.19px;left:9590.62px;white-space:nowrap">$13.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:533.44px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:1004.84px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:1316.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:1494.14px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4274.89px;left:1805.39px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:5071.61px;white-space:nowrap">$9.94</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:6223.61px;white-space:nowrap">$9.72</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:7286.62px;white-space:nowrap">$10.29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:8438.62px;white-space:nowrap">$10.69</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.67px;left:9590.62px;white-space:nowrap">$13.72</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:1600.94px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:1867.81px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:2294.69px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:2721.64px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:2997.34px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4593.83px;left:3450.86px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:5018.33px;white-space:nowrap">1.43%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:6063.77px;white-space:nowrap">(1.46)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:7322.33px;white-space:nowrap">1.83%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:8278.78px;white-space:nowrap">(18.22)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.62px;left:9537.34px;white-space:nowrap">24.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:1600.94px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:2134.38px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:2561.33px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:2837.03px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4796.31px;left:3290.55px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:3362.87px;letter-spacing:56.45px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:5018.33px;white-space:nowrap">6.46%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:6170.33px;white-space:nowrap">3.90%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:7322.33px;white-space:nowrap">1.56%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:8278.78px;white-space:nowrap">(12.60)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4793.1px;left:9537.34px;white-space:nowrap">18.13%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:0px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:533.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:728.91px;white-space:nowrap">average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:1378.28px;white-space:nowrap">net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:1662.73px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:2205.39px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:3032.34px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.04px;left:3227.81px;white-space:nowrap">common
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5275.04px;left:144px;white-space:nowrap">shares</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:5278.25px;left:659.94px;white-space:nowrap">e,f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:747.11px;white-space:nowrap">before </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:1245.23px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:1752.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:2063.44px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:2801.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:3015px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:5018.33px;white-space:nowrap">1.12%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:6170.33px;white-space:nowrap">1.17%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:7322.33px;white-space:nowrap">1.33%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:8474.33px;white-space:nowrap">0.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5477.52px;left:9626.33px;white-space:nowrap">1.00%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:747.11px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:1013.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:1191.88px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:1698.67px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:2010.08px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:2748.2px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;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:5683.22px;left:3544.61px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:4966.45px;white-space:nowrap">0.92%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5683.22px;left:5420.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:6118.45px;white-space:nowrap">0.96%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5683.22px;left:6572.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:7270.45px;white-space:nowrap">1.20%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5683.22px;left:7724.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:8474.33px;white-space:nowrap">0.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5680.01px;left:9574.45px;white-space:nowrap">0.97%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5683.22px;left:10028.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:293.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:1111.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:1681.44px;letter-spacing:51.46px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:5018.33px;white-space:nowrap">3.15%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:6170.33px;white-space:nowrap">2.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:7322.33px;white-space:nowrap">3.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:8474.33px;white-space:nowrap">3.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5882.49px;left:9626.33px;white-space:nowrap">3.46%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6172.43px;left:0px;white-space:nowrap">Supplemental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6172.43px;left:1093.52px;white-space:nowrap">data</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:800.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:1565.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:1743.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:2401.17px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:2970.31px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:3281.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:3459.61px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:3815.31px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:4804.66px;white-space:nowrap">$306,493</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:5956.66px;white-space:nowrap">$346,949</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:7108.66px;white-space:nowrap">$377,416</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:8260.66px;white-space:nowrap">$394,832</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6374.92px;left:9412.66px;white-space:nowrap">$475,965</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:0px;white-space:nowrap">Portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:631.41px;white-space:nowrap">turnover </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:1262.81px;white-space:nowrap">rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:5151.77px;white-space:nowrap">18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:6303.77px;white-space:nowrap">51%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:7455.77px;white-space:nowrap">36%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:8607.77px;white-space:nowrap">32%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6577.4px;left:9759.77px;white-space:nowrap">22%</div></div>
</div>

<div style="height:113.18px;left:0px;position:absolute;top:0px;transform:translate(54.000px,612.542px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:2147.88px;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">common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1990.04px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2420.35px;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
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3203.32px;white-space:nowrap">a
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3312.77px;white-space:nowrap">purchase
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<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8813.09px;white-space:nowrap">of
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:9177.93px;white-space:nowrap">last
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:393.98px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:715px;white-space:nowrap">period.
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2020.63px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2757.27px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2983.36px;white-space:nowrap">assumed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3552.27px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3741.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3960.78px;white-space:nowrap">purposes
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:4923.67px;white-space:nowrap">calculation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:5580.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:5726.09px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:5908.52px;white-space:nowrap">reinvested
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:4386.56px;white-space:nowrap">same
</div>

<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>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:5801.72px;white-space:nowrap">the
</div>

<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
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:7366.17px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:7497.42px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:7818.44px;white-space:nowrap">on
</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
</div>

<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>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:633.48px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:3011.68px;white-space:nowrap">common
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:3806.68px;white-space:nowrap">preferred
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:21.27px;white-space:nowrap">Ratios
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1458.15px;white-space:nowrap">available
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3660.96px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:4331.97px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:4791.43px;white-space:nowrap">ratio
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:5819.79px;white-space:nowrap">reduction
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:6396.04px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:6585.65px;white-space:nowrap">dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:7110.88px;white-space:nowrap">payments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:8431.04px;white-space:nowrap">shareholders.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1777.72px;left:0px;white-space:nowrap">g</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1773.5px;left:487.54px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1773.5px;left:1742.31px;white-space:nowrap">rounds
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1773.5px;left:2887.62px;white-space:nowrap">0.01%.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:2544.18px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:2682.77px;white-space:nowrap">connection
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:4268.95px;white-space:nowrap">remarketed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:4969.02px;letter-spacing:0px;white-space:nowrap">preferred
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:5968.17px;white-space:nowrap">(Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:6325.43px;white-space:nowrap">3).</div></div>
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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="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7459.7px;white-space:nowrap">Amount</div>

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<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

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<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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2087.57px;white-space:nowrap">146.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Alaska
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:992.39px;white-space:nowrap">1.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Alaska </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:956.69px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1650.36px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2637.55px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2788.72px;white-space:nowrap">Export </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3286.77px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3906.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3995.2px;white-space:nowrap">Dena&#39; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4452.7px;white-space:nowrap">Nena&#39; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4910.2px;white-space:nowrap">Henash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5461.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5550.59px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6191.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:967.56px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1074.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1163.19px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1252.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1394.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1483.34px;white-space:nowrap">10/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7352.2px;white-space:nowrap">6,050,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9368.2px;white-space:nowrap">5,338,857</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1503.84px;left:432px;white-space:nowrap">Arizona
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1503.84px;left:1063.17px;white-space:nowrap">3.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1744px;left:432px;white-space:nowrap">Arizona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1744px;left:1018.95px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1744px;left:1712.63px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1744px;left:2690.98px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1744px;left:3310.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1943.7px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:576px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:1091.78px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:1749.91px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:2052.25px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:2781.63px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:3315.22px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:4044.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:4507.17px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:4907.56px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:5112.02px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:5930.38px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2132.49px;left:720px;white-space:nowrap">7/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2132.49px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2132.49px;left:7485.64px;white-space:nowrap">510,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2132.49px;left:9501.64px;white-space:nowrap">476,942</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:576px;white-space:nowrap">Equitable </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:1287.64px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:1821.31px;white-space:nowrap">Revolving
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:2568.34px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:2977.48px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:3315.45px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:4044.83px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:4578.42px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:5307.8px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:5699.36px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:5894.98px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2520.97px;left:720px;letter-spacing:-1.48px;white-space:nowrap">11/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2520.97px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2520.97px;left:7352.2px;white-space:nowrap">2,855,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2520.97px;left:9368.2px;white-space:nowrap">2,465,185</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:576px;letter-spacing:-0.58px;white-space:nowrap">KIPP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:982.17px;white-space:nowrap">NYC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:1364.44px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:1844.67px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:2422.64px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:3080.77px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:3810.14px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:4210.53px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:4406.16px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:4726.31px;white-space:nowrap">7/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:7485.64px;white-space:nowrap">720,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2717.46px;left:9501.64px;white-space:nowrap">643,688</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2917.15px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:432px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:1125.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:2104.03px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:2779.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:2957.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:3224.66px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:3544.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:3722.55px;white-space:nowrap">Phoenix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:4336.38px;white-space:nowrap">Arizona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:4923.33px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:5305.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:5394.5px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2913.94px;left:5910.28px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:576px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:878.34px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:1607.72px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:2052.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:2141.31px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:2781.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:2870.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:3333.27px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:3724.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:3831.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:3920.45px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:4649.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:4738.81px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:4827.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:4970.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:5058.97px;white-space:nowrap">7/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3105.94px;left:9368.2px;white-space:nowrap">1,000,336</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3305.64px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:432px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:1125.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:2104.03px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:2779.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:2957.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:3224.66px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:3776.06px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:3953.95px;white-space:nowrap">Pima </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:4362.94px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:4745.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:576px;white-space:nowrap">La </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:798.42px;white-space:nowrap">Posada </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:1385.53px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:1563.42px;white-space:nowrap">Park </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:1936.86px;white-space:nowrap">Centre, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:2506px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:2808.34px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:3537.72px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:4071.31px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:4800.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:5263.27px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:5654.83px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:5850.45px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:720px;letter-spacing:-1.48px;white-space:nowrap">11/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:9368.2px;white-space:nowrap">1,841,323</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:576px;white-space:nowrap">La </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:798.42px;white-space:nowrap">Posada </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:1385.53px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:1563.42px;white-space:nowrap">Park </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:1936.86px;white-space:nowrap">Centre, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:2506px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:2808.34px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:3537.72px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:4071.31px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:4800.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:5263.27px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:5654.83px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:5850.45px;white-space:nowrap">7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4123.08px;left:720px;letter-spacing:-1.48px;white-space:nowrap">11/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4123.08px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4123.08px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4123.08px;left:9501.64px;white-space:nowrap">369,507</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.24px;left:432px;white-space:nowrap">Maricopa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.24px;left:1134.5px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.24px;left:1685.91px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.24px;left:2379.58px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.24px;left:3357.94px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.24px;left:3977.47px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4562.94px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:576px;white-space:nowrap">Grand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:1065.14px;white-space:nowrap">Canyon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:1661.08px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:2407.88px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:3137.25px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:3670.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:4400.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:4862.8px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:5307.64px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:5939.2px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:7352.2px;white-space:nowrap">2,050,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:9368.2px;white-space:nowrap">2,130,278</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:576px;white-space:nowrap">Horizon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:1171.78px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:2025.3px;white-space:nowrap">Learning </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:2692.48px;letter-spacing:-1.1px;white-space:nowrap">Center,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:3252.8px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:3599.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:4328.97px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:4773.81px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:5592.17px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:5912.33px;white-space:nowrap">7/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:9501.64px;white-space:nowrap">751,396</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:576px;white-space:nowrap">Reid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:946.63px;letter-spacing:-0.49px;white-space:nowrap">Traditional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:1732.17px;white-space:nowrap">Schools </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:2345.84px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:3075.22px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:3608.81px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:4338.19px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:4783.03px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:5103.19px;white-space:nowrap">7/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:9501.64px;white-space:nowrap">344,355</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:432px;white-space:nowrap">Salt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:752.16px;letter-spacing:-1.47px;white-space:nowrap">Verde
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:1214.73px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:1899.5px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:2290.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:2379.66px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:3020.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:3109.03px;white-space:nowrap">2007-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:3607.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:3696.14px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:3918.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:4060.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:4149.73px;white-space:nowrap">12/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:7352.2px;white-space:nowrap">1,350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5192.86px;left:9368.2px;white-space:nowrap">1,434,045</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.63px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,457,055</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5804.07px;left:432px;white-space:nowrap">California
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5804.07px;left:1214.34px;white-space:nowrap">8.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6003.77px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:1152.31px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:2005.83px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:2628.48px;letter-spacing:-1.98px;white-space:nowrap">Agency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:3150.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:3230.36px;white-space:nowrap">Aster </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:3639.42px;white-space:nowrap">Apartments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:4457.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:4546.45px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:5275.83px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:5782.78px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:6085.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6000.56px;left:6174.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:576px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:967.56px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:1216.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:1305.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:1394.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:1536.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:1625.61px;white-space:nowrap">2/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:7485.64px;white-space:nowrap">550,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6192.56px;left:9501.64px;white-space:nowrap">450,879</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:1152.31px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:1783.8px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:2388.64px;letter-spacing:-1.98px;white-space:nowrap">Agency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:2910.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:2999.34px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:3639.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:3728.72px;white-space:nowrap">2021-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4226.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4307px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4413.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4502.63px;white-space:nowrap">3.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4725.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4867.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:4956.22px;letter-spacing:-1.48px;white-space:nowrap">11/20/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:7352.2px;white-space:nowrap">1,967,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6432.72px;left:9368.2px;white-space:nowrap">1,873,151</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6672.89px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6672.89px;left:1152.31px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6672.89px;left:1872.63px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6672.89px;left:2477.47px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6672.89px;left:3097px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:576px;white-space:nowrap">HumanGood</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:1527.64px;white-space:nowrap">California
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:2247.95px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:2977.33px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:3510.92px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:4240.3px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:4685.14px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:5005.3px;white-space:nowrap">10/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:7352.2px;white-space:nowrap">2,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6869.37px;left:9368.2px;white-space:nowrap">2,292,193</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Terry
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:976px;white-space:nowrap">Manor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:1473.97px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:1980.92px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:2612.41px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:2876.39px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:3605.77px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:3997.33px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:4192.95px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:4681.86px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:5304.44px;white-space:nowrap">4.2%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:5758.03px;white-space:nowrap">8/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:6317.03px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:7352.2px;white-space:nowrap">2,885,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7065.86px;left:9368.2px;white-space:nowrap">2,796,909</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.02px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.02px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.02px;left:929.89px;white-space:nowrap">Long </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.02px;left:1330.28px;white-space:nowrap">Beach</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.02px;left:1783.95px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:576px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:1091.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:1714.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:2443.42px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:2843.81px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:3039.44px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:3563.89px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:4186.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:4506.63px;white-space:nowrap">6/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.51px;left:9501.64px;white-space:nowrap">760,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:576px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:1091.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:1714.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:2443.42px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:2843.81px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:3039.44px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:3563.89px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:4186.47px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:4729.05px;white-space:nowrap">6/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.99px;left:9368.2px;white-space:nowrap">1,282,461</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:929.89px;white-space:nowrap">Los </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:1223.48px;white-space:nowrap">Angeles</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:1801.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:1890.59px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:2744.11px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:3410.91px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:3944.19px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:4237.63px;letter-spacing:-5.94px;white-space:nowrap">11</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:4403.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:4492.63px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:5058.95px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:5307.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:5396.84px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:5752.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:5841.69px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:5930.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7895.48px;left:6072.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.48px;left:576px;white-space:nowrap">9/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.48px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.48px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.48px;left:9501.64px;white-space:nowrap">933,252</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8287.17px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8327.64px;left:432px;letter-spacing:-1.47px;white-space:nowrap">CSCDA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8327.64px;left:1027.7px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8327.64px;left:1881.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8327.64px;left:2850.52px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8327.64px;left:3470.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:576px;white-space:nowrap">1818 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:976.39px;white-space:nowrap">Platinum </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:1640.45px;letter-spacing:-0.33px;white-space:nowrap">Triangle-Anaheim,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:2986.23px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:3715.61px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:4222.56px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:4613.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:5076.55px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:5468.11px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8524.13px;left:5806px;white-space:nowrap">3.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.13px;left:720px;white-space:nowrap">4/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.13px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.13px;left:7352.2px;white-space:nowrap">1,270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8716.13px;left:9501.64px;white-space:nowrap">895,848</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:576px;white-space:nowrap">Cameo/Garrison
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:1785.38px;white-space:nowrap">Apartments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:2692.41px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:3421.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:3928.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:4320.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:4782.72px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:5174.28px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:5512.17px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:5832.33px;white-space:nowrap">3/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.61px;left:9501.64px;white-space:nowrap">785,823</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:576px;white-space:nowrap">Dublin, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:1118.5px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:1847.88px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:2354.83px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:2746.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:3208.81px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:3600.38px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:3938.27px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:4258.42px;white-space:nowrap">2/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:7352.2px;white-space:nowrap">1,900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.1px;left:9368.2px;white-space:nowrap">1,274,071</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:576px;text-rendering:optimizeLegibility;white-space:nowrap">Jefferson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:1275.14px;white-space:nowrap">Platinum
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:1939.2px;letter-spacing:-0.66px;white-space:nowrap">Triangle
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:2546.94px;white-space:nowrap">Apartments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:3453.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:4183.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:4645.92px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:5037.48px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:5375.38px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:6006.94px;white-space:nowrap">8/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:7352.2px;white-space:nowrap">1,425,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9305.58px;left:9368.2px;white-space:nowrap">1,037,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:576px;white-space:nowrap">Parallel-Anaheim,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:1883.27px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:2612.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:3075.22px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:3466.78px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:3662.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:3982.56px;white-space:nowrap">8/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:7352.2px;white-space:nowrap">2,815,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9502.07px;left:9368.2px;white-space:nowrap">2,408,815</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:576px;white-space:nowrap">Pasadena </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:1341.08px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:2016.94px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:2657.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:2746.31px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:3253.27px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:3644.67px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:4107.25px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:4498.81px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:4836.7px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:5156.86px;white-space:nowrap">12/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:7352.2px;white-space:nowrap">2,635,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.55px;left:9368.2px;white-space:nowrap">1,741,296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:432px;white-space:nowrap">San </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:761.14px;white-space:nowrap">Francisco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:1499.11px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:1819.11px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:1970.28px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:2512.86px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:3028.56px;white-space:nowrap">Comm-San
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:3882.08px;white-space:nowrap">Francisco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:4620.05px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:5536.3px;white-space:nowrap">Airport</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9895.03px;left:6007.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:1305.38px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:1892.48px;white-space:nowrap">Series</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:2346px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:2434.91px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:2835.3px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:2950.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:3039.75px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:3769.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:3858.11px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:4080.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:4222.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:4311.7px;white-space:nowrap">5/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:7352.2px;white-space:nowrap">5,765,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10087.03px;left:9368.2px;white-space:nowrap">6,214,502</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10370.8px;left:9279.22px;white-space:nowrap">24,746,713</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10698.25px;left:432px;white-space:nowrap">Colorado
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10698.25px;left:1178.64px;white-space:nowrap">4.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.41px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.41px;left:752px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.41px;left:903.17px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.41px;left:1454.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.41px;left:1632.47px;letter-spacing:-1.47px;white-space:nowrap">Denver</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.41px;left:2139.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:576px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:1091.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:1714.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:2443.42px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:2834.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:3030.61px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:3484.2px;letter-spacing:-1.48px;white-space:nowrap">11/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11134.9px;left:9368.2px;white-space:nowrap">1,661,387</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:576px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:1091.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:1714.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:2443.42px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:2834.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:3030.61px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:3350.77px;letter-spacing:-1.48px;white-space:nowrap">11/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:3981.7px;letter-spacing:51.6px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:7352.2px;white-space:nowrap">1,025,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11331.38px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,066,113</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:576px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:1091.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:1714.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:2443.42px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:2834.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:3030.61px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:3484.2px;letter-spacing:-1.48px;white-space:nowrap">11/15/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11527.86px;left:9368.2px;white-space:nowrap">1,633,659</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:576px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:1091.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:1714.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:2443.42px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:2834.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:3030.61px;white-space:nowrap">4.125%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:3662.17px;letter-spacing:-1.48px;white-space:nowrap">11/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.35px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">4,511,201</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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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
</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:644.15px;white-space:nowrap">9</div></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>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.278px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Colorado
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1178.64px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Colorado </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1125.75px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1632.7px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2290.67px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2910.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2999.11px;white-space:nowrap">Christian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3674.89px;white-space:nowrap">Living </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4137.39px;white-space:nowrap">Neighborhoods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5267.08px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5996.45px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6441.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1305.38px;white-space:nowrap">2016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1750.22px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2479.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2568.58px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2657.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2799.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2888.73px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3422.56px;letter-spacing:51.12px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">550,000</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">550,343</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:432px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:903.41px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1579.27px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1810.44px;white-space:nowrap">Colorado
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2504.19px;letter-spacing:-1.98px;white-space:nowrap">Energy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2999.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3088.17px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3728.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3817.55px;white-space:nowrap">2008</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4173.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4262.39px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4484.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4627.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4715.98px;letter-spacing:-1.48px;white-space:nowrap">11/15/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7352.2px;white-space:nowrap">2,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9368.2px;white-space:nowrap">2,629,261</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:432px;white-space:nowrap">Regional </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1105.13px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2175.28px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2664.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2753.02px;white-space:nowrap">Denver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3310.36px;letter-spacing:-0.74px;white-space:nowrap">Transit
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3837.86px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4487px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4780.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4869.42px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5509.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5598.8px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5990.36px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:6097.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1394.36px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1714.52px;white-space:nowrap">7/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:7485.64px;white-space:nowrap">850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:9501.64px;white-space:nowrap">729,996</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:432px;white-space:nowrap">Sterling </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1018.95px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1525.91px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:2370.59px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:3046.45px;white-space:nowrap">Board</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:3473.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:3562.31px;white-space:nowrap">Sterling
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:4149.27px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:4656.22px;white-space:nowrap">Colorado
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:5349.97px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:576px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1109.28px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1402.72px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1491.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1580.61px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2221.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2309.98px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2701.55px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2808.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2897.17px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3626.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3715.53px;white-space:nowrap">4.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:4026.94px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:4169.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:4258.11px;white-space:nowrap">12/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:7485.64px;white-space:nowrap">550,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:9501.64px;white-space:nowrap">466,785</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.29px;left:9279.22px;white-space:nowrap">13,248,745</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2804.74px;left:432px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2804.74px;left:1400.91px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3004.43px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:432px;white-space:nowrap">Harbor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:965.52px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:1374.66px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:2361.69px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3339.81px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3828.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:3914.66px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:4199.27px;white-space:nowrap">Allocation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:4893.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:4981.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:5444.5px;white-space:nowrap">2017</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3001.22px;left:5800.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:1714.52px;white-space:nowrap">4/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.22px;left:9368.2px;white-space:nowrap">2,002,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3520.67px;left:432px;white-space:nowrap">Florida
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3520.67px;left:1009.81px;white-space:nowrap">5.9%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3720.36px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:432px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:971.61px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:1365.75px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:1985.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:2074.19px;white-space:nowrap">Madrone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:2750.13px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:3280.75px;letter-spacing:-3.55px;white-space:nowrap">Tech
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:3663.17px;white-space:nowrap">Student </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:4259.19px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:4890.67px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:4979.58px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:5273.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:5362px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:6002.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.15px;left:6091.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:576px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:967.56px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:1074.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:1163.19px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:1563.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:1705.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:1794.75px;white-space:nowrap">7/01/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:7485.64px;white-space:nowrap">185,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.15px;left:9501.64px;white-space:nowrap">171,253</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4108.85px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:1161.3px;white-space:nowrap">Palm </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:1570.28px;white-space:nowrap">Beach</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:2023.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:2112.86px;white-space:nowrap">Provident
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:2833.25px;white-space:nowrap">Group-PBAU
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:3811.38px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:4585.05px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:4878.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:4967.47px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:5607.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:5696.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.64px;left:6159.42px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:576px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:682.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:771.63px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:860.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:1002.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:1091.78px;white-space:nowrap">4/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:7352.2px;white-space:nowrap">1,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.64px;left:9368.2px;white-space:nowrap">1,493,417</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.8px;left:432px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.8px;left:965.52px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.8px;left:1952.7px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.8px;left:2566.38px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.8px;left:2957.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4737.5px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:1305.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:1767.95px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:2159.52px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:2355.14px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:2675.3px;white-space:nowrap">7/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4734.29px;left:9501.64px;white-space:nowrap">402,005</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:576px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:993.81px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:1313.81px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:2069.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:2799.28px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:3332.87px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:4062.25px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:4462.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:4658.27px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:5476.63px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:5796.78px;white-space:nowrap">7/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4930.77px;left:9501.64px;white-space:nowrap">457,143</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:576px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:993.81px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:1313.81px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:2069.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:2799.28px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:3332.87px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:4062.25px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:4462.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:4658.27px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:5476.63px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:5796.78px;white-space:nowrap">7/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5127.26px;left:9368.2px;white-space:nowrap">1,240,401</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:576px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:993.81px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:1313.81px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:2069.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:2799.28px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:3332.87px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:4062.25px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:4462.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:4658.27px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:5476.63px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:5796.78px;white-space:nowrap">7/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:7485.64px;white-space:nowrap">680,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5323.74px;left:9501.64px;white-space:nowrap">641,896</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:576px;white-space:nowrap">Shands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:1163.11px;white-space:nowrap">Jacksonville
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:2070.14px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:2665.92px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:3190.61px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:3919.98px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:4453.58px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:5182.95px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:5574.52px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.23px;left:5770.14px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.23px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.23px;left:1040.16px;white-space:nowrap">2/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.23px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.23px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.23px;left:9368.2px;white-space:nowrap">1,401,927</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:432px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:965.52px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:1481.3px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:2361.92px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:3028.72px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:3704.66px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.39px;left:4324.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:576px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:1109.52px;white-space:nowrap">Institute
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:1714.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:1889.28px;letter-spacing:-2.47px;white-space:nowrap">Technology,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:2775.77px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:3122.56px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:3851.94px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:4296.78px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:4616.94px;white-space:nowrap">10/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6148.88px;left:9501.64px;white-space:nowrap">712,753</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:816.08px;white-space:nowrap">Leo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:1127.48px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:1906.86px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:2209.2px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:2938.58px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:3472.17px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:4201.55px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:4646.39px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:5464.75px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:5784.91px;white-space:nowrap">3/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:6318.73px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.36px;left:9368.2px;white-space:nowrap">1,147,422</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:432px;white-space:nowrap">Halifax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:965.52px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:1588.02px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:2183.8px;letter-spacing:-1.47px;white-space:nowrap">Center</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:2655.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:2744.11px;white-space:nowrap">Halifax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:3277.63px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:3900.13px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:4495.91px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:5020.59px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:5749.97px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.84px;left:6194.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:1305.38px;white-space:nowrap">2016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:1750.22px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:2479.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:2568.58px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:2657.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:2799.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:2888.73px;white-space:nowrap">6/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:3422.56px;letter-spacing:51.12px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:7352.2px;white-space:nowrap">2,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6733.84px;left:9368.2px;white-space:nowrap">2,256,870</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:432px;white-space:nowrap">Lakewood </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:1205.91px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:1712.86px;white-space:nowrap">Stewardship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:2637.78px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:3126.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:3206.69px;white-space:nowrap">Assessments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:4158.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:4247px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:4807.39px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:5678.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:5767.7px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:6123.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:6212.55px;white-space:nowrap">6.3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:6434.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.33px;left:6577.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.33px;left:576px;white-space:nowrap">5/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.33px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.33px;left:7352.2px;white-space:nowrap">1,335,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.33px;left:9368.2px;white-space:nowrap">1,386,155</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:432px;white-space:nowrap">Palermo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:1072.23px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:1925.75px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:2912.94px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:3401.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:3481.84px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:4388.88px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:4771.3px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:4860.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:4949.19px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:5509.58px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7318.81px;left:6380.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:576px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:1020.84px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:1243.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:1385.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:1474.44px;white-space:nowrap">6/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:2020.02px;letter-spacing:50.44px;white-space:nowrap">................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7510.81px;left:9501.64px;white-space:nowrap">236,740</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:432px;white-space:nowrap">Palm </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:840.63px;white-space:nowrap">Beach </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:1338.4px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:1889.45px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:2396.05px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:3053.66px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:3673.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:3761.75px;white-space:nowrap">Jupiter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:4286.08px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:4881.51px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:5405.84px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:6134.86px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.3px;left:6579.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:1305.38px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:1750.22px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:1839.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:1981.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:2070.38px;letter-spacing:-1.48px;white-space:nowrap">11/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:7352.2px;white-space:nowrap">1,515,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.3px;left:9368.2px;white-space:nowrap">1,486,459</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:432px;white-space:nowrap">Pinellas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:1036.77px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:1588.17px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:2281.84px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:3260.2px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:3879.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:3968.64px;white-space:nowrap">Drs </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:4261.92px;white-space:nowrap">Kiran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:4679.89px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:4831.06px;white-space:nowrap">Pallavi </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:5346.84px;white-space:nowrap">Patel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8095.78px;left:5755.98px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:576px;white-space:nowrap">Foundation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:1421.08px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:1652.25px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:2159.2px;white-space:nowrap">Understanding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:3288.81px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:3546.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:3635.61px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:4276.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:4364.98px;white-space:nowrap">2019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:4720.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:4809.83px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:4898.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:5041.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:5129.98px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:5663.81px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8287.78px;left:9501.64px;white-space:nowrap">488,300</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8487.48px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:432px;white-space:nowrap">Southeast </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:1197px;white-space:nowrap">Overtown </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:1926.14px;white-space:nowrap">Park </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:2299.58px;letter-spacing:-0.58px;white-space:nowrap">West
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:2705.59px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:3559.11px;white-space:nowrap">Redevelopment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:4715.44px;letter-spacing:-1.98px;white-space:nowrap">Agency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:5237.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:5323.25px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:5607.86px;white-space:nowrap">Allocation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8484.27px;left:6301.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:576px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:1038.58px;white-space:nowrap">2014 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:1430.14px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:1679.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:1768.03px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:1857.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:1999.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:2088.19px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:2673.91px;letter-spacing:50.7px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:7485.64px;white-space:nowrap">305,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:9501.64px;white-space:nowrap">305,331</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8875.96px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:953.87px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:1807.39px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:2794.58px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:3327.86px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:3621.3px;white-space:nowrap">13</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:3799.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:3888.17px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:4386.3px;white-space:nowrap">II</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:4475.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:4564.11px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:5124.5px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:5995.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8872.75px;left:6084.81px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:576px;white-space:nowrap">2020</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:1020.84px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:1109.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:1252.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:1341px;white-space:nowrap">5/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:1926.61px;letter-spacing:50.41px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:7352.2px;white-space:nowrap">2,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9064.75px;left:9368.2px;white-space:nowrap">2,103,691</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9264.45px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:953.87px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:1807.39px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:2794.58px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:3327.86px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:3621.3px;white-space:nowrap">15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9304.92px;left:3799.27px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:1136.39px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:2096.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:2559.28px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:3004.12px;white-space:nowrap">4.55%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:3546.7px;white-space:nowrap">5/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9501.4px;left:9501.64px;white-space:nowrap">477,963</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:576px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:1074.13px;white-space:nowrap">I, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:1207.48px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:1767.88px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:2728.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:3190.77px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:3635.61px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:3955.77px;white-space:nowrap">5/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9697.89px;left:9368.2px;white-space:nowrap">1,000,403</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:432px;letter-spacing:-1.1px;white-space:nowrap">Volusia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:992.39px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:1543.8px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:2424.42px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:2957.86px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:3577.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:3666.3px;white-space:nowrap">Embry-Riddle
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:4671.06px;white-space:nowrap">Aeronautical
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9894.37px;left:5604.97px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:576px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:833.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:922.8px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:1563.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:1652.17px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:2043.73px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:2150.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:2239.36px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:2968.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:3057.72px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:3146.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:3288.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:3377.87px;white-space:nowrap">10/15/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10086.37px;left:9501.64px;white-space:nowrap">587,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:432px;letter-spacing:-0.29px;white-space:nowrap">Woodcreek
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:1282.78px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:2136.3px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:3123.48px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:3612.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:3692.39px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:4599.42px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:4981.84px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:5070.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10282.85px;left:5159.73px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:1536.31px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:1892.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:1981.16px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:2203.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:2345.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:2434.75px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.85px;left:9501.64px;white-space:nowrap">187,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10758.62px;left:9279.22px;white-space:nowrap">18,185,715</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:9.36px;white-space:nowrap">Municipal
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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>

<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:36.48px;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, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Georgia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1081.06px;white-space:nowrap">5.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">DeKalb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1001.22px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1552.63px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2175.28px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2794.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2883.72px;white-space:nowrap">HADC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3381.53px;white-space:nowrap">1086 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3781.92px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4004.34px;white-space:nowrap">Montreal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4671.3px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4964.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5053.72px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5694.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5783.09px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6139.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:896.16px;white-space:nowrap">3/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9368.2px;white-space:nowrap">4,872,060</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">Gainesville </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1259.03px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1410.2px;white-space:nowrap">Hall </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1730.28px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2281.69px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2895.36px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3514.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3603.8px;white-space:nowrap">Northeast
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4341.92px;white-space:nowrap">Georgia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4955.59px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5462.55px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2568.34px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2959.91px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3066.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3155.53px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3244.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3386.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3475.69px;white-space:nowrap">2/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7352.2px;white-space:nowrap">2,330,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9368.2px;white-space:nowrap">1,655,780</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1764.57px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:432px;white-space:nowrap">Main </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:823.25px;white-space:nowrap">Street </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1294.58px;white-space:nowrap">Natural </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1854.81px;white-space:nowrap">Gas, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2237.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2495.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2583.95px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3224.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3313.33px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3713.72px;white-space:nowrap">E-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3962.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4051.61px;white-space:nowrap">Mandatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4852px;white-space:nowrap">Put</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5092.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5181.06px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5270.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5412.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5501.22px;white-space:nowrap">6/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7352.2px;white-space:nowrap">2,670,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9368.2px;white-space:nowrap">2,801,139</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:432px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1152.31px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1712.47px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:2388.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:2566.22px;white-space:nowrap">Georgia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:3135.44px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:2710.92px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:3031.08px;white-space:nowrap">1/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:9501.64px;white-space:nowrap">434,894</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:2710.92px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:3031.08px;white-space:nowrap">1/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:9501.64px;white-space:nowrap">639,218</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:1305.38px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:1883.73px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:2408.19px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:3030.77px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:3350.92px;white-space:nowrap">7/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2590.98px;left:9368.2px;white-space:nowrap">1,534,653</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:1305.38px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:1883.73px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:2408.19px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:3030.77px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:3350.92px;white-space:nowrap">7/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:7352.2px;white-space:nowrap">1,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.46px;left:9368.2px;white-space:nowrap">1,739,307</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:1305.38px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:2710.92px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:3253.5px;white-space:nowrap">1/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:3794.87px;letter-spacing:51.41px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2983.95px;left:9368.2px;white-space:nowrap">1,052,026</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:432px;white-space:nowrap">Paulding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:1099.19px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:1650.59px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:2264.27px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:2883.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:2972.7px;letter-spacing:-0.32px;white-space:nowrap">WellStar
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:3618.8px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:4125.75px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:4703.64px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:5433.02px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3180.43px;left:5877.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1305.38px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1696.94px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1803.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1892.56px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2622.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2710.92px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2799.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2942.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:3031.08px;white-space:nowrap">4/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:7352.2px;white-space:nowrap">1,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:9368.2px;white-space:nowrap">1,429,833</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.2px;left:9279.22px;white-space:nowrap">16,158,910</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3983.64px;left:432px;white-space:nowrap">Hawaii
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3983.64px;left:983.33px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:752px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:903.17px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:1454.58px;white-space:nowrap">Honolulu</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:2086.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:2175.05px;letter-spacing:-0.54px;white-space:nowrap">Wastewater
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:3058.25px;white-space:nowrap">System</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:3591.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:3680.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:4409.97px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:4916.92px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:5219.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:5308.33px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:5699.89px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4180.13px;left:5806.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:1714.52px;white-space:nowrap">7/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.13px;left:9368.2px;white-space:nowrap">2,228,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:432px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:850.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:1027.94px;white-space:nowrap">Hawaii</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:1508.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:1597px;white-space:nowrap">Harbor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:2130.52px;white-space:nowrap">System</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:2663.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:2752.86px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:3393.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:3482.23px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:3873.8px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:3980.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:4069.42px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:4798.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:4887.78px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:4976.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:5119.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:5207.94px;white-space:nowrap">7/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:7352.2px;white-space:nowrap">1,625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4612.29px;left:9368.2px;white-space:nowrap">1,557,702</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4896.06px;left:9368.2px;white-space:nowrap">3,786,469</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5223.51px;left:432px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5223.51px;left:983.17px;letter-spacing:-1.77px;white-space:nowrap">11.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:432px;white-space:nowrap">Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:1063.48px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:1534.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:1712.78px;white-space:nowrap">Education</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:2424.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:913.81px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:1314.2px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:1518.66px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:2061.23px;white-space:nowrap">12/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:7352.2px;white-space:nowrap">2,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:9368.2px;white-space:nowrap">2,169,291</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:913.81px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:1314.2px;white-space:nowrap">H, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:1518.66px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:1838.81px;white-space:nowrap">12/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:9501.64px;white-space:nowrap">484,387</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:432px;white-space:nowrap">Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:1063.48px;white-space:nowrap">Midway </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:1650.28px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:2566.53px;white-space:nowrap">Airport</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:3037.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:3126.69px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:3856.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:4363.02px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:4665.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:4754.42px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:5154.81px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:5270.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:5359.27px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:6088.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:6177.63px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:6266.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.13px;left:6408.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.13px;left:576px;white-space:nowrap">1/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.13px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.13px;left:7352.2px;white-space:nowrap">2,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.13px;left:9368.2px;white-space:nowrap">2,300,617</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.29px;left:432px;white-space:nowrap">Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.29px;left:1063.48px;white-space:nowrap">O&#39;Hare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.29px;left:1609.73px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.29px;left:2525.98px;white-space:nowrap">Airport</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.29px;left:2997.23px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:1812.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:2203.73px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:2595.3px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:2790.92px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:3609.28px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:3929.44px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.78px;left:9501.64px;white-space:nowrap">305,034</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:576px;white-space:nowrap">Customer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:1313.97px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:1856.23px;white-space:nowrap">Charge, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:2469.91px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:3199.28px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:3706.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:4097.64px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:4542.48px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:5360.84px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.26px;left:5752.02px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:720px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:1262.58px;white-space:nowrap">1/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:7352.2px;white-space:nowrap">1,950,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.26px;left:9368.2px;white-space:nowrap">2,104,067</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:576px;white-space:nowrap">Customer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:1313.97px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:1856.23px;white-space:nowrap">Charge, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:2469.91px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:3199.28px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:3706.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:4097.64px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:4542.48px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:5360.84px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7266.74px;left:5752.02px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.74px;left:720px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.74px;left:1262.58px;white-space:nowrap">1/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.74px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.74px;left:7352.2px;white-space:nowrap">1,465,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.74px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,571,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:929.89px;white-space:nowrap">Chicago</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:1516.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:1605.83px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:1854.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:1943.64px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:2335.2px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:2441.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:2530.83px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:2619.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:2762.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:2850.98px;white-space:nowrap">1/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:3421.22px;letter-spacing:51.12px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7698.91px;left:9368.2px;white-space:nowrap">2,583,883</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7939.08px;left:432px;white-space:nowrap">Illinois </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7939.08px;left:921.06px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7939.08px;left:1525.91px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7939.08px;left:2145.44px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:576px;white-space:nowrap">CHF-Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:1589.59px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:1972.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:2701.39px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:3092.95px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:3288.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:3608.73px;white-space:nowrap">2/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.56px;left:9501.64px;white-space:nowrap">984,519</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:576px;white-space:nowrap">CHF-Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:1589.59px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:1972.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:2701.39px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:3092.95px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:3288.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:3608.73px;white-space:nowrap">2/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8332.04px;left:9368.2px;white-space:nowrap">1,889,440</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:576px;white-space:nowrap">Lifespace</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:1305.38px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:2327.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:2630.22px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:3359.59px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:3893.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:4622.56px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:5014.13px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:5209.75px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.53px;left:6028.11px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.53px;left:720px;white-space:nowrap">5/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.53px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.53px;left:7352.2px;white-space:nowrap">1,025,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.53px;left:9368.2px;white-space:nowrap">1,025,021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:576px;white-space:nowrap">Riverside </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:1287.33px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:1794.28px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:2372.17px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:3101.55px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:3635.14px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:4364.52px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:4809.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:5627.72px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:5947.88px;letter-spacing:-1.48px;white-space:nowrap">11/15/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8917.01px;left:9501.64px;white-space:nowrap">494,410</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:1500.69px;white-space:nowrap">Illinois,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:2034.2px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:2763.58px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:3155.14px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:3350.77px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:3893.34px;white-space:nowrap">10/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9113.5px;left:9368.2px;white-space:nowrap">2,635,935</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.66px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.66px;left:1356.92px;white-space:nowrap">Pier </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.66px;left:1685.91px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.66px;left:1837.08px;white-space:nowrap">Exposition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.66px;left:2610.91px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.66px;left:3230.44px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9553.36px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:576px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:994.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:1171.94px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:1661px;white-space:nowrap">McCormick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:2505.38px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:2950.06px;white-space:nowrap">Expansion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:3741.7px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:4284.13px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:4737.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:5467.09px;white-space:nowrap">2002 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:5858.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9550.15px;left:6054.28px;letter-spacing:-3.56px;white-space:nowrap">NATL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.15px;left:720px;white-space:nowrap">Insured, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.15px;left:1342.58px;white-space:nowrap">4.2%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.15px;left:1796.17px;white-space:nowrap">12/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.15px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.15px;left:7263.22px;white-space:nowrap">12,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.15px;left:9368.2px;white-space:nowrap">9,498,317</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9941.84px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:576px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:994.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:1171.94px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:1661px;white-space:nowrap">McCormick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:2505.38px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:2950.06px;white-space:nowrap">Expansion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:3741.7px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:4284.13px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:4737.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:5467.09px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.63px;left:5867.48px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.63px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.63px;left:1538.36px;white-space:nowrap">4.554%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.63px;left:2169.92px;white-space:nowrap">12/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.63px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.63px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.63px;left:9501.64px;white-space:nowrap">751,120</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:576px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:994.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:1171.94px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:1661px;white-space:nowrap">McCormick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:2505.38px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:2950.06px;white-space:nowrap">Expansion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:3741.7px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:4284.13px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:4737.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:5467.09px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10327.12px;left:5858.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10519.12px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10519.12px;left:1538.36px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10519.12px;left:1858.52px;white-space:nowrap">6/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10519.12px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10519.12px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10519.12px;left:9368.2px;white-space:nowrap">4,090,901</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:576px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:994.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:1171.94px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:1661px;white-space:nowrap">McCormick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:2505.38px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:2950.06px;white-space:nowrap">Expansion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:3741.7px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:4284.13px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:4737.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:5467.09px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10715.6px;left:5858.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10907.6px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10907.6px;left:1538.36px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10907.6px;left:1858.52px;white-space:nowrap">6/15/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10907.6px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10907.6px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10907.6px;left:9501.64px;white-space:nowrap">805,753</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:432px;white-space:nowrap">Sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:873.8px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:1167.23px;white-space:nowrap">Securitization
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:2172.16px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:2563.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:2652.31px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:3381.69px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:3968.8px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:4271.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:4360.2px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:4751.77px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:4858.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:4947.39px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:5676.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11104.09px;left:5765.75px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:576px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:1109.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:1198.58px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:1287.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:1429.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:1518.73px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:7352.2px;white-space:nowrap">1,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296.09px;left:9368.2px;white-space:nowrap">1,149,366</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:432px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:850.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1027.94px;white-space:nowrap">Illinois</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1472.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1561.45px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1810.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1899.27px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2290.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2397.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2486.45px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2575.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2717.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2806.61px;white-space:nowrap">5/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:3421.22px;letter-spacing:51.12px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:9368.2px;white-space:nowrap">1,526,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.02px;left:9279.22px;white-space:nowrap">36,369,554</div></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:8772.28px;letter-spacing:8px;white-space:nowrap">of
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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:580.79px;letter-spacing:-4.8px;white-space:nowrap">11</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, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.278px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Indiana
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1036.53px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Hammond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1214.5px;white-space:nowrap">Multi-School
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2139.27px;white-space:nowrap">Building </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2753.02px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3144.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3233.17px;white-space:nowrap">Hammond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4015.67px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4549.34px;letter-spacing:-2.97px;white-space:nowrap">City</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4813.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4901.92px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5542.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5631.3px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5987.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6076.14px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6165.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6307.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">7/15/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:9368.2px;white-space:nowrap">1,788,447</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">Silver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:876.53px;white-space:nowrap">Creek </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1347.78px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1881.45px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2495.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2886.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2975.36px;white-space:nowrap">Silver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3419.89px;white-space:nowrap">Creek </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3891.14px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4424.81px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4816.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4904.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5545.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5634.34px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5990.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6079.19px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6168.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6310.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;white-space:nowrap">1/15/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7352.2px;white-space:nowrap">1,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9368.2px;white-space:nowrap">1,276,837</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1848.64px;left:9368.2px;white-space:nowrap">3,065,284</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.09px;left:432px;white-space:nowrap">Iowa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.09px;left:832.08px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:432px;white-space:nowrap">Iowa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:814.42px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:1419.27px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:2038.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:2127.7px;white-space:nowrap">Lifespace</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:2857.08px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:3879.58px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:4181.92px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:4911.3px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:5355.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:5444.89px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:6085.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.57px;left:6174.27px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:576px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:682.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:771.63px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:1501.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:1589.98px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:1678.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:1821.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:1910.14px;white-space:nowrap">5/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.57px;left:9368.2px;white-space:nowrap">1,727,515</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2892.02px;left:432px;white-space:nowrap">Kentucky
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2892.02px;left:1196.69px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:432px;white-space:nowrap">Louisville </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:1134.58px;white-space:nowrap">Regional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:1801.77px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:2308.64px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:2928.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:3017.08px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:3657.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:3746.45px;white-space:nowrap">2014 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:4138.02px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:4244.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:4333.64px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:5063.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:5152px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:5240.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:5383.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:5472.16px;white-space:nowrap">7/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:7485.64px;white-space:nowrap">385,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:9501.64px;white-space:nowrap">385,058</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3459.63px;left:432px;white-space:nowrap">Louisiana
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3459.63px;left:1223.25px;white-space:nowrap">1.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:432px;white-space:nowrap">Louisiana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:1161.45px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:1641.69px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:2299.66px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:2919.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:3008.09px;white-space:nowrap">Calcasieu
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:3755.13px;white-space:nowrap">Bridge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:4262.08px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:4911.22px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:5204.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:5293.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.12px;left:6023.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:576px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:878.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:967.41px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:1323.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:1412.25px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:1634.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:1776.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:1865.84px;white-space:nowrap">9/01/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:9368.2px;white-space:nowrap">1,789,962</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4047.81px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:432px;white-space:nowrap">Parish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:929.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:1107.86px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:1347.94px;white-space:nowrap">John </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:1739.34px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:2006.22px;white-space:nowrap">Baptist</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:2495.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:2584.27px;white-space:nowrap">Marathon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:3304.66px;white-space:nowrap">Oil </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:3544.66px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:3935.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:4024.81px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:4665.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:4754.19px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:5145.75px;white-space:nowrap">A-3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:5394.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:5483.64px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.6px;left:6213.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:576px;white-space:nowrap">Mandatory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1376.39px;white-space:nowrap">Put</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1616.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1705.45px;white-space:nowrap">2.2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1927.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2070.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2159.05px;white-space:nowrap">7/01/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:7352.2px;white-space:nowrap">3,010,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:9368.2px;white-space:nowrap">2,953,937</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:432px;letter-spacing:-1.61px;white-space:nowrap">Tangipahoa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:1303.88px;white-space:nowrap">Parish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:1801.84px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:2424.34px;white-space:nowrap">Service </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:3002.31px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:3535.59px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:3829.03px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:3918.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:4006.92px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:4647.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:4736.3px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:5092.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:5181.14px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:5910.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:5999.5px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:6088.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.08px;left:6230.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:576px;white-space:nowrap">2/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:9368.2px;white-space:nowrap">1,129,920</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4908.85px;left:9368.2px;white-space:nowrap">5,873,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5236.29px;left:432px;white-space:nowrap">Maryland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5236.29px;left:1178.88px;white-space:nowrap">1.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:929.89px;white-space:nowrap">Gaithersburg</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:1854.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:1934.89px;white-space:nowrap">Asbury </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:2477.31px;white-space:nowrap">Maryland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:3179.81px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:3909.19px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:4353.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:4442.78px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:5083.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:5172.16px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:5563.72px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:5670.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:5759.34px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5432.78px;left:6488.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:576px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:896.16px;white-space:nowrap">1/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.78px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">452,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5864.95px;left:432px;white-space:nowrap">Maryland </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5864.95px;left:1134.5px;white-space:nowrap">Economic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5864.95px;left:1881.45px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5864.95px;left:2868.64px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5864.95px;left:3259.89px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:576px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:1162.95px;letter-spacing:-0.58px;white-space:nowrap">View
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:1551.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:1699.59px;white-space:nowrap">Thurgood
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:2428.97px;white-space:nowrap">Marshall
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:3078.03px;white-space:nowrap">Student </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:3674.05px;white-space:nowrap">Housing,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:4349.98px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:5079.36px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:5524.2px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:6066.78px;white-space:nowrap">7/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:7352.2px;white-space:nowrap">1,350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.43px;left:9368.2px;white-space:nowrap">1,167,644</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:576px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:1162.95px;letter-spacing:-0.58px;white-space:nowrap">View
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:1551.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:1699.59px;white-space:nowrap">Thurgood
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:2428.97px;white-space:nowrap">Marshall
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:3078.03px;white-space:nowrap">Student </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:3674.05px;white-space:nowrap">Housing,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:4349.98px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:5079.36px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:5470.92px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:5666.55px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:5986.7px;white-space:nowrap">7/01/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:7352.2px;white-space:nowrap">1,725,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6257.91px;left:9368.2px;white-space:nowrap">1,844,055</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6541.68px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">3,464,110</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6869.13px;left:432px;white-space:nowrap">Massachusetts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6869.13px;left:1623.64px;white-space:nowrap">8.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.29px;left:432px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.29px;left:1588.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.29px;left:1765.91px;white-space:nowrap">Massachusetts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.29px;left:2833.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:913.81px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:1314.2px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:1518.66px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:1838.81px;white-space:nowrap">10/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:7352.2px;white-space:nowrap">6,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.78px;left:9368.2px;white-space:nowrap">6,662,621</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:913.81px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:1314.2px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:1509.83px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:1829.98px;white-space:nowrap">8/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:7352.2px;white-space:nowrap">3,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7502.26px;left:9368.2px;white-space:nowrap">3,362,445</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7742.43px;left:432px;white-space:nowrap">Massachusetts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7742.43px;left:1543.56px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7742.43px;left:2530.75px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7742.43px;left:3135.59px;letter-spacing:-1.98px;white-space:nowrap">Agency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7742.43px;left:3657.39px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:576px;white-space:nowrap">Bentley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:1154.13px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:1933.5px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:2662.87px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:3107.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:3427.87px;white-space:nowrap">7/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:3981.7px;letter-spacing:51.6px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:7352.2px;white-space:nowrap">2,160,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7938.91px;left:9368.2px;white-space:nowrap">2,175,936</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:576px;white-space:nowrap">SABIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:1091.78px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:2016.86px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:2594.83px;white-space:nowrap">School, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:3172.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:3902.33px;white-space:nowrap">2015, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:4347.17px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:5165.53px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:5485.69px;white-space:nowrap">4/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8135.39px;left:9501.64px;white-space:nowrap">999,994</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:576px;white-space:nowrap">UMass </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:1118.27px;white-space:nowrap">Memorial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:1820.61px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:2327.56px;white-space:nowrap">Care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:2718.81px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:3448.19px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:3981.78px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:4711.16px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:5111.55px;white-space:nowrap">N-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8331.88px;left:5458.27px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8523.88px;left:720px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8523.88px;left:1262.58px;white-space:nowrap">7/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8523.88px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8523.88px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8523.88px;left:9368.2px;white-space:nowrap">5,023,107</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:576px;white-space:nowrap">UMass </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:1118.27px;white-space:nowrap">Memorial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:1820.61px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:2327.56px;white-space:nowrap">Care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:2718.81px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:3448.19px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:3981.78px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:4711.16px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:5111.55px;white-space:nowrap">N-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8720.36px;left:5458.27px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.36px;left:720px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.36px;left:1173.59px;white-space:nowrap">7/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.36px;left:1739.78px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.36px;left:7352.2px;white-space:nowrap">4,800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.36px;left:9368.2px;white-space:nowrap">4,470,336</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:432px;white-space:nowrap">Massachusetts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:1543.56px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:1872.63px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:2492.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:2581.06px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:3221.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:3310.44px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:3710.83px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:3817.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:3906.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:3995.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:4137.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:4226.61px;white-space:nowrap">7/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9152.53px;left:9368.2px;white-space:nowrap">2,173,263</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9436.29px;left:9279.22px;white-space:nowrap">24,867,702</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9763.74px;left:432px;white-space:nowrap">Michigan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9763.74px;left:1169.81px;white-space:nowrap">7.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:929.89px;white-space:nowrap">Detroit</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:1401.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:1490.05px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:1738.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:1827.86px;white-space:nowrap">B-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:2076.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:2165.75px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:2254.73px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:2397px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:2485.91px;white-space:nowrap">4/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:7352.2px;white-space:nowrap">1,690,341</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10003.91px;left:9368.2px;white-space:nowrap">1,331,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:432px;white-space:nowrap">Detroit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:947.7px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:1267.7px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:1801.38px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:2290.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:2379.11px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:2628.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:2716.92px;white-space:nowrap">2001 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:3108.48px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:3215.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:3295.28px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:3819.73px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:4353.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:4442.31px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:4531.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:4673.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:4762.47px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.07px;left:9501.64px;white-space:nowrap">798,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10484.24px;left:432px;white-space:nowrap">Great </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10484.24px;left:876.61px;white-space:nowrap">Lakes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10484.24px;left:1348.02px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10484.24px;left:1804.42px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10484.24px;left:2423.95px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:576px;white-space:nowrap">Sewage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:1198.66px;white-space:nowrap">Disposal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:1856.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:2479.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:3208.42px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:3715.37px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:4106.78px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:4507.17px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:4711.63px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:5254.2px;white-space:nowrap">7/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:7352.2px;white-space:nowrap">1,375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10680.72px;left:9368.2px;white-space:nowrap">1,455,486</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:576px;white-space:nowrap">Sewage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:1198.66px;white-space:nowrap">Disposal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:1856.7px;white-space:nowrap">System, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:2479.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:3208.42px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:3715.37px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:4106.78px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:4507.17px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:4711.63px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:5254.2px;white-space:nowrap">7/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:7352.2px;white-space:nowrap">1,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.21px;left:9368.2px;white-space:nowrap">1,789,637</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.37px;left:432px;white-space:nowrap">Michigan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.37px;left:1116.77px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.37px;left:1721.61px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11117.37px;left:2341.14px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:576px;white-space:nowrap">Lawrence </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:1311.31px;letter-spacing:-1.27px;white-space:nowrap">Technological
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:2325.3px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:3072.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:3801.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:4335.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:5064.44px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:5509.28px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11313.86px;left:6327.64px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.86px;left:720px;white-space:nowrap">2/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.86px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.86px;left:7485.64px;white-space:nowrap">745,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11505.86px;left:9501.64px;white-space:nowrap">636,524</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:576px;letter-spacing:-0.74px;white-space:nowrap">Trinity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:1050.06px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:1557.02px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:1992.72px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:2722.09px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:3255.69px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:3985.06px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:4376.63px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:4572.25px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:5390.61px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:5710.77px;white-space:nowrap">12/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:7352.2px;white-space:nowrap">3,845,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.34px;left:9368.2px;white-space:nowrap">3,318,695</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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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-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="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:36.48px;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, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Michigan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1169.81px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:432px;white-space:nowrap">Michigan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1116.77px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1534.81px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2166.3px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3144.66px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3764.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3853.09px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:4493.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:4582.47px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:4974.03px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5080.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5169.66px;white-space:nowrap">2.73</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5481.06px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5623.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5712.23px;white-space:nowrap">10/01/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7352.2px;white-space:nowrap">1,500,000</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">939,971</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1227.77px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:432px;white-space:nowrap">Pontiac </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:1010.13px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:1543.8px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:2032.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:913.81px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1358.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1678.81px;white-space:nowrap">5/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:7352.2px;white-space:nowrap">4,423,530</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">4,114,027</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:913.81px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1358.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1678.81px;white-space:nowrap">5/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:7352.2px;white-space:nowrap">4,976,470</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:9368.2px;white-space:nowrap">4,467,354</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:432px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:850.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:1027.94px;white-space:nowrap">Michigan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:1668.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:1754.27px;letter-spacing:-0.99px;white-space:nowrap">Trunk
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:2201.77px;white-space:nowrap">Line</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:2504.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:2593.17px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:3233.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:3322.55px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:3714.11px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:3820.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:3909.73px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:3998.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:4140.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:4229.89px;letter-spacing:-1.48px;white-space:nowrap">11/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:7352.2px;white-space:nowrap">3,725,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1901.38px;left:9368.2px;white-space:nowrap">3,428,297</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2185.14px;left:9279.22px;white-space:nowrap">22,279,966</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2512.59px;left:432px;white-space:nowrap">Minnesota
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2512.59px;left:1267.63px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:929.89px;letter-spacing:-1.98px;white-space:nowrap">Ramsey</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:1504.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:1593.72px;letter-spacing:-2.95px;white-space:nowrap">PACT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:2050.13px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:2628.09px;white-space:nowrap">School</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3117.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3206.22px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3846.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3935.59px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:4327.16px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:4433.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:4522.78px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5252.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5341.14px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5430.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5572.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5661.3px;white-space:nowrap">6/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:9368.2px;white-space:nowrap">1,907,322</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3080.2px;left:432px;white-space:nowrap">Missouri
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3080.2px;left:1134.34px;white-space:nowrap">7.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:432px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:938.95px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:1090.13px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:1970.75px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:2628.72px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:3304.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:3482.47px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:3749.34px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:4167.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:4345.28px;white-space:nowrap">Missouri</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3320.36px;left:4940.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:2007.64px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:2852.48px;white-space:nowrap">Pharmacy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:4497.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:5618.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.85px;left:5814.2px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.85px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.85px;left:1040.16px;white-space:nowrap">5/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.85px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.85px;left:7352.2px;white-space:nowrap">1,085,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.85px;left:9501.64px;white-space:nowrap">954,674</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:2007.64px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:2852.48px;white-space:nowrap">Pharmacy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:4497.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:5618.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.33px;left:5814.2px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.33px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.33px;left:1040.16px;white-space:nowrap">5/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.33px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.33px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.33px;left:9368.2px;white-space:nowrap">1,439,377</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:2007.64px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:2852.48px;white-space:nowrap">Pharmacy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:4497.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:5618.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.82px;left:5814.2px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4485.82px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4485.82px;left:1040.16px;white-space:nowrap">5/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4485.82px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4485.82px;left:7352.2px;white-space:nowrap">1,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4485.82px;left:9501.64px;white-space:nowrap">881,827</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:2007.64px;white-space:nowrap">Sciences </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:2852.48px;white-space:nowrap">Pharmacy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:4497.64px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:5627.41px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.3px;left:5823.03px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4874.3px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4874.3px;left:1040.16px;white-space:nowrap">5/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4874.3px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4874.3px;left:7352.2px;white-space:nowrap">1,950,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4874.3px;left:9368.2px;white-space:nowrap">1,453,758</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.47px;left:432px;white-space:nowrap">Kansas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.47px;left:1010.13px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.47px;left:1330.13px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.47px;left:2023.8px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.47px;left:3002.16px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.47px;left:3621.69px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:576px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:1073.89px;white-space:nowrap">Kansas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:1652.02px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:1963.19px;white-space:nowrap">Airport,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:2523.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:3252.72px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:3653.11px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:3848.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:4168.89px;white-space:nowrap">3/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:7352.2px;white-space:nowrap">5,925,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.95px;left:9368.2px;white-space:nowrap">6,064,227</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:576px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:1073.89px;white-space:nowrap">Kansas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:1652.02px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:1963.19px;white-space:nowrap">Airport,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:2523.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:3252.72px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:3653.11px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:3848.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:4168.89px;white-space:nowrap">3/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:7352.2px;white-space:nowrap">3,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5507.44px;left:9368.2px;white-space:nowrap">3,152,167</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:576px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:1073.89px;white-space:nowrap">Kansas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:1652.02px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:1963.19px;white-space:nowrap">Airport,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:2523.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:3252.72px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:3644.28px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:3831.08px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:4355.53px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:4978.11px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:5298.27px;white-space:nowrap">3/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:7352.2px;white-space:nowrap">8,980,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5703.92px;left:9368.2px;white-space:nowrap">8,940,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5987.69px;left:9279.22px;white-space:nowrap">22,886,849</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6315.13px;left:432px;white-space:nowrap">Nevada
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6315.13px;left:1045.67px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.3px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.3px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.3px;left:929.89px;white-space:nowrap">Las </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.3px;left:1232.31px;letter-spacing:-1.77px;white-space:nowrap">Vegas</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.3px;left:1677.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:2950.06px;white-space:nowrap">816, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:4826.63px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:5271.47px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:5591.63px;white-space:nowrap">6/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.78px;left:9368.2px;white-space:nowrap">1,288,507</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:2950.06px;white-space:nowrap">818, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:4826.63px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:5271.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:5591.63px;white-space:nowrap">12/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:7352.2px;white-space:nowrap">1,130,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.27px;left:9368.2px;white-space:nowrap">1,064,371</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7147.96px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:929.89px;white-space:nowrap">Sparks</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:1427.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:1516.77px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:2246.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:2753.09px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:3055.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:3144.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:3607.08px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:3998.64px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:4105.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:4194.27px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:4923.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:5012.63px;white-space:nowrap">2.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:5324.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:5466.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:5555.2px;white-space:nowrap">6/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:7485.64px;white-space:nowrap">615,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.75px;left:9501.64px;white-space:nowrap">593,086</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7344.45px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.92px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.92px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.92px;left:1161.3px;letter-spacing:-0.99px;white-space:nowrap">Washoe</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.92px;left:1742.31px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:576px;white-space:nowrap">Sierra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:1047.25px;text-rendering:optimizeLegibility;white-space:nowrap">Pacific
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:1562.95px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:2060.92px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:2398.81px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:3128.19px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:3528.58px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:3733.03px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:4551.39px;white-space:nowrap">Mandatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:5351.78px;white-space:nowrap">Put, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.4px;left:5680.84px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.4px;left:720px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.4px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.4px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.4px;left:9368.2px;white-space:nowrap">1,506,259</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:576px;white-space:nowrap">Sierra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:1047.25px;text-rendering:optimizeLegibility;white-space:nowrap">Pacific
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:1562.95px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:2060.92px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:2398.81px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:3128.19px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:3528.58px;letter-spacing:-5.91px;white-space:nowrap">F,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:3697.48px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:4515.84px;white-space:nowrap">Mandatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:5316.23px;white-space:nowrap">Put, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.89px;left:5645.3px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.89px;left:720px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.89px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.89px;left:7352.2px;white-space:nowrap">4,850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.89px;left:9368.2px;white-space:nowrap">4,870,238</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8445.65px;left:9368.2px;white-space:nowrap">9,322,461</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8773.1px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8773.1px;left:805.44px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8773.1px;left:1676.84px;white-space:nowrap">4.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9013.26px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9013.26px;left:796.53px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9013.26px;left:1614.58px;white-space:nowrap">Business
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9013.26px;left:2308.25px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9013.26px;left:2913.09px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9013.26px;left:3532.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:1305.38px;white-space:nowrap">2023-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:2079.28px;white-space:nowrap">3.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:2710.84px;white-space:nowrap">1/20/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:7352.2px;white-space:nowrap">1,763,812</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9209.75px;left:9368.2px;white-space:nowrap">1,648,290</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:1305.38px;white-space:nowrap">2024-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:2079.28px;white-space:nowrap">3.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:2710.84px;white-space:nowrap">8/20/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:7352.2px;white-space:nowrap">2,734,626</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9406.23px;left:9368.2px;white-space:nowrap">2,504,744</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:576px;white-space:nowrap">Caritas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:1118.42px;white-space:nowrap">Acquisitions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:2016.63px;white-space:nowrap">VII </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:2256.7px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:2639.13px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:3368.5px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:3760.06px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:3955.69px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:4587.25px;white-space:nowrap">8/15/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:7352.2px;white-space:nowrap">1,070,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.72px;left:9501.64px;white-space:nowrap">931,632</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:576px;white-space:nowrap">Caritas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:1118.42px;white-space:nowrap">Acquisitions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:2016.63px;white-space:nowrap">VII </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:2256.7px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:2639.13px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:3368.5px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:3760.06px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:3955.69px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:4498.27px;white-space:nowrap">8/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:7352.2px;white-space:nowrap">1,210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.2px;left:9368.2px;white-space:nowrap">1,017,781</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:576px;white-space:nowrap">Caritas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:1118.42px;white-space:nowrap">Acquisitions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:2016.63px;white-space:nowrap">VII </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:2256.7px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:2639.13px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:3368.5px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:3760.06px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:3955.69px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:4409.28px;white-space:nowrap">8/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:7352.2px;white-space:nowrap">2,540,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.68px;left:9368.2px;white-space:nowrap">2,084,551</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:816.08px;white-space:nowrap">Luke&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:1318.03px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:1940.53px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:2669.91px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:3203.5px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:3932.88px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:4333.27px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:4528.89px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:4849.05px;white-space:nowrap">8/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:7485.64px;white-space:nowrap">850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.17px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">811,420</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:816.08px;white-space:nowrap">Luke&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:1318.03px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:1940.53px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:2669.91px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:3203.5px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:3932.88px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:4333.27px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:4528.89px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:4849.05px;white-space:nowrap">8/15/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:7352.2px;white-space:nowrap">1,040,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.65px;left:9501.64px;white-space:nowrap">967,671</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:796.53px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:1614.58px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:2121.53px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:2432.94px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:3189.03px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:3847px;white-space:nowrap">Authority </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:4514.03px;white-space:nowrap">Act</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10628.82px;left:4745.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:576px;white-space:nowrap">Elliot </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:967.25px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:1589.75px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:2319.13px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:2852.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:3582.09px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:4026.94px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:4845.3px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:5165.45px;white-space:nowrap">10/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10825.3px;left:9501.64px;white-space:nowrap">500,667</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:576px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:1269.83px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:1634.36px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:2452.41px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:2959.36px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:3688.73px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:4222.33px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:4951.7px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:5396.55px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11021.79px;left:6214.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.79px;left:720px;white-space:nowrap">10/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.79px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.79px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11213.79px;left:9368.2px;white-space:nowrap">2,510,692</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11497.55px;left:9279.22px;white-space:nowrap">12,977,448</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:6794.84px;letter-spacing:10.29px;white-space:nowrap">Putnam
</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="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="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>
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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, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.278px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:805.44px;white-space:nowrap">Jersey
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1357.08px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Passaic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1036.69px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1588.09px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2557.39px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3233.25px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3615.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3704.42px;white-space:nowrap">Paterson </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4380.44px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4709.34px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4860.52px;white-space:nowrap">Science </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5474.19px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6052.16px;white-space:nowrap">School</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6541.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1305.38px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1750.22px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1972.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2114.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2203.81px;white-space:nowrap">7/01/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">550,000</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">558,069</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:432px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:894.58px;white-space:nowrap">Jersey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1407.39px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2468.72px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3088.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3177.16px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3817.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:3906.53px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4298.09px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4404.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4493.72px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4805.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:4947.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:5036.3px;letter-spacing:-1.48px;white-space:nowrap">11/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9368.2px;white-space:nowrap">1,026,914</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1700.32px;left:9368.2px;white-space:nowrap">1,584,983</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:805.44px;white-space:nowrap">Mexico
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:1392.31px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:929.89px;white-space:nowrap">Santa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1392.47px;white-space:nowrap">Fe</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1579.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:576px;white-space:nowrap">El </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:762.72px;white-space:nowrap">Castillo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1331.78px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:2158.73px;white-space:nowrap">Residences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:3039.2px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:3768.58px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:4302.17px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5031.55px;white-space:nowrap">2012, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5476.39px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5796.55px;white-space:nowrap">5/15/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:7352.2px;white-space:nowrap">1,460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:9368.2px;white-space:nowrap">1,406,888</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:576px;white-space:nowrap">El </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:762.72px;white-space:nowrap">Castillo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:1331.78px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:2158.73px;white-space:nowrap">Residences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3039.2px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3768.58px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4302.17px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5031.55px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5423.11px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5618.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5938.89px;white-space:nowrap">5/15/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:7485.64px;white-space:nowrap">975,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:9501.64px;white-space:nowrap">926,578</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2944.67px;left:9368.2px;white-space:nowrap">2,333,466</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3272.12px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3272.12px;left:802.55px;letter-spacing:-1.32px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3272.12px;left:1190.83px;white-space:nowrap">13.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:432px;white-space:nowrap">Empire </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:983.25px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:1401.3px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:2388.48px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:2779.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:2868.64px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:3286.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:3464.58px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:3826.22px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:4184.97px;white-space:nowrap">Sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:4626.77px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:4875.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:4964.66px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:5605.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:5694.03px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:6085.59px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3468.6px;left:6192.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:1394.36px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:1714.52px;white-space:nowrap">3/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:7352.2px;white-space:nowrap">1,060,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3660.6px;left:9501.64px;white-space:nowrap">758,438</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:1354.03px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:2415.36px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.77px;left:3034.89px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:1305.38px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:1705.77px;white-space:nowrap">C-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:2052.48px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:2870.84px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3191px;letter-spacing:-1.48px;white-space:nowrap">11/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4097.25px;left:9501.64px;white-space:nowrap">982,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:1305.38px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:1705.77px;white-space:nowrap">C-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:2052.48px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:2372.64px;letter-spacing:-1.48px;white-space:nowrap">11/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:9368.2px;white-space:nowrap">1,505,267</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:1305.38px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:2710.92px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:3164.52px;letter-spacing:-1.48px;white-space:nowrap">11/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:3794.87px;letter-spacing:51.41px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:7352.2px;white-space:nowrap">8,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:9368.2px;white-space:nowrap">8,495,630</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:793.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:1152.39px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:1472.39px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:2103.88px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:3091.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:3482.31px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:1305.38px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:1705.77px;white-space:nowrap">I-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:1981.39px;white-space:nowrap">2.55%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:2523.97px;letter-spacing:-1.48px;white-space:nowrap">11/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:3140.98px;letter-spacing:50.94px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:7352.2px;white-space:nowrap">2,025,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4926.87px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,377,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:1305.38px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:1705.77px;white-space:nowrap">I-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:1981.39px;white-space:nowrap">2.8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:2434.98px;letter-spacing:-1.48px;white-space:nowrap">11/01/60</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.35px;left:9368.2px;white-space:nowrap">1,240,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:793.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:1152.39px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:1469.5px;letter-spacing:-0.46px;white-space:nowrap">Transitional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:2335.05px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:2939.89px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:3559.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:3648.33px;white-space:nowrap">Future </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:4152.31px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:4445.75px;white-space:nowrap">Secured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:5041.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:5130.59px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:5771.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:5859.97px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:6260.36px;white-space:nowrap">B-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.84px;left:6509.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:576px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:896.16px;white-space:nowrap">8/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:7352.2px;white-space:nowrap">5,875,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.84px;left:9368.2px;white-space:nowrap">4,147,215</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:793.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:1152.39px;white-space:nowrap">Counties </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:1825.44px;letter-spacing:-2.22px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:2462.94px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:2865.91px;white-space:nowrap">VI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:3017.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:3105.98px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:3746.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:3835.36px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:4226.92px;white-space:nowrap">A-2B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:4582.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:4671.53px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5400.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5489.89px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5578.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5721.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5810.05px;white-space:nowrap">6/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:9501.64px;white-space:nowrap">879,880</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.17px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.17px;left:793.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.17px;left:1152.39px;white-space:nowrap">Liberty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.17px;left:1677.08px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.17px;left:2664.27px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5992.17px;left:3055.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:2710.92px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:3102.09px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:3724.67px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:4044.83px;letter-spacing:-1.48px;white-space:nowrap">11/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:7352.2px;white-space:nowrap">3,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6188.65px;left:9368.2px;white-space:nowrap">2,437,954</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:576px;white-space:nowrap">7 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:709.44px;letter-spacing:-0.48px;white-space:nowrap">World
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:1165.92px;letter-spacing:-0.99px;white-space:nowrap">Trade
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:1622.41px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:2147.09px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:2280.45px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:2662.87px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:3392.25px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:3783.81px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:3979.44px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:4157.33px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:4975.69px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:5295.84px;white-space:nowrap">9/15/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:7352.2px;white-space:nowrap">2,335,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6385.14px;left:9368.2px;white-space:nowrap">1,788,846</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6625.3px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6625.3px;left:793.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6625.3px;left:1149.5px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6625.3px;left:2219.66px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6625.3px;left:3206.84px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6625.3px;left:3598.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:576px;white-space:nowrap">Delta </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:985.14px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:1225.14px;white-space:nowrap">Lines, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:1696.55px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:2043.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:2772.72px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:3217.56px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:3537.72px;white-space:nowrap">10/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.79px;left:9368.2px;white-space:nowrap">2,004,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:576px;white-space:nowrap">JFK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:904.91px;letter-spacing:-0.72px;white-space:nowrap">NTO
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:1284.2px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:1666.63px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:2396px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:2840.84px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:3161px;white-space:nowrap">6/30/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:7352.2px;white-space:nowrap">2,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.27px;left:9368.2px;white-space:nowrap">2,517,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:576px;white-space:nowrap">Laguardia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:1332.17px;white-space:nowrap">Gateway </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:2008.03px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:2657.17px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:3039.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:3768.97px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:4160.53px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:4356.16px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:4676.31px;white-space:nowrap">7/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.76px;left:9501.64px;white-space:nowrap">489,855</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7414.45px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:432px;white-space:nowrap">Oneida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:992.39px;white-space:nowrap">Indian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:1472.78px;white-space:nowrap">Nation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:1979.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:2157.63px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:2519.27px;letter-spacing:-3.67px;white-space:nowrap">York</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.92px;left:2833.56px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:1305.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:1767.95px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:2159.52px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:2355.14px;white-space:nowrap">8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:2675.3px;white-space:nowrap">9/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7651.41px;left:9501.64px;white-space:nowrap">303,688</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:1305.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:1767.95px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:2168.34px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:2363.97px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:2684.12px;white-space:nowrap">9/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:7485.64px;white-space:nowrap">475,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:9501.64px;white-space:nowrap">504,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:432px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:761.06px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:1436.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:1614.81px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:1976.45px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:2335.2px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:2486.38px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:2850.91px;letter-spacing:-1.98px;white-space:nowrap">Jersey</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8088.06px;left:3310.28px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:1305.38px;white-space:nowrap">207th, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:1794.67px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:2613.03px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:2933.19px;white-space:nowrap">9/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:7352.2px;white-space:nowrap">2,925,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8284.54px;left:9368.2px;white-space:nowrap">2,989,195</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8484.24px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:1305.38px;white-space:nowrap">218th, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:1794.67px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:2114.83px;letter-spacing:-1.48px;white-space:nowrap">11/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:7352.2px;white-space:nowrap">2,980,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8481.03px;left:9368.2px;white-space:nowrap">2,968,097</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Suffolk
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:962.16px;white-space:nowrap">Regional </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:1638.17px;text-rendering:optimizeLegibility;letter-spacing:-0.59px;white-space:nowrap">Off-Track
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:2339.89px;white-space:nowrap">Betting </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:2882.47px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:3131.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:3220.36px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:3860.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:3949.73px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:4305.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:4394.58px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:4483.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:4625.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:4714.73px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:7352.2px;white-space:nowrap">2,270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8721.19px;left:9368.2px;white-space:nowrap">2,319,774</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:432px;letter-spacing:-0.59px;white-space:nowrap">Triborough</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:1244.27px;white-space:nowrap">Bridge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:1751.22px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:1899.5px;letter-spacing:-0.85px;white-space:nowrap">Tunnel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:2418.41px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:3037.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:3126.84px;white-space:nowrap">Sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:3568.64px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:3817.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:3906.53px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:4547px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:4635.91px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:5027.47px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:5134.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:5223.09px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:5534.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:5676.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:5765.67px;white-space:nowrap">5/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:6317.03px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:7352.2px;white-space:nowrap">4,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8961.36px;left:9368.2px;white-space:nowrap">4,578,331</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9245.12px;left:9279.22px;white-space:nowrap">42,288,851</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9572.57px;left:432px;white-space:nowrap">North
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9572.57px;left:903.02px;white-space:nowrap">Carolina
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9572.57px;left:1587.63px;white-space:nowrap">1.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9812.74px;left:432px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9812.74px;left:867.7px;white-space:nowrap">Carolina </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9812.74px;left:1508.02px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9812.74px;left:2103.8px;white-space:nowrap">Care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9812.74px;left:2495.05px;white-space:nowrap">Commission</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9812.74px;left:3375.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:576px;white-space:nowrap">Lutheran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:1252.09px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:1910.06px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:2141.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:2399.28px;white-space:nowrap">Aging, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:2897.41px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:3199.75px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:3929.12px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:4462.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:5192.09px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:5583.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10009.22px;left:5779.28px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10201.22px;left:720px;white-space:nowrap">3/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10201.22px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10201.22px;left:7352.2px;white-space:nowrap">2,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10201.22px;left:9368.2px;white-space:nowrap">1,771,584</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:576px;text-rendering:optimizeLegibility;white-space:nowrap">Maryfield</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:1225.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:1313.97px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:1616.31px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:2345.69px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:2879.28px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:3608.66px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:4000.22px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:4195.84px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:4516px;white-space:nowrap">10/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10397.71px;left:9501.64px;white-space:nowrap">471,425</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:576px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:1082.95px;white-space:nowrap">Methodist
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:1821.08px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:2648.03px;white-space:nowrap">Homes, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:3243.73px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:3546.08px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:4275.45px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:4764.59px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:5235.77px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:5965.14px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10594.19px;left:6356.7px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10786.19px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10786.19px;left:1040.16px;white-space:nowrap">10/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10786.19px;left:1739.78px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10786.19px;left:7485.64px;white-space:nowrap">505,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10786.19px;left:9501.64px;white-space:nowrap">505,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:576px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:1082.95px;white-space:nowrap">Methodist
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:1821.08px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:2648.03px;white-space:nowrap">Homes, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:3243.73px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:3546.08px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:4275.45px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:4764.59px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:5235.77px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:5965.14px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10982.67px;left:6356.7px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.67px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.67px;left:1040.16px;white-space:nowrap">10/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.67px;left:1739.78px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.67px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.67px;left:9501.64px;white-space:nowrap">492,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11458.44px;left:9368.2px;white-space:nowrap">3,240,882</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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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="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)">

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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: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:36.48px;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, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Ohio
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:840.83px;white-space:nowrap">3.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:432px;white-space:nowrap">Buckeye </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1087.23px;letter-spacing:-2.22px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1727.63px;white-space:nowrap">Settlement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2536.92px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3266.3px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3885.83px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1812.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2203.73px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2595.3px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2933.19px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3111.08px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3929.44px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4249.59px;white-space:nowrap">6/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7352.2px;white-space:nowrap">3,560,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9368.2px;white-space:nowrap">2,470,150</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1812.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2203.73px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2604.13px;white-space:nowrap">B-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2942.02px;white-space:nowrap">2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3119.91px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3938.27px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4258.42px;white-space:nowrap">6/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:7352.2px;white-space:nowrap">2,265,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9368.2px;white-space:nowrap">1,979,463</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:432px;white-space:nowrap">Cleveland-Cuyahoga
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1970.75px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2522.16px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2851.22px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3470.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3559.66px;white-space:nowrap">Playhouse
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4351.3px;white-space:nowrap">Square </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4911.69px;white-space:nowrap">Foundation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5712.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5801.22px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:6441.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:576px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1020.84px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1750.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1839.2px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2061.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2203.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2292.8px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2954.15px;letter-spacing:50.83px;white-space:nowrap">......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:9501.64px;white-space:nowrap">489,190</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1161.3px;letter-spacing:-1.19px;white-space:nowrap">Montgomery</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2038.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2127.55px;white-space:nowrap">Kettering
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2812.39px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3319.34px;white-space:nowrap">Network </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3950.59px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4679.97px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:5124.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:5213.56px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:5854.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:5942.94px;white-space:nowrap">2016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:6298.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:576px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:896.16px;white-space:nowrap">8/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:9368.2px;white-space:nowrap">2,642,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:432px;white-space:nowrap">Ohio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:814.42px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:1330.2px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:2210.83px;white-space:nowrap">Facility </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:2753.09px;white-space:nowrap">Commission</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:3633.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:3713.33px;white-space:nowrap">Ashtabula
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:4469.42px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:5020.83px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:5616.61px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:2568.34px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:2924.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:3013.19px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:3324.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:3466.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:3555.77px;white-space:nowrap">1/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:7352.2px;white-space:nowrap">2,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:9368.2px;white-space:nowrap">2,778,705</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:432px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:769.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:947.78px;white-space:nowrap">Greater </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:1534.66px;white-space:nowrap">Cincinnati
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:2281.69px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:3260.05px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:3879.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:3968.48px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:4697.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:5204.81px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:5507.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:5596.22px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:5987.78px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:6094.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1714.52px;white-space:nowrap">12/01/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:9368.2px;white-space:nowrap">1,258,369</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:432px;white-space:nowrap">Southeastern
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:1428.25px;white-space:nowrap">Ohio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:1810.67px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:2139.73px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:2759.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:2848.17px;white-space:nowrap">Marietta
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:3461.77px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:3844.19px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:4351.14px;white-space:nowrap">Care, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:4786.84px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:5089.19px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:5818.56px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:6263.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:1305.38px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:1750.22px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:2479.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:2568.58px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:2791px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:2933.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:3022.17px;white-space:nowrap">12/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:7485.64px;white-space:nowrap">120,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:9501.64px;white-space:nowrap">109,665</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3647.23px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,728,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3974.68px;left:432px;white-space:nowrap">Oregon
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3974.68px;left:1045.36px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:432px;white-space:nowrap">Clackamas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:1267.78px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:1819.19px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:2441.69px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:2975.13px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:3594.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:3683.56px;white-space:nowrap">Rose </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:4101.53px;letter-spacing:-0.41px;white-space:nowrap">Villa,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:4489.89px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:4792.23px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:5521.61px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.16px;left:5966.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:1305.38px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:1696.94px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:1803.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:1892.56px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:2622.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:2710.92px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:3022.33px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:3164.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:3253.5px;letter-spacing:-1.48px;white-space:nowrap">11/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4363.16px;left:9501.64px;white-space:nowrap">933,495</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:432px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:1054.5px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:1712.47px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:2388.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:2566.22px;white-space:nowrap">Multnomah
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:3402.16px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:3953.56px;white-space:nowrap">Oregon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:4487.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:4573.25px;letter-spacing:-1.48px;white-space:nowrap">Terwilliger
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:5328.95px;white-space:nowrap">Plaza, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.64px;left:5818.09px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:2568.34px;white-space:nowrap">2016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:2924.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3013.19px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3742.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3831.55px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3920.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4062.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4151.7px;white-space:nowrap">12/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:9501.64px;white-space:nowrap">639,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:432px;white-space:nowrap">Salem </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:929.97px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:1552.47px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:2085.91px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:2705.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:2794.34px;white-space:nowrap">Salem </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:3292.31px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:3799.27px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:4528.64px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:4973.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:5062.23px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:5702.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:5791.61px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:6183.17px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4948.13px;left:6289.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:1714.52px;white-space:nowrap">5/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.13px;left:9368.2px;white-space:nowrap">1,517,549</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5423.89px;left:9368.2px;white-space:nowrap">3,090,646</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5751.34px;left:432px;white-space:nowrap">Others
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5751.34px;left:992.16px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5951.03px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:432px;white-space:nowrap">FHLMC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:1072px;white-space:nowrap">Multi-family
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:1925.36px;letter-spacing:-1.98px;white-space:nowrap">ML
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:2186.14px;white-space:nowrap">Pass-Through
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:3235.52px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:4035.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:4124.66px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:4765.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:4854.03px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:5182.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:5271.77px;white-space:nowrap">2024-ML22</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:6081.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:6161.3px;white-space:nowrap">A-US</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5947.82px;left:6543.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:576px;white-space:nowrap">4.268</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:976.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:1118.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:1207.56px;white-space:nowrap">10/25/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:7352.2px;white-space:nowrap">2,235,308</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6139.82px;left:9368.2px;white-space:nowrap">2,294,582</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6467.27px;left:432px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6467.27px;left:1499.19px;white-space:nowrap">6.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.44px;left:432px;white-space:nowrap">Allegheny </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.44px;left:1179.19px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.44px;left:1721.77px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.44px;left:2228.64px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.44px;left:2848.17px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:1892.56px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:2212.72px;white-space:nowrap">1/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:7352.2px;white-space:nowrap">3,480,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6903.92px;left:9368.2px;white-space:nowrap">3,638,056</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:1883.73px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:2408.19px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:3030.77px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:3350.92px;white-space:nowrap">1/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.41px;left:9501.64px;white-space:nowrap">661,247</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:1305.38px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:1883.73px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:2408.19px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:3030.77px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:3484.36px;white-space:nowrap">1/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7296.89px;left:9368.2px;white-space:nowrap">5,207,396</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:432px;white-space:nowrap">Bucks </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:912.16px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:1463.56px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:1928.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:2240.2px;white-space:nowrap">Sewer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:2729.34px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:3348.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:3437.78px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:4078.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:4167.16px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:4558.72px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:4665.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:4745.52px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:5269.97px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:5803.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:5892.55px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:6203.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.37px;left:6346.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7685.37px;left:576px;white-space:nowrap">12/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7685.37px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7685.37px;left:7352.2px;white-space:nowrap">2,175,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7685.37px;left:9368.2px;white-space:nowrap">2,306,643</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7925.54px;left:432px;white-space:nowrap">Cumberland </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7925.54px;left:1348.02px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7925.54px;left:1899.42px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7925.54px;left:2610.91px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7925.54px;left:3230.44px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:576px;white-space:nowrap">Lutheran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:1252.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:1759.05px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:2417.02px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:2781.63px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:3511px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:4044.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:4773.97px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:5218.81px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8122.02px;left:6037.17px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.02px;left:720px;white-space:nowrap">1/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.02px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.02px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8314.02px;left:9368.2px;white-space:nowrap">1,001,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:576px;white-space:nowrap">Lutheran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:1252.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:1759.05px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:2417.02px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:2781.63px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:3511px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:4044.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:4773.97px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:5218.81px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8510.51px;left:6037.17px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8702.51px;left:720px;white-space:nowrap">1/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8702.51px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8702.51px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8702.51px;left:9501.64px;white-space:nowrap">200,355</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8942.67px;left:432px;white-space:nowrap">Lancaster </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8942.67px;left:1179.11px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8942.67px;left:1730.52px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8942.67px;left:2344.19px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8942.67px;left:2963.72px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:576px;white-space:nowrap">Masonic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:1216.23px;letter-spacing:-0.32px;white-space:nowrap">Villages
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:1818.11px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:1996px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:2262.88px;white-space:nowrap">Grand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:2752.02px;white-space:nowrap">Lodge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:3241.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:3419.28px;white-space:nowrap">Pennsylvania,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:4459.91px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:5189.28px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9139.16px;left:5634.13px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9331.16px;left:720px;white-space:nowrap">5.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9331.16px;left:1351.56px;letter-spacing:-1.48px;white-space:nowrap">11/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9331.16px;left:2020.02px;letter-spacing:50.44px;white-space:nowrap">................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9331.16px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9331.16px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,079,116</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:576px;white-space:nowrap">Moravian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:1278.5px;white-space:nowrap">Manors </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:1856.47px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:2585.84px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:3119.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:3848.81px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:4240.38px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:4436px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:4756.16px;white-space:nowrap">6/15/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:5289.98px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9527.64px;left:9501.64px;white-space:nowrap">891,758</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:807.25px;white-space:nowrap">Anne&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:1335.92px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:2162.88px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:3016.39px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:3745.77px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:4279.36px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:5008.73px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:5453.58px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9724.13px;left:6271.94px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9916.13px;left:720px;white-space:nowrap">3/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9916.13px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9916.13px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9916.13px;left:9501.64px;white-space:nowrap">437,827</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:807.25px;white-space:nowrap">Anne&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:1335.92px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:2162.88px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:3016.39px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:3745.77px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:4279.36px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:5008.73px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:5453.58px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112.61px;left:6271.94px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10304.61px;left:720px;white-space:nowrap">3/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10304.61px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10304.61px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10304.61px;left:9501.64px;white-space:nowrap">396,961</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:432px;white-space:nowrap">Montgomery </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:1365.67px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:1917.08px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:2610.75px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:3589.11px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:4208.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:4297.55px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:4777.78px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:5311.45px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10501.1px;left:5489.34px;white-space:nowrap">Germantown
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:576px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:958.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:1047.17px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:1687.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:1776.55px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:2168.11px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:2274.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:2363.73px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:3093.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:3182.09px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:3271.08px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:3413.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:3502.25px;white-space:nowrap">10/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10693.1px;left:9501.64px;white-space:nowrap">419,604</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:432px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:1428.17px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:2175.13px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:3162.31px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:3891.69px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:4511.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:4600.13px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10889.58px;left:5756.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:576px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:1572.17px;white-space:nowrap">Motor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:2025.61px;white-space:nowrap">License
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:2621.55px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:2986.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:3075.14px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:3715.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:3804.52px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:4160.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:4240.53px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:4764.98px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:5298.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:5387.56px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:5698.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:5841.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:5930.14px;white-space:nowrap">12/31/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:7352.2px;white-space:nowrap">1,350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11081.58px;left:9368.2px;white-space:nowrap">1,400,044</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11281.28px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.75px;left:432px;white-space:nowrap">Philadelphia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.75px;left:1339.42px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.75px;left:2015.28px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.75px;left:2246.45px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.75px;left:2940.13px;white-space:nowrap">Development</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11321.75px;left:3882.86px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11521.44px;left:406.08px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:1500.69px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:1758.73px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:2087.64px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:2558.81px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:3288.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:3750.77px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:4195.61px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:4515.77px;white-space:nowrap">3/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:7352.2px;white-space:nowrap">1,487,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11518.23px;left:9368.2px;white-space:nowrap">1,159,906</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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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>

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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
</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>
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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">15</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>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.278px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1499.19px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:432px;white-space:nowrap">Philadelphia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1339.42px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2015.28px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2246.45px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2940.13px;white-space:nowrap">Development,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3971.77px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1322.8px;white-space:nowrap">Plaza </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1758.66px;white-space:nowrap">Associates,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2621.23px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3350.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3813.19px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4258.03px;white-space:nowrap">III, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4480.3px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5565.38px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:720px;white-space:nowrap">12/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7352.2px;white-space:nowrap">1,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9368.2px;white-space:nowrap">1,443,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1700.32px;left:9279.22px;white-space:nowrap">21,244,166</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:432px;white-space:nowrap">Rhode
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:974.19px;white-space:nowrap">Island
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:1480.98px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:432px;letter-spacing:-2.22px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1072.39px;white-space:nowrap">Settlement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1881.69px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:2619.89px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:3011.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:3100.05px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:3740.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:3829.42px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:4229.81px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:4336.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:4425.44px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:5154.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:5243.8px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:5332.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:5475.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:5563.95px;white-space:nowrap">6/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:7352.2px;white-space:nowrap">2,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:9368.2px;white-space:nowrap">2,749,879</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2595.38px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2595.38px;left:929.66px;white-space:nowrap">Dakota
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2595.38px;left:1507.63px;white-space:nowrap">1.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.55px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.55px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.55px;left:1161.3px;white-space:nowrap">Lincoln</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.55px;left:1668.33px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:576px;white-space:nowrap">Augustana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:1385.53px;white-space:nowrap">College </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:1963.73px;white-space:nowrap">Association,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:2870.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:3600.22px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:3991.78px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:4187.41px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:5005.77px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:5325.92px;white-space:nowrap">8/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:9368.2px;white-space:nowrap">1,584,232</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:576px;white-space:nowrap">Augustana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:1385.53px;white-space:nowrap">College </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:1963.73px;white-space:nowrap">Association,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:2870.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:3600.22px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:3991.78px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:4187.41px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:5005.77px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:5325.92px;white-space:nowrap">8/01/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:7352.2px;white-space:nowrap">2,355,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:9368.2px;white-space:nowrap">1,773,672</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3512.28px;left:9368.2px;white-space:nowrap">3,357,904</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3839.73px;left:432px;letter-spacing:-0.85px;white-space:nowrap">Tennessee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3839.73px;left:1291.69px;white-space:nowrap">2.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:432px;white-space:nowrap">Knox </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:841.14px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:1392.55px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:1899.5px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:2780.13px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:2931.3px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:3562.78px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:4105.05px;white-space:nowrap">Board</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:4532px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:4620.91px;white-space:nowrap">Provident
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:5341.3px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:5830.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4036.21px;left:5928.17px;white-space:nowrap">UTK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:576px;white-space:nowrap">Properties </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:1349.67px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:1643.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:1732.09px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:2372.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:2461.47px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:2853.03px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:3102.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:3190.92px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:3582.09px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4115.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4204.67px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4293.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4435.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4524.83px;white-space:nowrap">7/01/64</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:7352.2px;white-space:nowrap">3,415,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:9368.2px;white-space:nowrap">3,393,146</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:432px;white-space:nowrap">Metropolitan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:1356.92px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:2281.77px;white-space:nowrap">Nashville
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:2975.36px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:3126.53px;white-space:nowrap">Davidson </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:3838.02px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:4389.42px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:4896.38px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:5047.55px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.7px;left:5928.17px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:576px;white-space:nowrap">Board</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:1002.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:1091.86px;white-space:nowrap">Blakeford</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:1812.25px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:1990.14px;white-space:nowrap">Green </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:2479.28px;white-space:nowrap">Hills </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:2825.92px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:3555.3px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:3999.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:4088.89px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:4729.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:4818.27px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:5209.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:5316.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:5405.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:5494.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:5636.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:5725.61px;letter-spacing:-1.48px;white-space:nowrap">11/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:7352.2px;white-space:nowrap">2,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4616.7px;left:9368.2px;white-space:nowrap">1,659,220</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:1356.92px;white-space:nowrap">Nashville
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:2041.69px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:2548.56px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:3224.42px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:3606.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:3695.59px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:4336.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:4424.97px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:4825.36px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:4932.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:5020.98px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:5243.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:5385.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:5474.58px;white-space:nowrap">7/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:7352.2px;white-space:nowrap">1,125,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:9368.2px;white-space:nowrap">1,191,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5140.63px;left:9368.2px;white-space:nowrap">6,243,866</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5468.07px;left:432px;letter-spacing:-1.19px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5468.07px;left:918.25px;white-space:nowrap">13.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:432px;white-space:nowrap">Arlington </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1107.94px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1623.72px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:2379.81px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:2993.48px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:3384.73px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5907.93px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:576px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:1088.89px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:1551.31px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:2129.28px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:2787.41px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:3134.2px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:3863.58px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:4326.16px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:4771px;white-space:nowrap">4.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:5313.58px;white-space:nowrap">6/15/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:7485.64px;white-space:nowrap">915,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:9501.64px;white-space:nowrap">841,055</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:576px;white-space:nowrap">Uplift </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:984.98px;white-space:nowrap">Education,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:1785.53px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:2514.91px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:2906.47px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:3102.09px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:3920.45px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:4240.61px;white-space:nowrap">12/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6101.21px;left:9501.64px;white-space:nowrap">503,008</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:432px;white-space:nowrap">Austin-Bergstrom
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:1712.39px;white-space:nowrap">Landhost</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:2415.2px;white-space:nowrap">Enterprises,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:3313.33px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:3571.22px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:1305.38px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:1750.22px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:2568.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:2888.73px;white-space:nowrap">10/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:7485.64px;white-space:nowrap">530,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:9501.64px;white-space:nowrap">534,878</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1305.38px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1750.22px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2568.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2888.73px;white-space:nowrap">10/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:7352.2px;white-space:nowrap">1,045,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:9368.2px;white-space:nowrap">1,053,120</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:432px;white-space:nowrap">Central </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:989.34px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:1448.88px;letter-spacing:-0.66px;white-space:nowrap">Turnpike
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:2109.89px;white-space:nowrap">System</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:2643.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:2732.23px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3461.61px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3814.19px;letter-spacing:-3.69px;white-space:nowrap">Tier</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:4074.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:4163.88px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:4555.44px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:4662.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:4751.06px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:5480.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:5569.42px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:5658.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:5800.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:5889.58px;white-space:nowrap">8/15/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:7352.2px;white-space:nowrap">2,825,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:9368.2px;white-space:nowrap">2,340,091</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7174.2px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:929.89px;white-space:nowrap">Crandall</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:1525.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:1614.66px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:2032.47px;white-space:nowrap">Ridge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:2494.97px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:2975.2px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:3953.33px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:4486.61px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:5455.91px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:5838.33px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:6131.77px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:6220.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:1136.39px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:2007.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:2096.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:2559.28px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:2915.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:3004.12px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:3226.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:3368.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:3457.72px;white-space:nowrap">9/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:7485.64px;white-space:nowrap">390,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7362.99px;left:9501.64px;white-space:nowrap">367,152</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:929.89px;white-space:nowrap">San </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:1250.2px;white-space:nowrap">Antonio</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:1792.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:1881.77px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:2450.75px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:2601.92px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:2939.81px;white-space:nowrap">Systems</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:3553.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:3642.16px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:4282.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:4371.53px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:4771.92px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:4887.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:4976.38px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:5705.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:5794.73px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:6017.16px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.48px;left:6159.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7751.48px;left:576px;white-space:nowrap">2/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7751.48px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7751.48px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7751.48px;left:9368.2px;white-space:nowrap">5,391,432</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7991.64px;left:432px;white-space:nowrap">Clifton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7991.64px;left:929.97px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7991.64px;left:1445.75px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7991.64px;left:2201.84px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7991.64px;left:2815.52px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7991.64px;left:3206.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:576px;letter-spacing:-1.77px;white-space:nowrap">IDEA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:985.06px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:1465.3px;white-space:nowrap">Schools, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:2123.42px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:2852.8px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:3253.19px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:3448.81px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:3768.97px;white-space:nowrap">8/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8188.13px;left:9501.64px;white-space:nowrap">304,880</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:576px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:1501.08px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:2337.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:2512.25px;letter-spacing:-2.53px;white-space:nowrap">Texas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:3019.12px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:3365.92px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:4095.3px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:4495.69px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:4700.14px;white-space:nowrap">6.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:5331.7px;white-space:nowrap">8/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:7352.2px;white-space:nowrap">1,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.61px;left:9368.2px;white-space:nowrap">1,150,205</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:576px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:1501.08px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:2337.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:2512.25px;letter-spacing:-2.53px;white-space:nowrap">Texas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:3019.12px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:3365.92px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:4095.3px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:4486.86px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:4682.48px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:5500.84px;white-space:nowrap">PSF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8581.1px;left:5856.47px;letter-spacing:-1.19px;white-space:nowrap">Guaranty,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8773.1px;left:720px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8773.1px;left:1351.56px;white-space:nowrap">8/15/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8773.1px;left:1926.61px;letter-spacing:50.41px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8773.1px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8773.1px;left:9368.2px;white-space:nowrap">1,142,963</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:576px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:1501.08px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:2337.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:2512.25px;letter-spacing:-2.53px;white-space:nowrap">Texas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:3019.12px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:3365.92px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:4095.3px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:4486.86px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:4682.48px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:5500.84px;white-space:nowrap">PSF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8969.58px;left:5856.47px;letter-spacing:-1.19px;white-space:nowrap">Guaranty,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9161.58px;left:720px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9161.58px;left:1262.58px;white-space:nowrap">8/15/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9161.58px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9161.58px;left:7352.2px;white-space:nowrap">4,800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9161.58px;left:9368.2px;white-space:nowrap">4,430,223</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:576px;white-space:nowrap">YES </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:940.61px;white-space:nowrap">Prep </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:1323.03px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:1803.27px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:2461.39px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:2808.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:3537.56px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:3982.41px;white-space:nowrap">PSF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:4338.03px;letter-spacing:-1.19px;white-space:nowrap">Guaranty,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:5073.19px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:5615.77px;white-space:nowrap">4/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9358.07px;left:9368.2px;white-space:nowrap">1,889,593</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9557.76px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:1161.3px;white-space:nowrap">Denton</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:1677.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:1766.14px;white-space:nowrap">Green </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:2255.28px;white-space:nowrap">Meadows </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:2984.5px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:3464.73px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:4442.86px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:4976.14px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:5945.44px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.55px;left:6327.86px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:576px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:664.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:753.89px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:1314.28px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:2185.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:2274.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:2737.17px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:3093.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:3182.02px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:3582.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:3724.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:3813.58px;white-space:nowrap">12/31/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:4448.76px;letter-spacing:52.2px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:7485.64px;white-space:nowrap">775,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.55px;left:9501.64px;white-space:nowrap">733,650</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9946.24px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:432px;white-space:nowrap">Grand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:921.14px;white-space:nowrap">Parkway </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:1576.22px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:2646.38px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:3037.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:3126.53px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:3767px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:3855.91px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:4247.47px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:4354.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:4443.09px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:4532.08px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:4674.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:4763.25px;white-space:nowrap">10/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:5476.31px;letter-spacing:55.43px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:7352.2px;white-space:nowrap">3,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9943.03px;left:9368.2px;white-space:nowrap">3,532,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:432px;white-space:nowrap">Harris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:903.09px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:1454.5px;white-space:nowrap">Cultural </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:2050.28px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:2806.38px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:3473.17px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:4086.84px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:4478.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:576px;white-space:nowrap">Brazos </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:1118.42px;white-space:nowrap">Presbyterian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:2061.08px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:2612.33px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:3341.7px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:3875.3px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:4604.67px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:5049.52px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.68px;left:5867.88px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10571.68px;left:720px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10571.68px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10571.68px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10571.68px;left:9368.2px;white-space:nowrap">1,004,321</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:576px;letter-spacing:-1.77px;white-space:nowrap">YMCA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:1073.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:1251.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:1518.66px;white-space:nowrap">Greater
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:2105.53px;white-space:nowrap">Houston
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:2737.09px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:3163.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:3893.34px;white-space:nowrap">2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:4284.91px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:4480.53px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:5298.89px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:5619.05px;white-space:nowrap">6/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.17px;left:9501.64px;white-space:nowrap">769,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:576px;letter-spacing:-1.77px;white-space:nowrap">YMCA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:1073.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:1251.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:1518.66px;white-space:nowrap">Greater
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:2105.53px;white-space:nowrap">Houston
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:2737.09px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:3163.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:3893.34px;white-space:nowrap">2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:4284.91px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:4480.53px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:5298.89px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:5619.05px;white-space:nowrap">6/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.65px;left:9368.2px;white-space:nowrap">1,343,822</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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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:36.48px;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, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;letter-spacing:-1.7px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:918.25px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1072.39px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1588.17px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2344.27px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2957.94px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3349.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3438.09px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4078.48px;white-space:nowrap">Baptist </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4612.08px;letter-spacing:-1.19px;white-space:nowrap">University</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5302.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5391.45px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6031.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6120.83px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6476.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:976.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1118.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1207.56px;white-space:nowrap">10/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">650,000</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">620,901</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">Love </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:823.41px;white-space:nowrap">Field </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1205.83px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1721.53px;white-space:nowrap">Modernization
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2770.98px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3162.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3251.14px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3571.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3749.03px;white-space:nowrap">Dallas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4229.27px;white-space:nowrap">Airport</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4700.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4789.42px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5429.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5518.8px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5874.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5963.64px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6052.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6194.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;letter-spacing:-1.48px;white-space:nowrap">11/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9368.2px;white-space:nowrap">1,001,376</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:432px;white-space:nowrap">Matagorda </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1241.38px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1792.78px;white-space:nowrap">Navigation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2593.25px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3126.53px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3419.97px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3508.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3589.03px;letter-spacing:-0.72px;white-space:nowrap">AEP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3947.86px;letter-spacing:-2.53px;white-space:nowrap">Texas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4454.73px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4712.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4801.53px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5442px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5530.91px;white-space:nowrap">2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5922.47px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6029.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1385.53px;white-space:nowrap">AMBAC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1998.97px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2532.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2621.55px;white-space:nowrap">4.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2843.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2986.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:3075.14px;white-space:nowrap">5/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:3608.97px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:9368.2px;white-space:nowrap">1,512,989</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:796.53px;white-space:nowrap">Hope </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1223.48px;white-space:nowrap">Cultural
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1819.27px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2575.36px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3242.16px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3855.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:4247.08px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:576px;white-space:nowrap">CHF-Collegiate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:1714.13px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:2345.61px;white-space:nowrap">Denton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:2906px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:3288.42px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4017.8px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4409.36px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4738.42px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:5262.88px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:5885.45px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:720px;white-space:nowrap">7/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:9501.64px;white-space:nowrap">873,594</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:576px;white-space:nowrap">CHF-Collegiate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:1714.13px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2345.61px;white-space:nowrap">Denton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2906px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:3288.42px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4017.8px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4418.19px;white-space:nowrap">B-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4747.25px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5271.7px;white-space:nowrap">Insured, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5894.28px;white-space:nowrap">4.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:720px;white-space:nowrap">7/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:9501.64px;white-space:nowrap">866,791</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:432px;letter-spacing:-2.22px;white-space:nowrap">Tarrant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:974.42px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:1525.83px;white-space:nowrap">Cultural
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:2121.61px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:2877.7px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:3544.5px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4158.17px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4549.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4638.33px;white-space:nowrap">Buckner </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5269.73px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:576px;white-space:nowrap">Services, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1278.42px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1580.77px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:2310.14px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:2754.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:2843.73px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:3484.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:3573.11px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:3973.5px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:4080.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:4169.13px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:4258.11px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:4400.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:4489.28px;letter-spacing:-1.48px;white-space:nowrap">11/15/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:9368.2px;white-space:nowrap">1,976,487</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3558.68px;left:302.33px;white-space:nowrap">a,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:894.42px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:1747.94px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:2379.42px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:2530.59px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:3277.55px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4264.73px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4655.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4736.06px;white-space:nowrap">Agape </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5243.17px;white-space:nowrap">Helotes,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5874.58px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:6132.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:1812.33px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:2114.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:2203.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:2666.31px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3057.88px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3306.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3395.77px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3707.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3849.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3938.34px;white-space:nowrap">1/01/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:7485.64px;white-space:nowrap">625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:9501.64px;white-space:nowrap">577,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3987.63px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3987.63px;left:894.42px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3987.63px;left:1374.66px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3987.63px;left:1979.5px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3987.63px;left:2599.03px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:1038.42px;white-space:nowrap">Southern
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:1732.25px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:2511.63px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:3241px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:3685.84px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:4077.02px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:4699.59px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:5242.17px;white-space:nowrap">5/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.12px;left:9501.64px;white-space:nowrap">417,766</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:1038.42px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:1732.25px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:2511.63px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:3241px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:3685.84px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:4077.02px;white-space:nowrap">Insured, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:4699.59px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:5242.17px;white-space:nowrap">5/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4380.6px;left:9501.64px;white-space:nowrap">415,592</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:1038.42px;white-space:nowrap">Southern
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:1732.25px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:2511.63px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:3241px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:3685.84px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:4077.02px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:4699.59px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:5242.17px;white-space:nowrap">5/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.08px;left:9501.64px;white-space:nowrap">413,879</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:894.42px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:1359.66px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:2346.84px;white-space:nowrap">Board</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:2773.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:2862.7px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:3280.75px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:3745.98px;white-space:nowrap">Implementation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:4884.34px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:5569.27px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4773.57px;left:5978.41px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:576px;letter-spacing:-3.55px;white-space:nowrap">Texas</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:993.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:1082.88px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:1723.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:1812.25px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:2203.81px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:2310.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:2399.44px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:2799.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:2942.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:3031px;white-space:nowrap">10/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4965.57px;left:9368.2px;white-space:nowrap">3,087,973</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5165.26px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:432px;letter-spacing:-3.55px;white-space:nowrap">Town
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:849.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:1027.86px;white-space:nowrap">Providence
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:1872.78px;letter-spacing:-0.41px;white-space:nowrap">Village</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:2350.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:2439.11px;white-space:nowrap">Foree </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:2901.53px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:3408.48px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:3888.72px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:4866.84px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.05px;left:5400.13px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:576px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:958.42px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:1251.86px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:1340.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:1429.75px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:1990.14px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:2861.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:2950.45px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:3413.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:3768.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:3857.88px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:4080.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:4222.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:4311.47px;white-space:nowrap">9/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:7485.64px;white-space:nowrap">385,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.05px;left:9501.64px;white-space:nowrap">360,910</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.22px;left:432px;white-space:nowrap">Uptown </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.22px;left:1018.95px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.22px;left:1997.31px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.22px;left:2616.84px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:576px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:1073.89px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:1714.28px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:2736.94px;white-space:nowrap">Zone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:3146.08px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:3439.52px;white-space:nowrap">16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:3703.5px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:3988.11px;white-space:nowrap">Allocation,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:4770.77px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:5215.61px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.7px;left:6033.97px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.7px;left:720px;white-space:nowrap">9/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.7px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.7px;left:7485.64px;white-space:nowrap">725,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.7px;left:9501.64px;white-space:nowrap">554,239</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:576px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:1073.89px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:1714.28px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:2736.94px;white-space:nowrap">Zone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:3146.08px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:3439.52px;white-space:nowrap">16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:3703.5px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:3988.11px;white-space:nowrap">Allocation,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:4770.77px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:5215.61px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.19px;left:6033.97px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6371.19px;left:720px;white-space:nowrap">9/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6371.19px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6371.19px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6371.19px;left:9501.64px;white-space:nowrap">561,265</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6654.95px;left:9279.22px;white-space:nowrap">40,573,565</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6982.4px;left:432px;white-space:nowrap">Utah
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6982.4px;left:832px;white-space:nowrap">1.6%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7182.09px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:432px;white-space:nowrap">Black </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:867.7px;white-space:nowrap">Desert </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:1383.41px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:1863.64px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:2850.67px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:3339.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:3419.58px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:4326.61px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:4709.03px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:5002.47px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:5091.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7178.88px;left:5180.36px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:1536.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:1998.89px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:2354.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:2443.73px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:2844.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:2986.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:3075.3px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7370.88px;left:9501.64px;white-space:nowrap">681,722</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7570.58px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:432px;white-space:nowrap">Mida</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:823.25px;white-space:nowrap">Mountain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:1525.91px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:2047.78px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:2528.02px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:3515.05px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:4003.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:4092.78px;white-space:nowrap">Mountain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:4795.44px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:5308.48px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7567.37px;left:6215.52px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:576px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:869.44px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:958.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:1047.33px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:1607.72px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:2479.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:2568.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:3030.61px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:3386.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:3475.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:3564.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:3706.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:3795.61px;white-space:nowrap">8/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:7352.2px;white-space:nowrap">1,625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7759.37px;left:9368.2px;white-space:nowrap">1,290,736</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7999.53px;left:432px;white-space:nowrap">Utah </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7999.53px;left:814.42px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7999.53px;left:1792.63px;letter-spacing:-1.98px;white-space:nowrap">Agency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7999.53px;left:2314.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:1305.38px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:1750.22px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:2070.38px;white-space:nowrap">10/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:7352.2px;white-space:nowrap">1,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8196.02px;left:9368.2px;white-space:nowrap">1,233,547</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:1305.38px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:1750.22px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:2070.38px;white-space:nowrap">10/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:7352.2px;white-space:nowrap">1,650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8392.5px;left:9368.2px;white-space:nowrap">1,768,172</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.27px;left:9368.2px;white-space:nowrap">4,974,177</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9003.71px;left:432px;letter-spacing:-0.22px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9003.71px;left:1060.36px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.88px;left:432px;letter-spacing:-0.32px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.88px;left:1007.16px;white-space:nowrap">Small </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.88px;left:1451.69px;white-space:nowrap">Business
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.88px;left:2145.36px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.88px;left:2874.73px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9243.88px;left:3494.27px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:576px;white-space:nowrap">Elizabeth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:1278.66px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:1696.47px;white-space:nowrap">Crossings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:2452.25px;white-space:nowrap">OpCo</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:2914.67px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:3297.09px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:4026.47px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:4533.42px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:4924.83px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:5369.67px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9440.36px;left:6188.03px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9632.36px;left:720px;white-space:nowrap">1/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9632.36px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9632.36px;left:7485.64px;white-space:nowrap">630,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9632.36px;left:9525.39px;letter-spacing:-3.39px;white-space:nowrap">595,111</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:576px;white-space:nowrap">Elizabeth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:1278.66px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:1696.47px;white-space:nowrap">Crossings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:2452.25px;white-space:nowrap">OpCo</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:2914.67px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:3297.09px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:4026.47px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:4533.42px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:4924.83px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:5369.67px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9828.85px;left:6188.03px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.85px;left:720px;white-space:nowrap">1/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.85px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.85px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.85px;left:9501.64px;white-space:nowrap">691,605</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10304.61px;left:9368.2px;white-space:nowrap">1,286,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10632.06px;left:432px;letter-spacing:-0.4px;white-space:nowrap">Washington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10632.06px;left:1385.91px;white-space:nowrap">6.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:432px;white-space:nowrap">Grays </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:903.17px;white-space:nowrap">Harbor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:1436.69px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:1988.09px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:2468.33px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:3090.83px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:3624.11px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:3917.55px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:4006.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:4095.44px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:4735.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:4824.81px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:5180.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:5269.66px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.54px;left:5999.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:576px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:976.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:1118.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:1207.56px;white-space:nowrap">12/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:7352.2px;white-space:nowrap">4,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11020.54px;left:9368.2px;white-space:nowrap">4,413,204</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:432px;white-space:nowrap">King </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:796.69px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:1348.09px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:1828.33px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:2450.83px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:2984.11px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:3277.55px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:3366.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:3455.44px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:3704.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:3793.25px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:4149.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:4238.09px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:4967.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:5056.45px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:5145.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:5287.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:5376.61px;white-space:nowrap">12/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:7352.2px;white-space:nowrap">2,365,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11260.71px;left:9368.2px;white-space:nowrap">2,415,264</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:432px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:769.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:947.78px;white-space:nowrap">Seattle</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:1445.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:1534.81px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:2175.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:2264.19px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:2664.58px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:2771.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:2860.2px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:3589.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:3678.56px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:3767.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:3909.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:3998.72px;white-space:nowrap">8/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11500.88px;left:9368.2px;white-space:nowrap">1,031,467</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.04px;left:432px;letter-spacing:-0.54px;white-space:nowrap">Washington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.04px;left:1315.44px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.04px;left:1733.48px;white-space:nowrap">Housing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.04px;left:2364.97px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.04px;left:2978.64px;white-space:nowrap">Commission</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.04px;left:3858.8px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:1305.38px;white-space:nowrap">2021-1,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:2079.28px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:2532.88px;white-space:nowrap">12/20/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:7352.2px;white-space:nowrap">2,544,057</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11937.53px;left:9368.2px;white-space:nowrap">2,344,025</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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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
</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, );background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.278px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;letter-spacing:-0.49px;white-space:nowrap">Washington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1385.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:432px;letter-spacing:-0.54px;white-space:nowrap">Washington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1315.44px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1733.48px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2364.97px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2978.64px;white-space:nowrap">Commission,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3947.7px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1305.38px;white-space:nowrap">2023-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2079.28px;white-space:nowrap">3.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2710.84px;white-space:nowrap">4/20/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7352.2px;white-space:nowrap">2,565,978</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9368.2px;white-space:nowrap">2,312,914</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1424.25px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1305.38px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1723.11px;white-space:nowrap">2024-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2301.39px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2497.02px;white-space:nowrap">3.812%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3128.58px;white-space:nowrap">3/20/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:7485.64px;white-space:nowrap">896,881</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9501.64px;white-space:nowrap">825,682</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:576px;white-space:nowrap">Eastside </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1234.13px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2052.25px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2914.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3644.28px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4177.88px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4907.25px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5298.81px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5494.44px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:6312.8px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:720px;white-space:nowrap">7/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:7352.2px;white-space:nowrap">2,030,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:9368.2px;white-space:nowrap">2,051,376</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2009.22px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:576px;white-space:nowrap">Seattle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1109.75px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1821.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1990.22px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2319.13px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2470.3px;white-space:nowrap">Sciences,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3208.42px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3937.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4400.38px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4845.22px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:5663.58px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:720px;white-space:nowrap">7/01/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:7352.2px;white-space:nowrap">2,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:9368.2px;white-space:nowrap">2,950,573</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2481.78px;left:9279.22px;white-space:nowrap">18,344,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2809.22px;left:432px;letter-spacing:-0.1px;white-space:nowrap">Wisconsin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2809.22px;left:1275.13px;white-space:nowrap">8.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:432px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:912.23px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1517.08px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:2136.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:1305.38px;white-space:nowrap">2023-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:2079.28px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:2621.86px;white-space:nowrap">7/01/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:7352.2px;white-space:nowrap">2,617,275</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:9368.2px;white-space:nowrap">2,651,385</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:576px;white-space:nowrap">Beyond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:1163.11px;white-space:nowrap">Boone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:1670.22px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:2052.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:2782.02px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:3173.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:3360.37px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:3884.83px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:4507.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:4827.56px;white-space:nowrap">7/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:9501.64px;white-space:nowrap">295,896</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:576px;white-space:nowrap">Beyond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:1163.11px;white-space:nowrap">Boone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:1670.22px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:2052.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:2782.02px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:3173.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:3360.37px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:3884.83px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:4507.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:4827.56px;white-space:nowrap">7/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3638.84px;left:9501.64px;white-space:nowrap">419,165</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:576px;white-space:nowrap">Beyond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:1163.11px;white-space:nowrap">Boone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:1670.22px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:2052.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:2782.02px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:3173.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:3360.37px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:3884.83px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:4507.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:4827.56px;white-space:nowrap">7/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3835.33px;left:9501.64px;white-space:nowrap">472,690</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:576px;white-space:nowrap">Beyond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1163.11px;white-space:nowrap">Boone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1670.22px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:2052.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:2782.02px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:3173.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:3360.37px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:3884.83px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:4507.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:4827.56px;white-space:nowrap">7/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:9501.64px;white-space:nowrap">545,935</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:576px;white-space:nowrap">Beyond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:1163.11px;white-space:nowrap">Boone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:1670.22px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2052.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2782.02px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3173.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3360.37px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3884.83px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4507.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4827.56px;white-space:nowrap">7/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:9501.64px;white-space:nowrap">614,014</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:576px;letter-spacing:-1.26px;white-space:nowrap">CFC-SA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:1207.17px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:1589.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:2318.97px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:2825.92px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:3217.33px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:3608.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:3804.52px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:4124.67px;white-space:nowrap">2/01/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4424.78px;left:9501.64px;white-space:nowrap">671,883</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4624.47px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:576px;white-space:nowrap">CHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:949.28px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:1047.02px;white-space:nowrap">Manoa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:1580.69px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:1963.11px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:2692.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:3199.44px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:3590.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:4053.42px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:4444.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:4640.61px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:5183.19px;white-space:nowrap">7/01/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4621.26px;left:9368.2px;white-space:nowrap">1,017,027</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4820.96px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:576px;white-space:nowrap">Dominium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:1340.61px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:2007.64px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:2096.55px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:2478.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:3208.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:3670.92px;white-space:nowrap">2024-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:4258.03px;white-space:nowrap">B-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:4595.92px;white-space:nowrap">6.81%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:5138.5px;white-space:nowrap">4/28/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.75px;left:9368.2px;white-space:nowrap">1,774,585</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5017.44px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:576px;white-space:nowrap">Foundation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:1421.08px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:1596.08px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:1916.23px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:2663.03px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:2840.92px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:3276.62px;white-space:nowrap">Carolina
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:3916.94px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:4094.83px;white-space:nowrap">Charlotte,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:4832.95px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:5135.3px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5014.23px;left:5606.47px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:720px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:1182.58px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:1574.14px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:1769.77px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:2089.92px;white-space:nowrap">9/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:2673.91px;letter-spacing:50.7px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.23px;left:9501.64px;white-space:nowrap">667,419</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5405.93px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:576px;white-space:nowrap">Mary&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:1086.55px;letter-spacing:-0.48px;white-space:nowrap">Woods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:1626.08px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:1803.97px;white-space:nowrap">Marylhurst</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:2595.22px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:3324.59px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:3858.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:4587.56px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:5050.14px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:5441.7px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.72px;left:5637.33px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.72px;left:720px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.72px;left:1262.58px;white-space:nowrap">5/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.72px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.72px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.72px;left:9501.64px;white-space:nowrap">250,132</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5794.41px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:576px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:1011.7px;white-space:nowrap">Carolina </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:1652.02px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:2488.19px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:3057.33px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:3801.31px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:4148.11px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:4877.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:5340.06px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:5731.63px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5791.2px;left:5927.25px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5983.2px;left:720px;white-space:nowrap">6/15/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5983.2px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5983.2px;left:7352.2px;white-space:nowrap">1,580,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5983.2px;left:9368.2px;white-space:nowrap">1,455,301</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:576px;letter-spacing:-1.19px;white-space:nowrap">TrIPs</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:996.7px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:1726.08px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:2259.67px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:2989.05px;white-space:nowrap">2012 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:3389.44px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:3585.06px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:4403.42px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:4946px;white-space:nowrap">7/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6179.69px;left:9501.64px;white-space:nowrap">200,098</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6379.38px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:576px;white-space:nowrap">UHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:949.28px;white-space:nowrap">Promenade
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:1812.09px;white-space:nowrap">Apts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:2176.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:2514.67px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:2985.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:3715.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:4177.8px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:4622.64px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:5165.22px;white-space:nowrap">2/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6376.17px;left:9368.2px;white-space:nowrap">1,005,033</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6575.86px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:576px;white-space:nowrap">UNC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:967.09px;white-space:nowrap">Charlotte
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:1660.77px;white-space:nowrap">Marriott
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:2247.48px;white-space:nowrap">Hotel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:2665.45px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:2816.62px;white-space:nowrap">Conference
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:3688.27px;letter-spacing:-1.1px;white-space:nowrap">Center,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:4248.58px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:4977.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:5440.53px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:5832.09px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6572.65px;left:6027.72px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.65px;left:720px;white-space:nowrap">9/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.65px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.65px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6764.65px;left:9501.64px;white-space:nowrap">517,880</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:432px;white-space:nowrap">Wisconsin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:1205.52px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:1712.47px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:1863.64px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:2744.27px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:3402.23px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7004.82px;left:4021.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:576px;white-space:nowrap">Advocate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:1278.73px;white-space:nowrap">Aurora </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:1803.42px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:2310.38px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:3039.75px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:3573.34px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:4302.72px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:4694.28px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:4889.91px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:5708.27px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:6028.42px;white-space:nowrap">8/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7201.3px;left:9368.2px;white-space:nowrap">2,922,918</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:576px;white-space:nowrap">Froedtert </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:1266.7px;white-space:nowrap">ThedaCare</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:2111.63px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:2618.58px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:3347.95px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:3881.55px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:4610.92px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:5002.48px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:5198.11px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.79px;left:6016.47px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7589.79px;left:720px;white-space:nowrap">4/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7589.79px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7589.79px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7589.79px;left:9368.2px;white-space:nowrap">2,924,851</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:576px;white-space:nowrap">Froedtert </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:1266.7px;white-space:nowrap">ThedaCare</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:2111.63px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:2618.58px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:3347.95px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:3881.55px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:4610.92px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:5002.48px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:5198.11px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7786.27px;left:6016.47px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7978.27px;left:720px;white-space:nowrap">4/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7978.27px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7978.27px;left:7352.2px;white-space:nowrap">4,865,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7978.27px;left:9368.2px;white-space:nowrap">4,551,564</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:576px;white-space:nowrap">Hmong </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:1127.41px;white-space:nowrap">American
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:1847.64px;white-space:nowrap">Peace </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:2336.94px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:3048.34px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:3404.12px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:4133.5px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:4578.34px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:4898.5px;white-space:nowrap">3/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:5476.31px;letter-spacing:55.43px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8174.76px;left:9501.64px;white-space:nowrap">946,858</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:576px;text-rendering:optimizeLegibility;white-space:nowrap">Marshfield
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:1358.5px;white-space:nowrap">Clinic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:1794.13px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:2301.08px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:2878.97px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:3608.34px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:4141.94px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:4871.31px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:5262.88px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:5458.5px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:5912.09px;white-space:nowrap">2/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:7352.2px;white-space:nowrap">1,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.24px;left:9368.2px;white-space:nowrap">1,692,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8655.01px;left:9279.22px;white-space:nowrap">25,597,350</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8982.45px;left:432px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8982.45px;left:787.62px;letter-spacing:-0.74px;white-space:nowrap">Territories
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8982.45px;left:1611.61px;white-space:nowrap">5.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9222.62px;left:432px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9222.62px;left:1027.7px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9222.62px;left:1223.17px;white-space:nowrap">Columbia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9222.62px;left:1996.53px;white-space:nowrap">3.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:432px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:965.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:1143.17px;white-space:nowrap">Columbia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:1819.03px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:576px;white-space:nowrap">Ingleside </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:1260.92px;white-space:nowrap">Presbyterian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:2203.58px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:3030.53px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:3884.05px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:4613.42px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:5147.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:5876.39px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:6267.95px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.27px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.27px;left:1040.16px;white-space:nowrap">7/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.27px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.27px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.27px;left:9501.64px;white-space:nowrap">441,914</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:576px;white-space:nowrap">Latin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:958.58px;white-space:nowrap">American
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:1678.81px;white-space:nowrap">Montessori
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:2505.77px;white-space:nowrap">Bilingual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:3155.06px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:3635.3px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:4213.27px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:4746.94px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.75px;left:5476.31px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:720px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:1449.38px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:1894.22px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:2712.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:3032.73px;white-space:nowrap">6/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.75px;left:9368.2px;white-space:nowrap">1,923,933</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:576px;white-space:nowrap">Plenary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:1162.95px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:2149.98px;white-space:nowrap">DC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:2425.53px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:2807.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:3537.33px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:3928.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:4124.52px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:4578.11px;white-space:nowrap">2/29/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:7352.2px;white-space:nowrap">1,370,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10436.24px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,511,009</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:576px;white-space:nowrap">Plenary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:1162.95px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:2149.98px;white-space:nowrap">DC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:2425.53px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:2807.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:3537.33px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:3928.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:4124.52px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:4578.11px;white-space:nowrap">2/28/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.72px;left:9368.2px;white-space:nowrap">1,654,881</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:576px;letter-spacing:-2.21px;white-space:nowrap">Two
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:913.89px;white-space:nowrap">Rivers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:1411.7px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:1891.94px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:2469.91px;white-space:nowrap">School,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:3048.03px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:3394.83px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:4124.2px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:4569.05px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:5387.41px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:5707.56px;white-space:nowrap">6/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:6317.03px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10829.21px;left:9368.2px;white-space:nowrap">1,444,502</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:576px;letter-spacing:-2.21px;white-space:nowrap">Two
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:913.89px;white-space:nowrap">Rivers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:1411.7px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:1891.94px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:2469.91px;white-space:nowrap">School,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:3048.03px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:3394.83px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:4124.2px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:4569.05px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:5387.41px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:5707.56px;white-space:nowrap">6/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:6317.03px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11025.69px;left:9368.2px;white-space:nowrap">1,371,899</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11265.86px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11265.86px;left:1356.92px;letter-spacing:-0.54px;white-space:nowrap">Washington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11265.86px;left:2231.53px;white-space:nowrap">Airports
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11265.86px;left:2818.41px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11265.86px;left:3437.94px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11465.55px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:576px;white-space:nowrap">Dulles </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:1062.17px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:1346.7px;white-space:nowrap">Road, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:1818.11px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:2547.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:3054.44px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:3445.84px;white-space:nowrap">2010 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:3837.41px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:4033.03px;white-space:nowrap">5.08%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:4575.61px;white-space:nowrap">10/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:7352.2px;white-space:nowrap">3,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.34px;left:9368.2px;white-space:nowrap">2,000,303</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11662.04px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:576px;white-space:nowrap">Dulles </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:1062.17px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:1346.7px;white-space:nowrap">Road, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:1818.11px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:2547.48px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:2921.08px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:3312.48px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:3712.87px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:3908.5px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:4726.86px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:5047.02px;white-space:nowrap">10/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:7352.2px;white-space:nowrap">1,290,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.83px;left:9368.2px;white-space:nowrap">1,085,468</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11942.59px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,433,909</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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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-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:36.48px;white-space:nowrap">18</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, );background-repeat:no-repeat;background-size:cover;height:616.06px;left:0px;position:absolute;top:0px;transform:translate(35.999px,115.738px) 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:432px;white-space:nowrap">a</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:7459.7px;white-space:nowrap">Amount</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;position:absolute;top:426.11px;left:432px;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:432px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1409.83px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2087.57px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:432px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:787.63px;letter-spacing:-0.91px;white-space:nowrap">Territories
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1611.61px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1028.07px;left:432px;white-space:nowrap">Puerto
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1028.07px;left:983.17px;white-space:nowrap">Rico
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1028.07px;left:1374.34px;white-space:nowrap">1.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:432px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:1588.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:1765.91px;white-space:nowrap">Puerto </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:2281.77px;white-space:nowrap">Rico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1268.24px;left:2601.84px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:913.81px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1305.38px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1643.27px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1963.42px;white-space:nowrap">7/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:2580.5px;letter-spacing:50.65px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:9368.2px;white-space:nowrap">1,147,230</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:913.81px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1305.38px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1643.27px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1963.42px;white-space:nowrap">7/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:2580.5px;letter-spacing:50.65px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:9368.2px;white-space:nowrap">4,261,815</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1944.97px;left:9368.2px;white-space:nowrap">5,409,045</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2228.74px;left:432px;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:2228.74px;left:846.77px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2228.74px;left:1202.39px;letter-spacing:-1.08px;white-space:nowrap">Territories</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2228.74px;left:2020.02px;letter-spacing:50.06px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:9279.22px;white-space:nowrap">16,842,954</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2507.76px;left:432px;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:2507.76px;left:950.46px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2507.76px;left:1928.29px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2507.76px;left:2606.02px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2507.76px;left:3172.63px;white-space:nowrap">$461,027,332)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2507.76px;left:4510.09px;letter-spacing:50.84px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2541.62px;left:9190.23px;white-space:nowrap">447,828,876</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:2834.88px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;font-weight:bold;position:absolute;top:2834.88px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:2834.88px;left:8451.51px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:2834.88px;left:8496px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2973.45px;left:432px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2973.45px;left:1009.73px;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:2973.45px;left:1539.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2973.45px;left:2762.18px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3387.12px;left:432px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3387.12px;left:876.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3387.12px;left:2110.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3387.12px;left:2513.84px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3387.12px;left:3291.86px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3387.12px;left:4303.48px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3664.36px;left:307.57px;white-space:nowrap">c,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3661.15px;left:432px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3661.15px;left:784.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3661.15px;left:1454.5px;white-space:nowrap">Bills</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3661.15px;left:1747.86px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3857.63px;left:576px;white-space:nowrap">3.94%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3857.63px;left:1118.58px;white-space:nowrap">5/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3857.63px;left:1739.78px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3857.63px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3857.63px;left:9501.64px;white-space:nowrap">199,673</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4054.12px;left:576px;white-space:nowrap">4.13%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4054.12px;left:1118.58px;white-space:nowrap">10/02/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4054.12px;left:1741.39px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4054.12px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4054.12px;left:9501.64px;white-space:nowrap">393,019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4337.88px;left:9501.64px;white-space:nowrap">592,692</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:432px;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:4616.9px;left:950.46px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:1394.99px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:2628.58px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:3032.29px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:3810.32px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:4821.94px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:5388.54px;white-space:nowrap">$592,919)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4616.9px;left:6289.32px;letter-spacing:52.4px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4650.77px;left:9501.64px;white-space:nowrap">592,692</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4934.53px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:5147.63px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5235.39px;left:432px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5235.39px;left:1120.96px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5235.39px;left:1821.26px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5235.39px;left:2476.73px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5468.95px;left:364.64px;white-space:nowrap">i,j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:432px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:1027.86px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:1451.84px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:1851.84px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:2678.88px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:3132.47px;white-space:nowrap">Class </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:3577px;letter-spacing:-6.87px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:3752px;white-space:nowrap">4.468%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:7280.2px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5465.74px;left:9368.2px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5744.76px;left:432px;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:5744.76px;left:950.46px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5744.76px;left:1639.42px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5744.76px;left:2339.71px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5744.76px;left:2995.18px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5744.76px;left:3561.79px;white-space:nowrap">$2,605,616)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5744.76px;left:4719.22px;letter-spacing:50.94px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5778.63px;left:9368.2px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.1px;left:432px;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:6139.1px;left:950.46px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.1px;left:1528.19px;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:6139.1px;left:2057.98px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.1px;left:3280.63px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.1px;left:3847.23px;white-space:nowrap">$3,198,535)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.1px;left:4928.36px;letter-spacing:51.06px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6172.97px;left:9368.2px;white-space:nowrap">3,198,308</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:6569.09px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6633.83px;left:432px;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:6633.83px;left:950.46px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6633.83px;left:2173.11px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6633.83px;left:2739.71px;white-space:nowrap">$464,225,867)
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6633.83px;left:4085.32px;white-space:nowrap">147.1%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6633.83px;left:4823.79px;letter-spacing:51px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6667.7px;left:9101.25px;white-space:nowrap">$451,027,184</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6859.44px;left:432px;white-space:nowrap">Remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6859.44px;left:1632.59px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6859.44px;left:2577.51px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6859.44px;left:3300.16px;white-space:nowrap">(45.3)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6859.44px;left:4091.82px;letter-spacing:50.66px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6893.3px;left:9083.67px;white-space:nowrap">(138,725,000)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7085.04px;left:432px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7085.04px;left:1265.2px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7085.04px;left:1754.27px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7085.04px;left:2365.5px;white-space:nowrap">Issued
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7085.04px;left:3054.66px;white-space:nowrap">(3.3)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7085.04px;left:3673.56px;letter-spacing:50.51px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7118.91px;left:9172.66px;white-space:nowrap">(10,205,078)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7310.65px;left:432px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7310.65px;left:1013.54px;white-space:nowrap">Assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7310.65px;left:1780.63px;white-space:nowrap">less
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7310.65px;left:2225.46px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7310.65px;left:3203.48px;white-space:nowrap">1.5%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7310.65px;left:3673.56px;letter-spacing:50.51px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7344.51px;left:9368.2px;white-space:nowrap">4,395,531</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7630.81px;left:432px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7630.81px;left:802.41px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7630.81px;left:1513.93px;white-space:nowrap">100.0%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7630.81px;left:2209.63px;letter-spacing:50.15px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7664.68px;left:9101.25px;white-space:nowrap">$306,492,637</div></div>
</div>

<div style="height:143.83px;left:0px;position:absolute;top:0px;transform:translate(35.999px,592.294px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:2732.84px;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">Security</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:822.77px;white-space:nowrap">purchased
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1471.99px;white-space:nowrap">pursuant
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2165.04px;white-space:nowrap">Rule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2471.29px;letter-spacing:-1.44px;white-space:nowrap">144A
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2806.99px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2960.12px;white-space:nowrap">Regulation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3623.87px;white-space:nowrap">S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3747.85px;white-space:nowrap">under
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:4119.88px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:4338.79px;white-space:nowrap">Securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:4944.18px;letter-spacing:0px;white-space:nowrap">Act
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:5170.27px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:5316.21px;white-space:nowrap">1933.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:5681.06px;letter-spacing:-1.44px;white-space:nowrap">144A
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:6016.76px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:6607.46px;white-space:nowrap">may
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:7074.26px;white-space:nowrap">sold
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:7490.04px;white-space:nowrap">transactions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:8234.02px;white-space:nowrap">exempt
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:8700.82px;white-space:nowrap">from
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:8999.73px;white-space:nowrap">registration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:9685.27px;white-space:nowrap">only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:0px;white-space:nowrap">to </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:145.94px;text-rendering:optimizeLegibility;white-space:nowrap">qualified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:671.17px;white-space:nowrap">institutional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:1364.14px;white-space:nowrap">buyers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:1794.45px;white-space:nowrap">or
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:2195.63px;white-space:nowrap">public
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:2574.92px;letter-spacing:-0.25px;white-space:nowrap">offering
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:3046.8px;white-space:nowrap">registered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:3666.72px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:4038.75px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:4257.66px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:4863.05px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:5089.14px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:5235.08px;white-space:nowrap">1933.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:5599.92px;white-space:nowrap">Regulation
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:6387.66px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:6978.36px;white-space:nowrap">cannot
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:7591.25px;white-space:nowrap">sold
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:8225.94px;white-space:nowrap">United
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:8641.64px;white-space:nowrap">States
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:9050.16px;white-space:nowrap">without
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:0px;white-space:nowrap">an </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:182.42px;letter-spacing:-0.23px;white-space:nowrap">effective
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:705.39px;white-space:nowrap">registration
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:1390.94px;white-space:nowrap">statement
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:2003.67px;text-rendering:optimizeLegibility;white-space:nowrap">filed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:2280.86px;white-space:nowrap">pursuant
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:2827.97px;white-space:nowrap">to
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:3192.81px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:3798.2px;white-space:nowrap">Act
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:4024.3px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:4170.23px;white-space:nowrap">1933,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:4535.08px;white-space:nowrap">or
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:5563.67px;white-space:nowrap">exemption
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:6504.45px;white-space:nowrap">registration.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:7219.3px;white-space:nowrap">At
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:7372.58px;white-space:nowrap">April
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:7671.48px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:7890.39px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:8255.23px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:8474.14px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:9101.56px;white-space:nowrap">value
</div>

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</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:0px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:590.7px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:860.47px;white-space:nowrap">$40,863,926,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:1663.13px;white-space:nowrap">representing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:2428.98px;white-space:nowrap">13.3%
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:2983.44px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:3202.34px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:795.3px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:42.54px;white-space:nowrap">The</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:305.12px;white-space:nowrap">maturity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:808.24px;white-space:nowrap">date
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:1100.12px;white-space:nowrap">shown
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:1515.82px;white-space:nowrap">represents
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:2172.23px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:2391.13px;white-space:nowrap">mandatory
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:791.08px;left:3266.45px;white-space:nowrap">date.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:991.78px;left:0px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:38.26px;white-space:nowrap">The</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:300.84px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:563.42px;white-space:nowrap">shown
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:979.12px;white-space:nowrap">represents
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:1635.52px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:1854.43px;white-space:nowrap">yield
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:2306.7px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:987.56px;left:2707.87px;white-space:nowrap">end.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1188.27px;left:0px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:42.54px;white-space:nowrap">Underlying</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:706.13px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:1851.29px;white-space:nowrap">option
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:2573.63px;white-space:nowrap">transaction.
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<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)">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3980.31px;left:583.52px;white-space:nowrap">9</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3980.31px;left:1619.3px;white-space:nowrap">derivative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3980.31px;left:2217.34px;white-space:nowrap">information.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4480.31px;left:1276.64px;white-space:nowrap">page
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4480.31px;left:1605px;white-space:nowrap">32</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4480.31px;left:1750.94px;white-space:nowrap">.</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
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<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>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:4960px;white-space:nowrap">Number
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<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
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<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
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<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
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<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">U.S. </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:1022.5px;white-space:nowrap">Ultra </div>

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<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">99</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:6466.11px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:6555.09px;letter-spacing:-1.19px;white-space:nowrap">11,982,094</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:7962.17px;white-space:nowrap">6/18/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:9501.64px;white-space:nowrap">146,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.25px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.25px;left:670.42px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.25px;left:1257.3px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.25px;left:1961.68px;letter-spacing:50.25px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.25px;left:9412.66px;white-space:nowrap">$146,473</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2718.53px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2714.31px;left:29.74px;white-space:nowrap">As
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2714.31px;left:219.35px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2714.31px;left:365.29px;white-space:nowrap">period
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2714.31px;left:766.46px;white-space:nowrap">end.</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(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: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
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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:9.36px;white-space:nowrap">Municipal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;letter-spacing:9.15px;white-space:nowrap">Trust</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:836.88px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:40.26px;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:684.27px;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>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:710.33px;white-space:nowrap">2025</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="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>

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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:36.48px;white-space:nowrap">20</div></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(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>
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<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:614.90px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.899px) 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:9493.28px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9342.19px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9031.17px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;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:938.96px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.44px;left:144px;white-space:nowrap">Investments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.44px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.44px;left:1220.02px;white-space:nowrap">securities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:288px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:661.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:759.17px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:1600.11px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:9101.25px;white-space:nowrap">$461,620,251</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:288px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:661.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:759.17px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:1844.17px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:2471.59px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:2907.3px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:2996.28px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:3085.27px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:9368.2px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1830.35px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1830.35px;left:729.8px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1830.35px;left:827.53px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1830.35px;left:1668.47px;white-space:nowrap">issuers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1830.35px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1830.35px;left:9101.25px;white-space:nowrap">$448,421,568</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:729.8px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:827.53px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:1912.53px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:2539.95px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:2975.66px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:3064.64px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:3153.63px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:3269.46px;letter-spacing:49.68px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.83px;left:9368.2px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.32px;left:144px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.32px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.32px;left:9590.63px;white-space:nowrap">72,272</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2437.8px;left:144px;white-space:nowrap">Receivables:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2640.29px;left:288px;white-space:nowrap">Dividends </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2640.29px;left:1035.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2640.29px;left:1346.44px;white-space:nowrap">interest</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2640.29px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2640.29px;left:9368.2px;white-space:nowrap">6,325,021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:288px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:952.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:1485.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:1708px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:2241.59px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2842.77px;left:9590.63px;white-space:nowrap">71,156</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3045.26px;left:144px;white-space:nowrap">Prepaid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3045.26px;left:739.94px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3045.26px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3045.26px;left:9590.63px;white-space:nowrap">69,051</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3276.74px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3276.74px;left:958.42px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3276.74px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3276.74px;left:9190.23px;white-space:nowrap">457,564,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3508.22px;left:0px;white-space:nowrap">Liabilities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3710.71px;left:144px;white-space:nowrap">Payables:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.19px;left:288px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.19px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.19px;left:1835.27px;white-space:nowrap">purchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.19px;left:2615.57px;letter-spacing:49.6px;white-space:nowrap">..............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.19px;left:9501.64px;white-space:nowrap">572,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:288px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:830.5px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:1355.19px;white-space:nowrap">redeemed</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:9501.64px;white-space:nowrap">258,323</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:288px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:1266.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:9501.64px;white-space:nowrap">428,153</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:288px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:1337.22px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:9679.61px;white-space:nowrap">1,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:288px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:922.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:1367.06px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:9590.63px;white-space:nowrap">42,044</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:288px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:1212.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:9501.64px;white-space:nowrap">128,887</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;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:5128.1px;left:979.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:1326.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:1637.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:9501.64px;white-space:nowrap">121,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:288px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:901.67px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:1221.83px;white-space:nowrap">notes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:1657.69px;white-space:nowrap">issued</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:9279.22px;white-space:nowrap">10,205,078</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:288px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:1212.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:1390.66px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:2084.33px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:3053.78px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:3489.48px;white-space:nowrap">1f)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:3736.52px;letter-spacing:49.76px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:9501.64px;white-space:nowrap">212,406</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:288px;white-space:nowrap">Preferred </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:999.41px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:1444.09px;white-space:nowrap">remarketing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:2333.31px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:2778.16px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:3082.63px;letter-spacing:49.66px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:9501.64px;white-space:nowrap">129,477</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:288px;white-space:nowrap">Accrued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:919.41px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:1488.55px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:1924.25px;white-space:nowrap">1d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:2102.22px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">192,911</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:144px;white-space:nowrap">Accrued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:775.41px;white-space:nowrap">expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:1504.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:1816.19px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:2225.33px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.52px;left:9590.63px;white-space:nowrap">54,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.01px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.01px;left:958.42px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.01px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.01px;left:9279.22px;white-space:nowrap">12,347,047</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:144px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:641.97px;white-space:nowrap">B </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:793.14px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:1646.81px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:2340.48px;white-space:nowrap">shares: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:2909.63px;white-space:nowrap">(2,876 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:3407.75px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:3932.44px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:4724.08px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:5035.48px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:5542.44px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:5720.33px;white-space:nowrap">$25,000 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:6343.14px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:6618.84px;white-space:nowrap">share) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:7116.81px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:7552.52px;white-space:nowrap">3)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:7753.29px;letter-spacing:54.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.49px;left:9279.22px;white-space:nowrap">71,900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:144px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:641.97px;white-space:nowrap">C </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:801.97px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:1655.64px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:2349.31px;white-space:nowrap">shares: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:2918.45px;white-space:nowrap">(2,673 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:3416.58px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:3941.27px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:4732.91px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:5044.31px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:5551.27px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:5729.16px;white-space:nowrap">$25,000 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:6351.97px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:6627.67px;white-space:nowrap">share) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:7125.64px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:7561.34px;white-space:nowrap">3)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:7753.29px;letter-spacing:54.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6892.97px;left:9279.22px;white-space:nowrap">66,825,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:1157.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:1664.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:2429.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:2607.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:3265.17px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:3834.31px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:4012.2px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7153.46px;left:9101.25px;white-space:nowrap">$306,492,637</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:800.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:1565.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:1743.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:2401.17px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:2925.86px;white-space:nowrap">consist </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.4px;left:3468.28px;white-space:nowrap">of:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:144px;white-space:nowrap">Paid-in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:686.5px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:9101.25px;white-space:nowrap">$343,733,579</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7993.37px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7993.37px;left:526.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7993.37px;left:1433.61px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7993.37px;left:2091.81px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7993.37px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7993.37px;left:9172.66px;white-space:nowrap">(37,240,942)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:1157.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:1664.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:2429.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:2607.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:3265.17px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:3834.31px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:4012.2px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8224.85px;left:9101.25px;white-space:nowrap">$306,492,637</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.34px;left:144px;white-space:nowrap">Common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.34px;left:837.52px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.34px;left:1362.2px;white-space:nowrap">outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.34px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8485.34px;left:9279.22px;white-space:nowrap">28,058,262</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:437.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:864.31px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:1291.27px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:1566.97px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:2224.94px;white-space:nowrap">share</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8749.03px;left:2625.17px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8745.82px;left:9590.63px;white-space:nowrap">$10.92</div></div>
</div>

<div style="height:18.19px;left:0px;position:absolute;top:0px;transform:translate(36.000px,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">common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1749.18px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2113.87px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2398.24px;white-space:nowrap">not
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2617.15px;white-space:nowrap">recalculate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3288.17px;white-space:nowrap">due
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3543.56px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3689.49px;white-space:nowrap">rounding.</div></div>
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<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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
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<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:1546.42px;white-space:nowrap">Operations</div>

<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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:560.3px;white-space:nowrap">year </div>

<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:1501.08px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1911.18px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2211.42px;white-space:nowrap">2025</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)">

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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
</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)">

<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>
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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, );background-repeat:no-repeat;background-size:cover;height:614.90px;left:0px;position:absolute;top:0px;transform:translate(54.000px,116.899px) 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:9493.28px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9342.19px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9031.17px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;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:938.96px;left:0px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:938.96px;left:827.03px;white-space:nowrap">income:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.44px;left:144px;white-space:nowrap">Dividends: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:288px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:2000.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:2436.13px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:2525.11px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:2614.09px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1343.92px;left:9412.66px;white-space:nowrap">$287,296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1546.41px;left:144px;white-space:nowrap">Interest: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1748.89px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1748.89px;left:1128.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1748.89px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1748.89px;left:9279.22px;white-space:nowrap">21,236,289</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.38px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.38px;left:814.42px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.38px;left:1632.55px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.38px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.38px;left:9279.22px;white-space:nowrap">21,523,585</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2211.86px;left:0px;white-space:nowrap">Expenses:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:144px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:1122.36px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:1469.23px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:1904.94px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:1993.92px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:2082.91px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2414.35px;left:9368.2px;white-space:nowrap">2,627,904</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:144px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:1193.22px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:1540.09px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:1975.8px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:2064.78px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:2153.77px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2616.83px;left:9679.61px;white-space:nowrap">5,715</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:778.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:1223.06px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:1569.94px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:2005.64px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:2094.63px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:2174.63px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2819.32px;left:9501.64px;white-space:nowrap">171,476</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:144px;white-space:nowrap">Custodian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:908.92px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:1255.8px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:1691.5px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:1780.48px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:9590.63px;white-space:nowrap">16,343</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.28px;left:144px;white-space:nowrap">Reports </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.28px;left:748.69px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.28px;left:926.58px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.28px;left:1896.03px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.28px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.28px;left:9590.63px;white-space:nowrap">50,508</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3426.77px;left:144px;white-space:nowrap">Registration
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3426.77px;left:1042.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3426.77px;left:1353.61px;text-rendering:optimizeLegibility;white-space:nowrap">filing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3426.77px;left:1727.13px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3426.77px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3426.77px;left:9590.63px;white-space:nowrap">16,510</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3629.25px;left:144px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3629.25px;left:1068.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3629.25px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3629.25px;left:9501.64px;white-space:nowrap">186,945</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3831.74px;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:3831.74px;left:835.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3831.74px;left:1182.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3831.74px;left:1493.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3831.74px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3831.74px;left:9602.5px;letter-spacing:-1.98px;white-space:nowrap">11,768</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:144px;white-space:nowrap">Preferred </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:855.41px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:1300.09px;white-space:nowrap">remarketing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:2189.31px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:2634.16px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4034.22px;left:9501.64px;white-space:nowrap">205,198</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:144px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:722.05px;white-space:nowrap">expense </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:1371.42px;white-space:nowrap">(Not</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:1673.69px;white-space:nowrap">e </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:1807.13px;white-space:nowrap">1d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.71px;left:9501.64px;white-space:nowrap">421,249</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.19px;left:144px;white-space:nowrap">Other</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.19px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.19px;left:9590.63px;white-space:nowrap">77,741</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4641.67px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4641.67px;left:814.42px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4641.67px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4641.67px;left:9368.2px;white-space:nowrap">3,791,357</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:432px;white-space:nowrap">Expense </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:1099.11px;white-space:nowrap">reductions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:1881.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:2317.47px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:2406.45px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4844.16px;left:9573.05px;white-space:nowrap">(1,328)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:432px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:1179.11px;white-space:nowrap">waived/paid
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:2068.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:2909.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:3345.13px;white-space:nowrap">4e)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:3643.11px;letter-spacing:49.74px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5046.64px;left:9395.08px;white-space:nowrap">(676,496)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5278.13px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5278.13px;left:869.44px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5278.13px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5278.13px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">3,113,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.61px;left:720px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.61px;left:1013.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.61px;left:1831.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.61px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5538.61px;left:9279.22px;white-space:nowrap">18,410,052</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.1px;left:0px;white-space:nowrap">Realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.1px;left:667.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.1px;left:978.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.1px;left:1761.17px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5799.1px;left:2188.13px;white-space:nowrap">(losses):</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6059.58px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6059.58px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6059.58px;left:1042.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6059.58px;left:1389.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6059.58px;left:1824.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6291.07px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.55px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.55px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.55px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6493.55px;left:9261.64px;white-space:nowrap">(2,591,870)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6696.03px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6696.03px;left:874.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6696.03px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6696.03px;left:9395.08px;white-space:nowrap">(704,816)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6927.52px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6927.52px;left:869.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6927.52px;left:1474.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6927.52px;left:1821.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6927.52px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6927.52px;left:9261.64px;white-space:nowrap">(3,296,686)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:437.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:1006.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:1175.8px;white-space:nowrap">unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:1958.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:2874.7px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7159px;left:3897.44px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7361.49px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.97px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.97px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.97px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.97px;left:9273.52px;letter-spacing:-1.08px;white-space:nowrap">(4,311,106)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7766.46px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7766.46px;left:874.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7766.46px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7766.46px;left:9406.95px;letter-spacing:-1.32px;white-space:nowrap">(113,056)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:869.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:1438.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:1607.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:2390.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:3306.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7997.94px;left:9261.64px;white-space:nowrap">(4,424,162)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:293.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:898.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:1209.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:1992.34px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:2339.3px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.42px;left:9261.64px;white-space:nowrap">(7,720,848)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:293.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:942.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:1751.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:1920.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:2187.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:2694.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:3343.83px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:3708.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8486.91px;left:9190.23px;white-space:nowrap">$10,689,204</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:924.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:1102.66px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:1956.33px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:2650px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:3619.45px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:4055.16px;white-space:nowrap">1f)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:9261.64px;white-space:nowrap">(7,733,574)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:293.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:942.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:1751.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:1920.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:2187.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:2694.61px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:3459.61px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:3637.5px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:4295.47px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:4820.16px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:5469.38px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:5833.83px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:6632.33px;letter-spacing:51.06px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9007.88px;left:9279.22px;white-space:nowrap">$2,955,630</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(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: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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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:10.32px;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:836.88px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:40.26px;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:684.27px;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(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(81.780px,739.229px) 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:36.48px;white-space:nowrap">22</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, );background-repeat:no-repeat;background-size:cover;height:614.90px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.899px) 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:6903.05px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7534.23px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8316.49px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9409.77px;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:7320.28px;white-space:nowrap">April
</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">30,
</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:9048.28px;white-space:nowrap">April
</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">30,
</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">$18,410,052</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:9190.23px;white-space:nowrap">$18,255,856</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:7533.64px;white-space:nowrap">(3,296,686)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:9261.64px;white-space:nowrap">(6,952,181)</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:7533.64px;white-space:nowrap">(4,424,162)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:9368.2px;white-space:nowrap">7,694,430</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:288px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:1212.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:1390.66px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:2244.33px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:2938px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:3923.35px;letter-spacing:50.25px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:7533.64px;white-space:nowrap">(7,733,574)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1756.41px;left:9261.64px;white-space:nowrap">(8,370,580)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:2763.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:3270.61px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:4035.61px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:4213.5px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:4871.47px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:5396.16px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1987.89px;left:6045.38px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:720px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:1494.61px;letter-spacing:49.63px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:7640.2px;white-space:nowrap">2,955,630</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:9279.22px;white-space:nowrap">10,627,525</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:1246.66px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:1904.63px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:2895.81px;letter-spacing:49.89px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:7533.64px;white-space:nowrap">(9,175,728)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2411.38px;left:9261.64px;white-space:nowrap">(9,298,395)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:1246.66px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:1904.63px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:2874.08px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:3238.53px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:3496.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:3958.84px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:4136.73px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:4670.66px;letter-spacing:50.77px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:7533.64px;white-space:nowrap">(3,223,028)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2613.86px;left:9261.64px;white-space:nowrap">(4,335,030)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:526.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:1424.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:1602.52px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:2260.48px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:7444.66px;white-space:nowrap">(12,398,756)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2845.34px;left:9172.66px;white-space:nowrap">(13,633,425)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:144px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:686.5px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:1131.19px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:2038.3px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:2402.75px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:2500.48px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:3345.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:3523.3px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:4047.98px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:4483.69px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:4572.67px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:4670.66px;letter-spacing:50.77px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:7444.66px;white-space:nowrap">(31,013,227)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3076.83px;left:9172.66px;white-space:nowrap">(27,461,339)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:2763.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:7444.66px;white-space:nowrap">(40,456,353)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3360.77px;left:9172.66px;white-space:nowrap">(30,467,239)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3563.25px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3563.25px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3563.25px;left:800.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3563.25px;left:1565.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3563.25px;left:1743.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3563.25px;left:2401.17px;white-space:nowrap">shares:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.74px;left:144px;white-space:nowrap">Beginning </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.74px;left:900.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.74px;left:1078.06px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.74px;left:1401.2px;letter-spacing:49.62px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.74px;left:7462.23px;white-space:nowrap">346,948,990</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.74px;left:9190.23px;white-space:nowrap">377,416,229</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3997.22px;left:144px;white-space:nowrap">End </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3997.22px;left:473.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3997.22px;left:651.03px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3997.22px;left:1027.54px;letter-spacing:49.57px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3997.22px;left:7373.25px;white-space:nowrap">$306,492,637</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3997.22px;left:9101.25px;white-space:nowrap">$346,948,990</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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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">23</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">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="height:611.16px;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: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">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1480.69px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2598.05px;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:3631.55px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">registered&#160;under
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1360.81px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1661.04px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2591.46px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3401.89px;white-space:nowrap">Act </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3711.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3912.1px;white-space:nowrap">1940 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">(1940 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:500.45px;white-space:nowrap">Act) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:870.47px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1110.59px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1260.7px;white-space:nowrap">closed-end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2191.29px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3291.94px;white-space:nowrap">investment </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:2671.79px;white-space:nowrap">Standards </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:3542.34px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:4072.68px;letter-spacing:-1.42px;white-space:nowrap">(FASB)
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:0px;white-space:nowrap">Accounting </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:1811.16px;text-rendering:optimizeLegibility;white-space:nowrap">Codification
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:2798.44px;letter-spacing:-3.33px;white-space:nowrap">Topic
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:3268.65px;white-space:nowrap">946, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:3668.99px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:0px;white-space:nowrap">Services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:740.21px;white-space:nowrap">&#8211; </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:2781.21px;white-space:nowrap">(ASC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:3261.27px;white-space:nowrap">946) </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:0px;letter-spacing:-2.23px;white-space:nowrap">(NAV)
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;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:5608px;left:3888.72px;letter-spacing:-3.3px;white-space:nowrap">York
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:0px;white-space:nowrap">Exchange </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:2601.04px;letter-spacing:-1.1px;white-space:nowrap">earlier.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:1000.63px;white-space:nowrap">procedures </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:2991.88px;white-space:nowrap">the&#160;Fund&#39;s
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:0px;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:1978.64px;left:8918.7px;white-space:nowrap">$16,167,479
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">$10,205,078
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8532.25px;white-space:nowrap">interest
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5420.13px;white-space:nowrap">$355,812
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3732.18px;left:5220px;white-space:nowrap">e.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7742.64px;left:7151.04px;white-space:nowrap">remain </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7742.64px;left:8571.71px;white-space:nowrap">examination
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7992.64px;left:7411.55px;white-space:nowrap">limitations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7992.64px;left:8261.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7992.64px;left:8451.91px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7992.64px;left:8892.25px;white-space:nowrap">jurisdiction
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8242.64px;left:5220px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8242.64px;left:5730.21px;white-space:nowrap">the&#160;Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8242.64px;left:6490.72px;white-space:nowrap">invests.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8746.18px;left:5220px;white-space:nowrap">f.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8746.18px;left:5388.85px;white-space:nowrap">Security
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8746.18px;left:6191.43px;letter-spacing:-0.75px;white-space:nowrap">Transactions,
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8746.18px;left:7469.11px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:8746.18px;left:8524.96px;white-space:nowrap">Income,
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9006.18px;left:5220px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9006.18px;left:6159.98px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9006.18px;left:6550.56px;white-space:nowrap">Distributions</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9336.64px;left:5220px;white-space:nowrap">Security </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9336.64px;left:5920.22px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9336.64px;left:6940.72px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9336.64px;left:7250.89px;white-space:nowrap">accounted
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9336.64px;left:9102.13px;white-space:nowrap">date. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:5220px;white-space:nowrap">Realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:5970.41px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:6450.73px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:6801.06px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:7361.28px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:7611.5px;white-space:nowrap">security </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:8281.67px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9586.64px;left:9302.17px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:5220px;white-space:nowrap">determined </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:6170.54px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:6420.76px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:6570.88px;text-rendering:optimizeLegibility;white-space:nowrap">specific
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:7221.09px;text-rendering:optimizeLegibility;white-space:nowrap">identification
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:8271.74px;white-space:nowrap">basis. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:8791.96px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9836.64px;left:9442.27px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:5220px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:6040.46px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:6680.74px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:7311.01px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:7721.02px;white-space:nowrap">payment-in-kind
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:9051.59px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10086.64px;left:9911.87px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:5220px;white-space:nowrap">any) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:5620.17px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:5970.5px;white-space:nowrap">estimated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:6800.89px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:7621.44px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:7931.6px;white-space:nowrap">accrued </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:8621.98px;letter-spacing:-1.91px;white-space:nowrap">daily.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10336.64px;left:9068.91px;white-space:nowrap">Amortization
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:5420.13px;white-space:nowrap">premium
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:6170.27px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:6520.61px;white-space:nowrap">accretion
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:7300.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:7501.11px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:8221.55px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:8471.78px;white-space:nowrap">debt </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10586.64px;left:8872.12px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:5220px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:5530.17px;white-space:nowrap">included
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:6250.69px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:6440.8px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:7081.08px;white-space:nowrap">income.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:7761.36px;white-space:nowrap">Paydown
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:8551.85px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:9032.17px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10836.64px;left:9382.5px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:5220px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:5530.17px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:6290.6px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:6530.71px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:6780.94px;white-space:nowrap">adjustment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:7711.44px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:7911.56px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:8551.85px;white-space:nowrap">income.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11086.64px;left:9232.12px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:5220px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:5850.26px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:6030.26px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:6790.69px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:7040.92px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:7341.15px;white-space:nowrap">ex-dividend
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11336.64px;left:8311.73px;white-space:nowrap">date.</div></div>
</div>

<div style="height:35.88px;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: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
</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:202.14px;left:0px;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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">Distributions </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8660.64px;left:7828.24px;white-space:nowrap">The&#160;Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8660.64px;left:8773.07px;white-space:nowrap">maximum </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:5220px;white-space:nowrap">exposure </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:6010.49px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:6520.87px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:7011.21px;white-space:nowrap">arrangements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:8171.81px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:8351.81px;white-space:nowrap">unknown </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:9122.34px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8910.64px;left:9362.46px;white-space:nowrap">this </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:5220px;white-space:nowrap">would </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:5740.31px;white-space:nowrap">involve </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:6350.63px;white-space:nowrap">future </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:6860.92px;white-space:nowrap">claims </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:7420.96px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:7771.2px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:8161.26px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:8411.48px;white-space:nowrap">made </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:8911.76px;white-space:nowrap">against </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:5220px;white-space:nowrap">the&#160;Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:5980.52px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:6330.76px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:6771.09px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:7071.33px;white-space:nowrap">yet </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:7361.46px;white-space:nowrap">occurred.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:8161.79px;letter-spacing:-1.21px;white-space:nowrap">Currently,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:8978.64px;white-space:nowrap">the&#160;Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:5220px;white-space:nowrap">expects </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:5890.34px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:6190.58px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:6520.52px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:6720.64px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:7090.75px;white-space:nowrap">to </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9660.64px;left:7541.1px;white-space:nowrap">remote.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10261.07px;left:0px;letter-spacing:-0.89px;white-space:nowrap">2.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10261.07px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10261.07px;left:905.02px;letter-spacing:-2.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10261.07px;left:1137.36px;text-rendering:optimizeLegibility;letter-spacing:-3.27px;white-space:nowrap">Beneficial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10261.07px;left:2097.75px;letter-spacing:-3.5px;white-space:nowrap">Interest</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:1420.93px;white-space:nowrap">there </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:1881.21px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:2321.37px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:2571.59px;white-space:nowrap">unlimited
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:3341.95px;white-space:nowrap">number </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:4002.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:4202.4px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:4792.68px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:5683.27px;white-space:nowrap">(without
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:6363.54px;white-space:nowrap">par </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:6673.71px;white-space:nowrap">value). </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:7263.98px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:7844.24px;white-space:nowrap">the&#160;years
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:8634.64px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10628.8px;left:9175.25px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:0px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:300.23px;white-space:nowrap">2025&#160;and&#160;2024,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:1601.46px;white-space:nowrap">there </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:2061.74px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:2501.89px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:2752.12px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:3342.39px;white-space:nowrap">issued; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:3962.72px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:4192.82px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:5073.31px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:6083.79px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:6523.95px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:7234.28px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:7604.38px;white-space:nowrap">previously
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:8464.75px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10878.8px;left:9035.07px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11128.8px;left:0px;white-space:nowrap">purchased </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11128.8px;left:890.6px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11128.8px;left:1080.7px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11128.8px;left:1380.94px;white-space:nowrap">open </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11128.8px;left:1831.38px;white-space:nowrap">market. </div></div>
</div>

<div style="height:67.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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:1078.41px;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">f.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:168.85px;white-space:nowrap">Security
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:971.43px;letter-spacing:-0.75px;white-space:nowrap">Transactions,
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2249.11px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:3304.96px;white-space:nowrap">Income,
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:0px;white-space:nowrap">Expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:939.98px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:1330.56px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:942.94px;left:2554.98px;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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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:36.48px;white-space:nowrap">26</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">

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">In&#160;September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1130.63px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1631.07px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1931.31px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2461.64px;white-space:nowrap">authorized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3352.24px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4452.89px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4653.02px;white-space:nowrap">renew </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5193.28px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5493.52px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6080.54px;white-space:nowrap">open-market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7141.03px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7641.3px;white-space:nowrap">repurchase </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8591.84px;white-space:nowrap">program. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">Under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:540.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:840.5px;white-space:nowrap">program, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1610.77px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1911.01px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2371.29px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2761.35px;white-space:nowrap">purchase, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3601.85px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4011.86px;white-space:nowrap">time </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4401.91px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4602.04px;white-space:nowrap">time, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5042.11px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5442.45px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6032.72px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6222.83px;white-space:nowrap">open-market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7283.32px;white-space:nowrap">transactions,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8353.83px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8553.96px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8854.19px;white-space:nowrap">discretion </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9674.56px;white-space:nowrap">of </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:1150.66px;white-space:nowrap">Repurchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2261.25px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2571.42px;white-space:nowrap">made </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3071.69px;white-space:nowrap">when </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3552.01px;white-space:nowrap">the&#160;fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4376.95px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4967.23px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5277.39px;white-space:nowrap">trading </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5877.77px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6077.9px;white-space:nowrap">less </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6448.01px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6848.35px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7148.58px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7628.82px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8109.14px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8459.47px;white-space:nowrap">therefore </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9229.92px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:300.23px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:600.47px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1080.7px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1561.03px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1871.19px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2371.46px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2571.59px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2871.83px;white-space:nowrap">fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3396.53px;white-space:nowrap">remaining </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:4236.94px;letter-spacing:-0.4px;white-space:nowrap">shares.&#160;Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:5947.73px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:6137.84px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:6438.08px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:7025.1px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:7615.37px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:8055.53px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:8295.64px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3184.46px;left:0px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3184.46px;left:222.36px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3184.46px;left:1167.29px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:360.18px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:920.39px;white-space:nowrap">B </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:1090.46px;white-space:nowrap">(2,876) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:1710.79px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:2061.12px;white-space:nowrap">C </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:2241.12px;white-space:nowrap">(2,673) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:2861.46px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:3821.84px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:4602.22px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:5192.49px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:5502.66px;white-space:nowrap">redeemable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:6503.29px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:6703.42px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:7003.65px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:7544.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:7744.22px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:8044.45px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:8504.74px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:8754.96px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3611.4px;left:9095.19px;white-space:nowrap">dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:0px;white-space:nowrap">payment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:740.39px;white-space:nowrap">date </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:1140.73px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:1340.86px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:1490.98px;white-space:nowrap">redemption
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:2441.51px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:2881.67px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:3081.8px;white-space:nowrap">$25,000 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:3782.46px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:4092.63px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:5053.01px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:5833.39px;white-space:nowrap">share, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:6383.67px;white-space:nowrap">plus </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:6763.89px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:7014.11px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:7664.5px;white-space:nowrap">equal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:8154.93px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:8355.06px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3861.4px;left:8695.28px;white-space:nowrap">dividends
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:0px;white-space:nowrap">accumulated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:1070.6px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:1320.82px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:1470.94px;white-space:nowrap">daily </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:1891.14px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:2361.36px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:2661.59px;white-space:nowrap">unpaid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:3252.13px;white-space:nowrap">through </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:3912.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:4212.86px;white-space:nowrap">redemption
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:5163.4px;white-space:nowrap">date </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:5563.74px;white-space:nowrap">(whether </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:6314.06px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:6524.12px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:6824.36px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:7254.58px;white-space:nowrap">dividends
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:8065.11px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:8505.44px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4111.4px;left:8955.88px;white-space:nowrap">declared)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4361.4px;left:0px;white-space:nowrap">and, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4361.4px;left:400.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4361.4px;left:590.45px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4361.4px;left:1180.72px;white-space:nowrap">circumstances,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4361.4px;left:2431.05px;white-space:nowrap">a </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:4932.86px;white-space:nowrap">paid, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:5373.19px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:5673.43px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:6133.71px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:6523.77px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:6773.99px;white-space:nowrap">restricted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:7564.22px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:7754.33px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:7984.34px;white-space:nowrap">ability </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:8494.54px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6721.4px;left:8694.67px;white-space:nowrap">declare </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:0px;white-space:nowrap">dividends </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:810.53px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:1010.65px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:1750.87px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:2841.5px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:3051.56px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:3441.62px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:3691.85px;white-space:nowrap">required </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:4402.27px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:4602.39px;white-space:nowrap">redeem </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:5262.71px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:5852.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:6053.12px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:6353.35px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:7313.73px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:8094.11px;white-space:nowrap">shares. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:8724.46px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:8934.61px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6971.4px;left:9344.71px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:0px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:500.45px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:750.67px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:1180.9px;white-space:nowrap">restrictions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:2101.11px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:2541.45px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:2991.88px;white-space:nowrap">placed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:3572.31px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:3822.54px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7221.4px;left:4122.77px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7804.46px;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:7804.46px;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:7804.46px;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:7804.46px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-2.8px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:690.21px;white-space:nowrap">Resources,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:1650.59px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:1990.72px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:2170.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:2470.96px;white-space:nowrap">holding </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:3101.48px;white-space:nowrap">company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:3881.87px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:4141.93px;white-space:nowrap">various </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:4772.2px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:5772.66px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:6122.9px;white-space:nowrap">together </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:6833.41px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:7143.57px;white-space:nowrap">referred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:7823.85px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:8023.97px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:8264.09px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8172.2px;left:8951.04px;letter-spacing:-1.81px;white-space:nowrap">Templeton.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:0px;white-space:nowrap">Certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:630.26px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:1255.96px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:1606.29px;white-space:nowrap">trustees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:2296.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:2496.71px;white-space:nowrap">the&#160;Fund&#160;are
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:3567.39px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:3947.61px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:4573.3px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:5133.69px;white-space:nowrap">trustees&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:6024.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:6324.35px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8422.2px;left:7074.76px;white-space:nowrap">subsidiaries:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1559.42px;left:6404.26px;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:1559.42px;left:6786.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1751.42px;left:6324.14px;white-space:nowrap">April
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1751.42px;left:6733.05px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1751.42px;left:6999.92px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1559.42px;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:1559.42px;left:8946.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1751.42px;left:8484.14px;white-space:nowrap">April
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1751.42px;left:8893.05px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1751.42px;left:9159.92px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2011.91px;left:6033.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2011.91px;left:7077.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2011.91px;left:8193.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2011.91px;left:9237.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:0px;white-space:nowrap">Shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:551.41px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:1494.61px;letter-spacing:49.25px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:6128.2px;white-space:nowrap">3,001,429</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:7030.23px;white-space:nowrap">$31,013,227</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:8288.2px;white-space:nowrap">2,718,943</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2353.85px;left:9190.23px;white-space:nowrap">$27,461,339</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:717.5px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:1340.16px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:1980.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:2158.44px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:2496.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:2674.22px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:3519.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:3697.03px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:3963.91px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:4390.78px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:4817.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.33px;left:4995.63px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.33px;left:144px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.33px;left:1120.96px;letter-spacing:49.22px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.33px;left:7377.34px;white-space:nowrap">10.17%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.33px;left:9626.33px;white-space:nowrap">9.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8895.61px;left:0px;white-space:nowrap">Subsidiary</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8895.61px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9172.1px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9172.1px;left:604.69px;white-space:nowrap">Advisers, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9172.1px;left:1307.11px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9172.1px;left:1609.45px;white-space:nowrap">(Advisers)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9172.1px;left:5040px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9172.1px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9448.58px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9448.58px;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:9448.58px;left:1393.28px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9448.58px;left:2220.31px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9448.58px;left:3198.67px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9448.58px;left:3758.91px;white-space:nowrap">(FTIML)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9448.58px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9725.07px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9725.07px;left:595.86px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9725.07px;left:1502.89px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9725.07px;left:2063.13px;white-space:nowrap">(PIL)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9725.07px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:595.86px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:1422.89px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:2445.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:2783.67px;white-space:nowrap">(Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:3432.81px;white-space:nowrap">Management)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10001.55px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.04px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.04px;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:10278.04px;left:1393.28px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.04px;left:2095.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.04px;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:10278.04px;left:2723.98px;white-space:nowrap">Services)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.04px;left:5040px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.04px;left:6089.22px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10554.52px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10554.52px;left:613.52px;white-space:nowrap">Distributors,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10554.52px;left:1511.48px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10554.52px;left:1849.45px;white-space:nowrap">(Distributors)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10554.52px;left:5040px;white-space:nowrap">Principal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10554.52px;left:5698.05px;white-space:nowrap">underwriter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:595.86px;white-space:nowrap">Investor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:1209.45px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:1911.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:2214.22px;letter-spacing:-0.41px;white-space:nowrap">(PSERV)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:5040px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10831.01px;left:5674.22px;white-space:nowrap">agent</div></div>
</div>

<div style="height:22.54px;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: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">2.
</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">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:905.02px;letter-spacing:-2.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1137.36px;text-rendering:optimizeLegibility;letter-spacing:-3.27px;white-space:nowrap">Beneficial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2097.75px;letter-spacing:-4px;white-space:nowrap">Interest</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2829.46px;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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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">27</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, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(53.999px,123.920px) 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;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:736.44px;white-space:nowrap">July </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1106.54px;white-space:nowrap">15, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1406.78px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1907.23px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2577.57px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3678.22px;white-space:nowrap">transferred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4598.61px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4828.62px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5929.28px;white-space:nowrap">contract </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6619.57px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6989.68px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7289.91px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7750.2px;letter-spacing:-0.76px;white-space:nowrap">to&#160;Advisers.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8720.68px;white-space:nowrap">As </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8980.75px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9130.87px;white-space:nowrap">result </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9621.04px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9821.16px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;letter-spacing:-1.05px;white-space:nowrap">transfer,&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1430.6px;white-space:nowrap">replaced </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2171.07px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2841.42px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3942.07px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4182.19px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4482.42px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5402.81px;white-space:nowrap">adviser </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6033.08px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6233.2px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6533.44px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7043.73px;white-space:nowrap">In </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7243.86px;white-space:nowrap">connection </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8164.51px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8534.62px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8834.85px;letter-spacing:-0.99px;white-space:nowrap">transfer,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9535.17px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:587.02px;white-space:nowrap">portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1277.4px;white-space:nowrap">managers, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2177.84px;white-space:nowrap">along </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2668.27px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3038.38px;white-space:nowrap">supporting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3928.97px;white-space:nowrap">research </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:4679.3px;white-space:nowrap">analysts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:5389.63px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:5739.96px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:6330.23px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:6790.52px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:7710.91px;text-rendering:optimizeLegibility;white-space:nowrap">staff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:8097.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:8297.31px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:8967.66px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:0px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:380.21px;white-space:nowrap">became </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1070.6px;white-space:nowrap">employees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1991.07px;letter-spacing:-0.83px;white-space:nowrap">of&#160;Advisers.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:0px;white-space:nowrap">In </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:200.13px;white-space:nowrap">addition, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:930.67px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:1601.02px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:2701.67px;white-space:nowrap">transferred
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:3622.06px;letter-spacing:-0.83px;white-space:nowrap">to&#160;Advisers
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8321.36px;left:3147.8px;white-space:nowrap">management
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8571.36px;left:7834.31px;white-space:nowrap">reimbursed
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:0px;white-space:nowrap">payable </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:6500.04px;white-space:nowrap">amounted
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:7550.77px;white-space:nowrap">$5,486,504.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.36px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.36px;left:1406.78px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.36px;left:2637.51px;white-space:nowrap">retained
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10001.36px;left:6703.68px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10001.36px;left:7804.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10001.36px;left:7994.44px;white-space:nowrap">providing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10001.36px;left:8774.91px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10001.36px;left:9265.25px;white-space:nowrap">services
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:0px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:200.13px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:500.36px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:1010.65px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:1520.86px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:1910.92px;white-space:nowrap">include
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:2531.34px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:2681.46px;white-space:nowrap">mark-up
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:3391.61px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:3691.85px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:3891.97px;white-space:nowrap">exceed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:4522.41px;white-space:nowrap">15% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:4932.69px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:5332.85px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10251.36px;left:5763.08px;white-space:nowrap">costs.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:736.44px;white-space:nowrap">November
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:1616.75px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:1816.88px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:2317.32px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:2827.71px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:2977.82px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:3988.3px;white-space:nowrap">agreement,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:4948.86px;letter-spacing:-1.11px;white-space:nowrap">FTIML
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:5512.15px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:6242.52px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:7253px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:7963.15px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:8163.28px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:8463.52px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10681.36px;left:8970.56px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:0px;white-space:nowrap">subadvisory </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:1010.48px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:1310.71px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:1490.71px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:1881.04px;letter-spacing:-0.83px;white-space:nowrap">by&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:2851.44px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:3391.88px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:3642.1px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:3942.33px;white-space:nowrap">average
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:4642.82px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:4943.06px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:5513.29px;white-space:nowrap">managed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:6313.89px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:6554px;white-space:nowrap">FTIML, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:7173.98px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:7524.32px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:7704.32px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:8004.55px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:8254.78px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:9075.41px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10931.36px;left:9805.96px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:300.23px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:810.53px;white-space:nowrap">Prior </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:1240.58px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:1440.7px;white-space:nowrap">November
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:2321.02px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:2521.14px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:3021.59px;letter-spacing:-1.67px;white-space:nowrap">PIL
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:3335.1px;white-space:nowrap">provided
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:4075.58px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:5086.05px;white-space:nowrap">services
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:5796.21px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:5996.34px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:6296.57px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:6806.87px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:7543.3px;white-space:nowrap">November
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:8423.61px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;left:8623.74px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11181.36px;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:11181.36px;left:9437.7px;white-space:nowrap">merged </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:0px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:340.22px;white-space:nowrap">FTIML, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:960.21px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;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:11431.36px;left:1624.04px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:2544.43px;white-space:nowrap">professionals
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:3655.02px;white-space:nowrap">became </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:4345.4px;white-space:nowrap">employees
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:5265.88px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11431.36px;left:5466.01px;white-space:nowrap">FTIML.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4261.42px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4261.42px;left:897.81px;white-space:nowrap">Fee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4261.42px;left:1217.97px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4261.42px;left:5040px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4261.42px;left:5336.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:0px;white-space:nowrap">0.650%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:5484.77px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:5786.95px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:6187.34px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:6685.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:6863.13px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:7485.78px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:8019.3px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4537.91px;left:8286.17px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:0px;white-space:nowrap">0.550%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:5831.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:6232.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:6729.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:6907.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:7530.47px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:8063.98px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4814.39px;left:8330.86px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:0px;white-space:nowrap">0.500%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:5831.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:6232.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:6729.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:6907.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:7530.47px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:8063.98px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5090.87px;left:8330.86px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:0px;white-space:nowrap">0.450%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.36px;left:8108.59px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:0px;white-space:nowrap">0.425%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5643.84px;left:8108.59px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:0px;white-space:nowrap">0.405%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5920.33px;left:8108.59px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:0px;white-space:nowrap">0.390%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:8108.59px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6196.81px;left:8615.47px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6473.3px;left:0px;white-space:nowrap">0.380%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6473.3px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6473.3px;left:5217.89px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6473.3px;left:5520.31px;white-space:nowrap">excess </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6473.3px;left:6062.73px;letter-spacing:-0.8px;white-space:nowrap">thereafter.</div></div>
</div>

<div style="height:26.28px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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">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:-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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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:36.48px;white-space:nowrap">28</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, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(36.000px,123.919px) 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">b.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:214.58px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1587.17px;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;white-space:nowrap">reimburses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1750.78px;white-space:nowrap">Advisers </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2491px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2741.22px;white-space:nowrap">allocated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3511.76px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4162.15px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4422.22px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4722.45px;white-space:nowrap">compensation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5893.15px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6243.49px;white-space:nowrap">related </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6843.87px;white-space:nowrap">expenses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7664.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7864.54px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8454.81px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9080.51px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9280.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:460.28px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:810.62px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1210.78px;text-rendering:optimizeLegibility;white-space:nowrap">staff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1597.06px;white-space:nowrap">who </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1977.28px;white-space:nowrap">provide </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2617.65px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3778.07px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4488.22px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4688.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4988.58px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5495.63px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5855.8px;white-space:nowrap">aggregate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6716.51px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7366.9px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7567.03px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7797.13px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8227.35px;white-space:nowrap">reimbursements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9567.77px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">determined </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:950.54px;white-space:nowrap">annually </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1671.06px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1911.18px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2208.16px;letter-spacing:-0.74px;white-space:nowrap">Trustees.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:736.44px;white-space:nowrap">June </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:1176.77px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:1376.89px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:1877.34px;letter-spacing:-1.08px;white-space:nowrap">FT
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:2144px;white-space:nowrap">Services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:2884.22px;white-space:nowrap">provides </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:3614.59px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:4204.86px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:5365.28px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:6075.44px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:6275.57px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:6575.8px;white-space:nowrap">Fund. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9110px;left:8120.39px;white-space:nowrap">companies </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9110px;left:9280.99px;white-space:nowrap">follows:</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:1652.13px;white-space:nowrap">&#160;&#160;&#160;&#160;aa</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9765px;left:2455.98px;letter-spacing:-1.2px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9765px;left:2835.36px;white-space:nowrap">at</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:2310.59px;white-space:nowrap">Beginning</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:2516.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:2674.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:3382.33px;white-space:nowrap">Purchases</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:4840.11px;white-space:nowrap">Sales</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:5330.45px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:5899.28px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:5797.41px;white-space:nowrap">(Loss)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9573px;left:6388.97px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9573px;left:6636.78px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9573px;left:7154.36px;white-space:nowrap">in</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9765px;left:6607.48px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:6469.13px;white-space:nowrap">Appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:6388.97px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9765px;left:8008.11px;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:9957px;left:7950.06px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:8103.19px;white-space:nowrap">End</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:7915.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:8073.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9573px;left:8631.06px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9573px;left:9163.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9765px;left:8528.64px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9765px;left:9002.7px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:8886.06px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:9039.19px;white-space:nowrap">End</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:8851.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:9009.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9957px;left:9530.34px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10149px;left:9763.63px;white-space:nowrap">Income</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:0px;white-space:nowrap">a&#160;&#160;&#160;&#160;&#160;&#160;</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:2947.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:4041.44px;letter-spacing:-1.14px;white-space:nowrap">a&#160;&#160;
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:6186.44px;letter-spacing:-1.14px;white-space:nowrap">a&#160;&#160;
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:7266.44px;letter-spacing:-1.14px;white-space:nowrap">a&#160;&#160;
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:8346.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:9282.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:10397.55px;left:10218.44px;letter-spacing:-1.52px;white-space:nowrap">a&#160;&#160;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10496.76px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10496.76px;left:517.58px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10496.76px;left:1159.22px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10496.76px;left:2055.86px;letter-spacing:-1.44px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10757.25px;left:0px;white-space:nowrap">Non-Controlled
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10757.25px;left:986.33px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10985.73px;left:9646.91px;white-space:nowrap">Dividends</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11246.22px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11246.22px;left:488.67px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11246.22px;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:11246.22px;left:1164.53px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:0px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:372.03px;white-space:nowrap">Class
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;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:11438.22px;left:880.23px;white-space:nowrap">4.468%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;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:11438.22px;left:2404.73px;white-space:nowrap">$121,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:3316.31px;white-space:nowrap">$99,502,494</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:4365.97px;white-space:nowrap">$(97,018,552)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:7694.28px;white-space:nowrap">$2,605,616</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:8656.25px;letter-spacing:0px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11438.22px;left:9675.73px;white-space:nowrap">$287,296</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:11785.98px;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:11785.98px;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:11785.98px;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:11785.98px;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:11785.98px;left:2404.73px;white-space:nowrap">$121,674</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11785.98px;left:3316.31px;white-space:nowrap">$99,502,494</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11785.98px;left:4365.97px;white-space:nowrap">$(97,018,552)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11785.98px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11785.98px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11785.98px;left:7694.28px;white-space:nowrap">$2,605,616</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11785.98px;left:9675.73px;white-space:nowrap">$287,296</div></div>
</div>

<div style="height:26.28px;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: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">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:-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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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">29</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, );background-repeat:no-repeat;background-size:cover;height:611.16px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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:-0.89px;white-space:nowrap">5.
</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
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1160.68px;white-space:nowrap">previously </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2021.04px;white-space:nowrap">entered </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2681.54px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3021.77px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3271.99px;white-space:nowrap">arrangement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4342.59px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4712.7px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4942.71px;white-space:nowrap">custodian </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5763.25px;white-space:nowrap">whereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6493.62px;white-space:nowrap">credits </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7073.79px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7754.15px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7994.27px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8144.38px;white-space:nowrap">result </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8634.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8834.68px;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">custodian </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5407.82px;white-space:nowrap">expenses. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6278.38px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6858.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7158.87px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7559.03px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8099.65px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8509.75px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8809.98px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9310.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">custodian </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:820.55px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1210.78px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1650.94px;white-space:nowrap">reduced </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2351.43px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2591.54px;white-space:nowrap">noted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3091.99px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3282.1px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3582.33px;white-space:nowrap">Statement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4452.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4652.93px;white-space:nowrap">Operations. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5633.44px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6369.87px;white-space:nowrap">March </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6919.98px;white-space:nowrap">10, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7220.21px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7720.66px;white-space:nowrap">earned </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8331.15px;white-space:nowrap">credits, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8961.33px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9101.34px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9478.21px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9778.18px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">recognized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:930.59px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1170.7px;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">6.
</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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:320.01px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:610.14px;white-space:nowrap">purposes, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:1450.63px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:2020.96px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:2581.17px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:2971.23px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:3221.46px;white-space:nowrap">carried </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:3821.66px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4221.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4421.95px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4908.34px;white-space:nowrap">future </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:5418.63px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:5988.96px;white-space:nowrap">gains.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:1420.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:1721.16px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:2291.48px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:2661.59px;white-space:nowrap">carryforwards
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:3801.8px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:4241.95px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2474.8px;left:4482.07px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:0px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:580.25px;white-space:nowrap">the </div>

<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:1821.27px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:2231.37px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:2531.6px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:3032.05px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:3332.29px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:3792.57px;white-space:nowrap">utilized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:4402.88px;white-space:nowrap">$941,926
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:5203.65px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:5403.78px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:5974.1px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4136.74px;left:6344.21px;white-space:nowrap">carryforwards.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:360.18px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:650.3px;white-space:nowrap">character </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:1450.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:1650.76px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:2661.24px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:3051.56px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:3601.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:3902.17px;white-space:nowrap">years </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:4392.33px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:4932.95px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:5343.05px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:5643.28px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:6093.72px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:6444.05px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:6944.5px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:7314.61px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4566.74px;left:7554.73px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:1420.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:1721.16px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:2101.29px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:2301.42px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:3311.81px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:3662.14px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:3962.37px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:4842.95px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:5873.64px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:7024.22px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:7284.29px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:7914.55px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:8204.68px;white-space:nowrap">purposes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:8995.17px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6799.1px;left:9435.32px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7049.1px;left:0px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Differences
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:956.51px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:1687.06px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:2317.32px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:2877.71px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:3448.04px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:3928.36px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:4168.48px;white-space:nowrap">determined
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:5119.01px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:5369.24px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:5519.36px;white-space:nowrap">book </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:5959.69px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:6429.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:6780.23px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:6930.35px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:7220.48px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:7690.69px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:8000.86px;white-space:nowrap">primarily
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:8730.88px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:9081.21px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8973.06px;left:9281.34px;text-rendering:optimizeLegibility;white-space:nowrap">differing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:0px;white-space:nowrap">treatments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:900.35px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:1100.48px;white-space:nowrap">bond </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:1550.92px;white-space:nowrap">discounts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:2361.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:2711.69px;white-space:nowrap">premiums
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:3551.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:3902.17px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9223.06px;left:4192.29px;white-space:nowrap">straddles.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9806.12px;left:0px;letter-spacing:-2.67px;white-space:nowrap">7.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9806.12px;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:9806.12px;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:10173.86px;left:0px;white-space:nowrap">Purchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:900.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:1250.77px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:1720.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:1921.11px;white-space:nowrap">investments&#160;(excluding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:3801.97px;white-space:nowrap">short </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:4252.15px;white-space:nowrap">term </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:4662.16px;white-space:nowrap">securities)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:5792.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:6092.67px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:6492.83px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:7033.45px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:7443.54px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:7743.78px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10173.86px;left:8244.23px;white-space:nowrap">aggregated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10423.86px;left:0px;white-space:nowrap">$84,742,359&#160;and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10423.86px;left:1401.33px;letter-spacing:-0.61px;white-space:nowrap">$114,103,956,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10423.86px;left:2589.08px;letter-spacing:-0.95px;white-space:nowrap">respectively.&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11006.92px;left:0px;letter-spacing:-0.89px;white-space:nowrap">8.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11006.92px;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:11006.92px;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:11006.92px;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:11006.92px;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:11006.92px;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:11374.66px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:1420.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:1721.16px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:2181.45px;white-space:nowrap">had&#160;12.0%&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:3292.29px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:3522.3px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:4212.69px;white-space:nowrap">invested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:4933.13px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:5123.23px;white-space:nowrap">high </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:5513.55px;white-space:nowrap">yield </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:5933.76px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:6744.02px;white-space:nowrap">rated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:7204.31px;white-space:nowrap">below </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:7724.62px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:8645.01px;white-space:nowrap">grade </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11374.66px;left:9155.39px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:0px;white-space:nowrap">unrated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:660.5px;white-space:nowrap">securities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:1517.52px;white-space:nowrap">These </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:2067.8px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:2878.07px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:3268.13px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:3518.35px;white-space:nowrap">more </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:3978.46px;white-space:nowrap">sensitive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:4728.78px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:4928.91px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:5749.28px;white-space:nowrap">conditions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:6609.81px;white-space:nowrap">causing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:7280.24px;white-space:nowrap">greater
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:7900.58px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:8340.73px;white-space:nowrap">volatility
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:9030.94px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11624.66px;left:9381.27px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:0px;white-space:nowrap">potentially </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:860.54px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:1480.87px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:1681px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:1831.11px;white-space:nowrap">greater
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:2451.45px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:2781.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:2981.51px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:3351.62px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:3701.95px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:3902.08px;white-space:nowrap">default
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:4492.53px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:4892.87px;white-space:nowrap">higher </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:5443.24px;white-space:nowrap">rated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11874.66px;left:5903.53px;white-space:nowrap">securities.</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:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3200.71px;left:9368.2px;white-space:nowrap">9,142,742</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:9279.22px;white-space:nowrap">14,337,396</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:9190.23px;white-space:nowrap">$23,480,138</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:7828.66px;white-space:nowrap">$512,775</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5602.58px;left:9412.66px;white-space:nowrap">$462,723</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:7695.22px;white-space:nowrap">16,396,527</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5863.07px;left:9279.22px;white-space:nowrap">17,206,252</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:7784.2px;white-space:nowrap">3,223,028</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6123.55px;left:9368.2px;white-space:nowrap">4,335,030</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.04px;left:7606.23px;white-space:nowrap">$20,132,330</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6384.04px;left:9190.23px;white-space:nowrap">$22,004,005</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.52px;left:0px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.52px;left:373.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.52px;left:551.33px;white-space:nowrap">investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.52px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7482.52px;left:9101.25px;white-space:nowrap">$464,722,054</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7888.46px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7888.46px;left:809.3px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7888.46px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7888.46px;left:9279.22px;white-space:nowrap">$6,999,852</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.95px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.95px;left:809.3px;white-space:nowrap">depreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.95px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8148.95px;left:9172.66px;white-space:nowrap">(20,548,249)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8409.43px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8409.43px;left:293.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8409.43px;left:1076.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8409.43px;left:1992.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8409.43px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8409.43px;left:9083.67px;white-space:nowrap">$(13,548,397)</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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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:36.48px;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: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, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(36.000px,123.919px) 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: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;held
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1210.78px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1360.9px;white-space:nowrap">defaulted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2151.56px;white-space:nowrap">security </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2821.73px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3382.12px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3842.4px;white-space:nowrap">securities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4652.67px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4912.73px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5422.94px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5723.17px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6353.44px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6693.66px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7144.1px;white-space:nowrap">deemed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7844.59px;white-space:nowrap">uncollectible.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8925.29px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9135.44px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9545.54px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:500.45px;white-space:nowrap">the&#160;value
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1281.01px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1481.13px;white-space:nowrap">this </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1811.25px;white-space:nowrap">security </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2481.42px;white-space:nowrap">was&#160;$1,159,906,&#160;representing&#160;0.4%
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5363.35px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5563.48px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5863.71px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6448.36px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6748.59px;white-space:nowrap">assets. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7365.59px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7725.76px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8186.04px;white-space:nowrap">discontinues
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9236.69px;white-space:nowrap">accruing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:630.26px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:880.49px;white-space:nowrap">securities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1690.75px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1950.82px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2461.03px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3091.29px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3431.51px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3881.95px;white-space:nowrap">deemed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4582.44px;white-space:nowrap">uncollectible
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5623.07px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5973.4px;white-space:nowrap">provides </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6703.77px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6953.99px;white-space:nowrap">estimate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7684.28px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7944.35px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8504.56px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8754.79px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">receivable. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:917.23px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1277.4px;white-space:nowrap">security&#160;has
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2287.79px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2738.23px;text-rendering:optimizeLegibility;white-space:nowrap">identified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3508.77px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3698.88px;white-space:nowrap">the </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:6010.4px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:6210.53px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;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:1677.07px;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:1677.07px;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:1677.07px;left:1743.05px;letter-spacing:-3.64px;white-space:nowrap">Information</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:1420.93px;white-space:nowrap">investments
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:2621.43px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:3441.8px;white-space:nowrap">contracts </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4532.26px;text-rendering:optimizeLegibility;white-space:nowrap">reflected
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:5462.75px;white-space:nowrap">the&#160;Statement&#160;of
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:7764.17px;white-space:nowrap">Liabilities
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:8794.69px;white-space:nowrap">follows:</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:620.24px;white-space:nowrap">year </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:1561.03px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:1971.12px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:2271.36px;white-space:nowrap">2025, </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:3758.55px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:4578.93px;white-space:nowrap">contracts
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:5549.33px;white-space:nowrap">the&#160;Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:6720.03px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:6920.16px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:7850.65px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:8220.76px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5522.03px;left:8460.88px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:620.24px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:1020.41px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:1561.03px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:1971.12px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:2271.36px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:2771.81px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:3072.04px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:3772.53px;white-space:nowrap">month </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:4322.81px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:4673.14px;white-space:nowrap">notional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:5353.68px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:6004.07px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:6204.2px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:6804.49px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:7584.79px;white-space:nowrap">represented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8651.93px;left:8595.44px;white-space:nowrap">$9,739,700.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.93px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.93px;left:370.28px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.93px;left:800.51px;white-space:nowrap">1(c)&#160;regarding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.93px;left:1971.04px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.93px;left:2791.41px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.93px;left:3501.83px;white-space:nowrap">instruments.&#160;</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.93px;left:360.35px;white-space:nowrap">Abbreviations
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.93px;left:1751.22px;white-space:nowrap">page </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.93px;left:2201.66px;white-space:nowrap">32</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9511.93px;left:2401.88px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10095px;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:10095px;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:10095px;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:10095px;left:1274.08px;letter-spacing:-3.67px;white-space:nowrap">Measurements</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:360.18px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:1870.84px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:2351.16px;white-space:nowrap">hierarchy
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:3141.47px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:3491.72px;white-space:nowrap">distinguishes
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:4582.35px;white-space:nowrap">between
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:5312.9px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:5913.02px;white-space:nowrap">data </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:6313.36px;white-space:nowrap">obtained
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:7054.01px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:7464.02px;white-space:nowrap">independent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.73px;left:8505px;white-space:nowrap">sources </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:0px;white-space:nowrap">(observable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:990.53px;white-space:nowrap">inputs) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:1580.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;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:10712.73px;left:2816.02px;white-space:nowrap">own </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:3196.23px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:3796.35px;white-space:nowrap">assumptions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:4856.84px;white-space:nowrap">(unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:6047.58px;white-space:nowrap">inputs).
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:6684.61px;white-space:nowrap">These </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:7234.89px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:7765.22px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:8075.39px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:8515.72px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:8705.83px;white-space:nowrap">determining
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10712.73px;left:9696.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:0px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:480.32px;white-space:nowrap">of </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:2275.75px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:3256.08px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:3606.42px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:3916.58px;white-space:nowrap">summarized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:4946.84px;white-space:nowrap">in </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:5437.18px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:6187.59px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:6487.65px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10962.73px;left:6967.97px;white-space:nowrap">hierarchy:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:1085.12px;white-space:nowrap">1 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:1235.24px;white-space:nowrap">&#8211;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:1385.36px;white-space:nowrap">quoted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:1985.91px;white-space:nowrap">prices </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:2516.07px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:2706.18px;white-space:nowrap">active </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:3226.4px;white-space:nowrap">markets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:3916.52px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:4176.59px;white-space:nowrap">identical
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:4887.01px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11392.73px;left:5597.43px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2524.78px;left:3508.93px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2524.78px;left:3989.16px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2524.78px;left:7456.55px;white-space:nowrap">Liability
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2524.78px;left:8105.54px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2785.27px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2785.27px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2785.27px;left:2304px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2785.27px;left:3121.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:2304px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:2873.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:3202.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;left:2304px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;left:5292.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;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:2785.27px;left:6408px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2785.27px;left:7225.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:6408px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:6977.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2977.27px;left:7306.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;left:6408px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;left:9324.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3169.27px;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:3485.03px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3485.03px;left:631.17px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3485.03px;left:1413.44px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3485.03px;left:2506.72px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3745.52px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3745.52px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3745.52px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3745.52px;left:1588.02px;letter-spacing:50.83px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:3724px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4198px;left:2448px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:5328.78px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:5417.76px;white-space:nowrap">146,473</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4009.21px;left:5996.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:7756px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4198px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:9831.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4006px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4458.48px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4458.48px;left:373.65px;letter-spacing:49.62px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4458.48px;left:5354.66px;white-space:nowrap">$146,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4458.48px;left:9805.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4958.77px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:42.54px;white-space:nowrap">This
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:326.92px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;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:4954.55px;left:1260.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:1479.42px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:2143.09px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:2894.42px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:3733.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:3879.02px;white-space:nowrap">futures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:4316.68px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:4885.59px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;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:4954.55px;left:5585.82px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:5724.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:5943.32px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:6526.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:6672.85px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:7453.32px;white-space:nowrap">Only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:7759.65px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:7978.56px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:8510.98px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4954.55px;left:8948.48px;white-space:nowrap">receivable/payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:145.94px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:437.66px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:693.05px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:824.3px;white-space:nowrap">separately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:1466.17px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:1991.33px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:2363.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:2582.11px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:3216.72px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:3355.47px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:3785.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:4041.17px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:4653.83px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:4967.27px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:5499.69px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:5937.19px;white-space:nowrap">movements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:6651.88px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:6972.66px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:7526.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:7672.89px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:7986.56px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:8314.92px;white-space:nowrap">receipt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:8745.23px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5146.55px;left:8898.36px;white-space:nowrap">payment.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6371.45px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6371.45px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:2592px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:3409.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:2592px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:3481.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6371.45px;left:5240.59px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6371.45px;left:5542.86px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:5054.19px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:5454.27px;white-space:nowrap">(Loss)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:5978.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:5572.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;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:6563.45px;left:6480px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:7297.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:6480px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:7369.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5987.45px;left:9004.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5987.45px;left:9306.64px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5987.45px;left:9937.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6179.45px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6371.45px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6563.45px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:9202.58px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;left:9460.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6755.45px;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:7078.5px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.5px;left:631.17px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.5px;left:1413.44px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.5px;left:2506.72px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:2592px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:2885.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:3490.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:3837.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:4272.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:6480px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:6773.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:7342.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7306.98px;left:7511.8px;white-space:nowrap">unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.98px;left:6480px;white-space:nowrap">&#160;&#160;appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.98px;left:7485.08px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.98px;left:8507.81px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7904.92px;left:2592px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7904.92px;left:3178.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7904.92px;left:5418.09px;white-space:nowrap">$(704,816)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7904.92px;left:6480px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7904.92px;left:7066.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7904.92px;left:9317.97px;letter-spacing:-1.19px;white-space:nowrap">$(113,056)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8165.41px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8165.41px;left:373.65px;letter-spacing:49.87px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8165.41px;left:5418.09px;white-space:nowrap">$(704,816)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8165.41px;left:9317.97px;letter-spacing:-1.19px;white-space:nowrap">$(113,056)</div></div>
</div>

<div style="height:22.54px;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: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">8.
</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:-4px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:3553.03px;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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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">31</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, );background-repeat:no-repeat;background-size:cover;height:607.88px;left:0px;position:absolute;top:0px;transform:translate(53.999px,123.920px) 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:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1085.12px;white-space:nowrap">2 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1235.24px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1385.36px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1845.64px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2696.07px;white-space:nowrap">observable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3626.66px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4156.99px;white-space:nowrap">(including </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4977.45px;white-space:nowrap">quoted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5578px;white-space:nowrap">prices </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6108.16px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6368.23px;white-space:nowrap">similar </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6938.2px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7648.62px;white-space:nowrap">instruments,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8678.96px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9319.24px;white-space:nowrap">rates, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:604.8px;white-space:nowrap">prepayment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1605.35px;white-space:nowrap">speed, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2195.8px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2685.96px;white-space:nowrap">risk, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3065.91px;white-space:nowrap">etc.)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:1085.12px;white-space:nowrap">3 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:1235.24px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:1385.36px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:2235.79px;white-space:nowrap">unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:3366.59px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:3896.92px;white-space:nowrap">(including </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:4717.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:5017.61px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:5602.26px;white-space:nowrap">own </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:5982.48px;white-space:nowrap">assumptions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:7042.96px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:7233.07px;white-space:nowrap">determining
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:8223.6px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:8523.83px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:8823.89px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:9304.21px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:604.8px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:1315.22px;white-space:nowrap">instruments)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:360.18px;white-space:nowrap">input </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:800.51px;white-space:nowrap">levels </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:1310.71px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:1620.88px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:1921.11px;white-space:nowrap">necessarily
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:2871.47px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:3121.7px;white-space:nowrap">indication </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:3932.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:4132.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:4432.59px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:4762.53px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:4972.59px;white-space:nowrap">liquidity </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:5622.89px;white-space:nowrap">associated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:6533.44px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:6903.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:7613.96px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:8594.3px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:8794.42px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:9144.67px;white-space:nowrap">level. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:160.14px;white-space:nowrap">summary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:950.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:1150.31px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:1680.64px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:2120.98px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:2361.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:2551.29px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:2961.39px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:3261.62px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:3762.07px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:3952.18px;white-space:nowrap">valuing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:4572.6px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:4872.83px;white-space:nowrap">Fund&#39;s&#160;assets&#160;carried
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:6627.92px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:6828.05px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:7128.11px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:7658.44px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:7838.44px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2134px;left:8078.55px;white-space:nowrap">follows: </div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5407.38px;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:5407.38px;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:5407.38px;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:5775.11px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5775.11px;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:5775.11px;left:1861.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5775.11px;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:5775.11px;left:2661.86px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5775.11px;left:3602.46px;white-space:nowrap">Standards
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5775.11px;left:4473.02px;white-space:nowrap">Update </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5775.11px;left:5103.46px;white-space:nowrap">(ASU) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5775.11px;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:5775.11px;left:6404.06px;white-space:nowrap">Segment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5775.11px;left:7174.51px;white-space:nowrap">Reporting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5775.11px;left:8004.99px;letter-spacing:-2.36px;white-space:nowrap">(Topic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5775.11px;left:8538.57px;white-space:nowrap">280)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5775.11px;left:8948.85px;white-space:nowrap">-
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6025.11px;left:0px;white-space:nowrap">Improvements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6025.11px;left:1190.39px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6025.11px;left:1390.52px;white-space:nowrap">Reportable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6025.11px;left:2321.1px;white-space:nowrap">Segment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6025.11px;left:3091.55px;white-space:nowrap">Disclosures.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6025.11px;left:6029.56px;white-space:nowrap">disclosure
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6025.11px;left:6889.92px;white-space:nowrap">requirements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6025.11px;left:7990.4px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6025.11px;left:8340.73px;white-space:nowrap">does </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6025.11px;left:9081.3px;white-space:nowrap">impact </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:0px;white-space:nowrap">the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:884.88px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:1595.3px;white-space:nowrap">position </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:2265.73px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:2475.79px;white-space:nowrap">results </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:3055.96px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6275.11px;left:3256.08px;white-space:nowrap">operations.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:0px;white-space:nowrap">The&#160;Fund&#160;operates
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:1570.96px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:1811.07px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:1961.19px;white-space:nowrap">single </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:2481.5px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:3282.1px;white-space:nowrap">segment, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:4072.5px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:4582.71px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:4762.71px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:5012.93px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:5933.32px;white-space:nowrap">portfolio.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:6670.46px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:7030.63px;white-space:nowrap">Fund&#39;s&#160;Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:8545.69px;white-space:nowrap">manager </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6705.11px;left:9306.12px;white-space:nowrap">serves </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:0px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:240.12px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:540.35px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:1010.57px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:1851.06px;white-space:nowrap">Decision
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:2591.37px;white-space:nowrap">Maker </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:3141.47px;white-space:nowrap">(CODM), </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:3911.31px;white-space:nowrap">evaluating
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:4781.95px;white-space:nowrap">fund-wide
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:5612.43px;white-space:nowrap">results </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:6192.6px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:6542.93px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:7603.42px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:8113.8px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:8263.92px;text-rendering:optimizeLegibility;white-space:nowrap">unified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6955.11px;left:8844.35px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:0px;letter-spacing:-1.34px;white-space:nowrap">strategy.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:723.69px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:1083.87px;white-space:nowrap">CODM </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:1683.81px;white-space:nowrap">uses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:2114.03px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:2604.38px;white-space:nowrap">measures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:3444.7px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:3644.82px;white-space:nowrap">assess </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:4655.39px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:5715.88px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:6066.21px;white-space:nowrap">allocate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:6736.64px;white-space:nowrap">resources
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:7576.96px;text-rendering:optimizeLegibility;letter-spacing:-1.03px;white-space:nowrap">effectively.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:8460.09px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7205.11px;left:9110.48px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:0px;white-space:nowrap">provided </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:740.48px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:940.61px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:1240.84px;white-space:nowrap">CODM </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:3952.09px;white-space:nowrap">policies
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:4952.72px;white-space:nowrap">measurement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:6103.21px;white-space:nowrap">principles
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:7353.9px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:7544px;text-rendering:optimizeLegibility;white-space:nowrap">the&#160;financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7455.11px;left:8554.66px;white-space:nowrap">statements.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:320.01px;white-space:nowrap">information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:1260.44px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:2070.97px;white-space:nowrap">segment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:2811.36px;white-space:nowrap">assets, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:4171.99px;text-rendering:optimizeLegibility;white-space:nowrap">profit
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:4832.23px;white-space:nowrap">loss, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:5602.68px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7885.11px;left:6453.11px;white-space:nowrap">expenses,
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8135.11px;left:8281.85px;white-space:nowrap">The&#160;Schedule
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8635.11px;left:3261.62px;white-space:nowrap">metrics,
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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9468.18px;left:0px;letter-spacing:-1.2px;white-space:nowrap">12.
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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9468.18px;left:317.59px;letter-spacing:-3.64px;white-space:nowrap">Subsequent
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10085.91px;left:440.33px;white-space:nowrap">occurred
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10085.91px;left:1540.9px;white-space:nowrap">require </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10085.91px;left:2151.21px;white-space:nowrap">disclosure.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;left:4785.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;left:5239.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;left:6369.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;left:6823.02px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;left:7953.42px;white-space:nowrap">Level
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2581.98px;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:2912.31px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2912.31px;left:631.17px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2912.31px;left:1413.44px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2912.31px;left:2506.72px;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:3123.35px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.84px;left:144px;white-space:nowrap">Investments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.84px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.84px;left:1220.02px;white-space:nowrap">Securities:</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3323.05px;left:1966.97px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:288px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:1008.31px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:5079.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:5933.25px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:6022.23px;white-space:nowrap">447,828,876</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:9101.25px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.32px;left:9190.23px;white-space:nowrap">447,828,876</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;left:288px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;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:3712.8px;left:1111.98px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;left:4616.2px;white-space:nowrap">2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;left:6333.64px;white-space:nowrap">592,692</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.8px;left:9368.2px;white-space:nowrap">3,198,308</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:958.42px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:1865.45px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:2034.44px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:4527.22px;white-space:nowrap">$2,605,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:5933.25px;white-space:nowrap">$448,421,568</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.29px;left:9101.25px;white-space:nowrap">$451,027,184</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.79px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.79px;left:588.61px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.79px;left:1273.38px;white-space:nowrap">Instruments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:874.88px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:4660.66px;white-space:nowrap">$146,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:6663.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.27px;left:9412.66px;white-space:nowrap">$146,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:958.42px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:1403.03px;white-space:nowrap">Financial
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:2087.8px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:4660.66px;white-space:nowrap">$146,473</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:6663.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4594.76px;left:9412.66px;white-space:nowrap">$146,473</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:42.54px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:275.82px;white-space:nowrap">detailed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:771.92px;white-space:nowrap">categories,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:1450.27px;white-space:nowrap">see
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:1698.32px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:1917.23px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:2799.81px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:3383.4px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5058.82px;left:3529.34px;white-space:nowrap">Investments.</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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:-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:-4px;white-space:nowrap">Measurements</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2667.92px;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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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:36.48px;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: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, );background-repeat:no-repeat;background-size:cover;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:-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">Selected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:790.4px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:654.47px;left:0px;white-space:nowrap">AGMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:1116px;white-space:nowrap">Assured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:1747.41px;white-space:nowrap">Guaranty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:2449.98px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:3170.3px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:914.95px;left:0px;white-space:nowrap">AMBAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:914.95px;left:1116px;white-space:nowrap">American </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:914.95px;left:1836.23px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:914.95px;left:2556.55px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:914.95px;left:2965.84px;white-space:nowrap">Assurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:914.95px;left:3766.23px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1175.43px;left:0px;white-space:nowrap">BAM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1175.43px;left:1116px;white-space:nowrap">Build </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1175.43px;left:1507.41px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1175.43px;left:2138.66px;white-space:nowrap">Mutual </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1175.43px;left:2654.52px;white-space:nowrap">Assurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1175.43px;left:3454.91px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1435.92px;left:0px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:1116px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:1702.95px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:2174.2px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:2574.59px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:3294.98px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1696.4px;left:0px;letter-spacing:-1.48px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:1116px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:1702.95px;white-space:nowrap">National </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:2334.44px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:3046px;white-space:nowrap">Association</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1956.89px;left:0px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1956.89px;left:1116px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1956.89px;left:1729.67px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1956.89px;left:2112.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2217.37px;left:0px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2217.37px;left:1116px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2217.37px;left:1729.67px;white-space:nowrap">Obligation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2477.86px;left:0px;letter-spacing:-3.69px;white-space:nowrap">NATL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.86px;left:1116px;white-space:nowrap">National </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.86px;left:1747.48px;white-space:nowrap">Reinsurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2477.86px;left:2690.22px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2738.34px;left:0px;white-space:nowrap">PSF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.34px;left:1116px;white-space:nowrap">Permanent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.34px;left:1943.11px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.34px;left:2476.78px;white-space:nowrap">Fund</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(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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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: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;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="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">33</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>

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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
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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="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">

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<div style="height:634.33px;left:0px;position:absolute;top:0px;transform:translate(53.999px,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)">

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<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:9.36px;white-space:nowrap">Municipal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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;letter-spacing:-7.2px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:476.84px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1849.71px;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:36.48px;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: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
</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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;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;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,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:2181.18px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:2641.29px;letter-spacing:-1.99px;white-space:nowrap">year.</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1798.64px;left:3081.71px;white-space:nowrap">amounts,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:0px;white-space:nowrap">amounts, </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:2210.98px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:2751.59px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:3161.69px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:3461.92px;white-space:nowrap">2025:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:5760px;white-space:nowrap">Pursuant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:6497.89px;white-space:nowrap">to:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:8728.98px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:9377.73px;white-space:nowrap">Reported</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:0px;white-space:nowrap">Exempt-Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:1173.75px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:1920.78px;white-space:nowrap">Distributed</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:5760px;white-space:nowrap">&#167;852(b)(5)(A)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:9190.23px;white-space:nowrap">$17,366,210</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:0px;white-space:nowrap">Section </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:578.13px;white-space:nowrap">163(j) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:1031.64px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:1609.69px;white-space:nowrap">Earned</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:5760px;white-space:nowrap">&#167;163(j)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:9412.66px;white-space:nowrap">$512,775</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2888.26px;white-space:nowrap">to
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<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>
</div>

<div style="height:610.83px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.971px) 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,3.95px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Managed
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:830.13px;white-space:nowrap">Distribution
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1890px;white-space:nowrap">Plan</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1210.61px;white-space:nowrap">shareholders
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">necessary </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1930.87px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2771.37px;white-space:nowrap">Subchapter
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3742.03px;white-space:nowrap">M </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1420.93px;white-space:nowrap">Code. </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2471.31px;white-space:nowrap">distribution
</div>

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</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="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="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(53.999px,121.116px) 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;position:absolute;top:11518.64px;left:2160.97px;white-space:nowrap">Derivatives
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6160.87px;white-space:nowrap">controls
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7791.86px;letter-spacing:-1.42px;white-space:nowrap">error,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6115.96px;white-space:nowrap">documentation,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6560.51px;white-space:nowrap">economic,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7430.89px;letter-spacing:-1.34px;white-space:nowrap">industry,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8147.81px;white-space:nowrap">political,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:8848.12px;letter-spacing:-1.11px;white-space:nowrap">regulatory,
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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:8558.64px;left:3191.48px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5220px;white-space:nowrap">4. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:5220px;white-space:nowrap">6. </div>

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</div>

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1900.99px;white-space:nowrap">MA, </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:7768.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2467.26px;left:7386.33px;white-space:nowrap">Shares</div>

<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>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:8848.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2467.26px;left:8057.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left: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:3422.03px;white-space:nowrap">89</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:2799.22px;white-space:nowrap">21,252,803</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:2799.22px;white-space:nowrap">21,255,171</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:2799.22px;white-space:nowrap">21,212,484</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:2799.22px;white-space:nowrap">21,206,597</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:3422.03px;white-space:nowrap">89</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:2799.22px;white-space:nowrap">21,324,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:2799.22px;white-space:nowrap">21,248,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:4226.33px;white-space:nowrap">1.66%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:4137.34px;white-space:nowrap">94.61%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:4137.34px;white-space:nowrap">94.62%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:4137.34px;white-space:nowrap">94.43%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:4137.34px;white-space:nowrap">94.41%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:4226.33px;white-space:nowrap">1.66%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:4137.34px;white-space:nowrap">94.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:4137.34px;white-space:nowrap">94.59%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:5306.33px;white-space:nowrap">1.60%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:5217.34px;white-space:nowrap">74.42%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:5217.34px;white-space:nowrap">74.43%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:5217.34px;white-space:nowrap">74.28%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:5217.34px;white-space:nowrap">74.26%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:5306.33px;white-space:nowrap">1.60%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:5217.34px;white-space:nowrap">74.67%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:5217.34px;white-space:nowrap">74.40%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:6439.61px;white-space:nowrap">5,273</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:6128.2px;white-space:nowrap">1,210,084</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:6128.2px;white-space:nowrap">1,207,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:6128.2px;white-space:nowrap">1,250,403</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:6128.2px;white-space:nowrap">1,256,290</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:6439.61px;white-space:nowrap">5,273</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:6128.2px;white-space:nowrap">1,138,070</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:6128.2px;white-space:nowrap">1,214,258</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:7377.34px;white-space:nowrap">98.34%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:7466.33px;white-space:nowrap">5.39%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:7466.33px;white-space:nowrap">5.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:7466.33px;white-space:nowrap">5.57%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:7466.33px;white-space:nowrap">5.59%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:7377.34px;white-space:nowrap">98.34%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:7466.33px;white-space:nowrap">5.07%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:7466.33px;white-space:nowrap">5.41%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:8457.34px;white-space:nowrap">95.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:8546.33px;white-space:nowrap">4.24%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:8546.33px;white-space:nowrap">4.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:8546.33px;white-space:nowrap">4.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:8546.33px;white-space:nowrap">4.40%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:8457.34px;white-space:nowrap">95.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:8546.33px;white-space:nowrap">3.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:8546.33px;white-space:nowrap">4.25%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5969.43px;left:3066.33px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6161.43px;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:5777.43px;left:4342.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5777.43px;left:4528.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5969.43px;left:4146.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6161.43px;left:4093.05px;white-space:nowrap">Present</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5777.43px;left:5422.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5777.43px;left:5608.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5969.43px;left:4817.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6161.43px;left:5226.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6364.31px;left:0px;white-space:nowrap">For</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6361.89px;left:282.25px;letter-spacing:58.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:0px;white-space:nowrap">Against</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6553.89px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:0px;white-space:nowrap">Abstain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6745.89px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6364.31px;left:2799.22px;white-space:nowrap">21,353,083</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:3021.64px;white-space:nowrap">878,343</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:3021.64px;white-space:nowrap">231,453</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6364.31px;left:4137.34px;white-space:nowrap">95.06%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:4226.33px;white-space:nowrap">3.91%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:4226.33px;white-space:nowrap">1.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6364.31px;left:5217.34px;white-space:nowrap">74.77%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:5306.33px;white-space:nowrap">3.08%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:5306.33px;white-space:nowrap">0.81%</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:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;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">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>
</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>

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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;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:670.34px;white-space:nowrap">Managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1470.94px;white-space:nowrap">Municipal
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2281.29px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2918.32px;letter-spacing:-0.95px;white-space:nowrap">Trust,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3421.67px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4092.01px;white-space:nowrap">Master </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4692.13px;white-space:nowrap">Intermediate
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5742.69px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6379.72px;letter-spacing:-0.95px;white-space:nowrap">Trust,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6883.07px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7553.41px;white-space:nowrap">Municipal
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8363.76px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9481.11px;letter-spacing:-1.11px;white-space:nowrap">Trust
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2337.8px;letter-spacing:-1.11px;white-space:nowrap">Trust
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2791.14px;white-space:nowrap">(each, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3491.54px;white-space:nowrap">&#8220;Fund&#8221;
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6849.67px;text-rendering:optimizeLegibility;white-space:nowrap">offer
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7410.32px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7760.65px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8330.98px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8721.3px;white-space:nowrap">distributions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:310.17px;white-space:nowrap">automatically
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1410.64px;white-space:nowrap">reinvested
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2941.52px;white-space:nowrap">shares </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4072.15px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5209.63px;white-space:nowrap">Putnam </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6570.26px;white-space:nowrap">Services,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7360.49px;white-space:nowrap">Inc. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4362.1px;white-space:nowrap">dividends </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:2067.8px;white-space:nowrap">Boston, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:2728.21px;letter-spacing:-3.31px;white-space:nowrap">MA
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:3038.29px;white-space:nowrap">02266-8383,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:4099.22px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:4309.28px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:4549.39px;white-space:nowrap">telephone
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:5390.16px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:5590.28px;white-space:nowrap">1-800-225-1581
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:6921.3px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:7471.67px;white-space:nowrap">normal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:8071.88px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:8482.06px;white-space:nowrap">Coast </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:9002.29px;white-space:nowrap">business
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4518.64px;left:0px;white-space:nowrap">hours.</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:6983.7px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:7570.72px;white-space:nowrap">shares </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:8601.15px;white-space:nowrap">estimated
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:8825.63px;white-space:nowrap">95% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5698.64px;left:600.12px;white-space:nowrap">price </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:2961.21px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:3548.23px;white-space:nowrap">shares </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:4578.66px;white-space:nowrap">estimated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5409.05px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6269.59px;white-space:nowrap">commissions)
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8770.34px;white-space:nowrap">net </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:2911.82px;white-space:nowrap">distribution,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:6643.83px;white-space:nowrap">participating
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:7664.41px;white-space:nowrap">accounts
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:1170.62px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:2031.33px;white-space:nowrap">open-market
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6628.64px;left:3091.82px;white-space:nowrap">purchases
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10418.64px;left:0px;white-space:nowrap">About
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</div>

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</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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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:6024px;letter-spacing:10.67px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6795.2px;letter-spacing:10.9px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8005.89px;letter-spacing:9px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8367.25px;letter-spacing:9.6px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8828.11px;letter-spacing:10.67px;white-space:nowrap">Purchase
</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;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">About
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<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
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<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
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<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
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<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
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<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
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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:9.36px;white-space:nowrap">Municipal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:40.84px;left:0px;position:absolute;top:0px;transform:translate(36.000px,75.357px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:648px;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">Board
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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;position:absolute;top:-21.36px;left:3688.07px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.06px;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:2176.06px;left:4055.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.06px;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:2368.06px;left:3632px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;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:2368.06px;left:4340.59px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:3632px;white-space:nowrap">Began*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.06px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.06px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.06px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.06px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:6085.89px;white-space:nowrap">Member**</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2368.06px;left:9452.2px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:7514px;white-space:nowrap">at
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:7700.72px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:8163.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:8447.59px;white-space:nowrap">Past
</div>

<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
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2560.06px;left:8960.56px;letter-spacing:-1.47px;white-space:nowrap">Years
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2856.54px;left:0px;white-space:nowrap">Robert
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2856.54px;left:560px;white-space:nowrap">D.
</div>

<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
</div>

<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>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<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>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:0px;white-space:nowrap">Principal
</div>

<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)
</div>

<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
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;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:3642.97px;left:0px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:631.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:809.14px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:1067.19px;white-space:nowrap">Advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:1725.16px;white-space:nowrap">Committee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:2543.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:2721.02px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:2987.89px;white-space:nowrap">Dispute </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:3574.84px;white-space:nowrap">Resolution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:4375.31px;white-space:nowrap">Research
</div>

<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>

<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:6794.84px;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:7469.16px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8325.56px;letter-spacing:10.98px;white-space:nowrap">Opportunities
</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">45</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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<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, 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: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
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<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
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<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(53.999px,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>

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<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)">

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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:9.36px;white-space:nowrap">Municipal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1530.72px;letter-spacing:10.98px;white-space:nowrap">Opportunities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2802.23px;letter-spacing:9.15px;white-space:nowrap">Trust</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">46</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: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>
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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="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:646.85px;left:0px;position:absolute;top:0px;transform:translate(35.999px,84.950px) 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>

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<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
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7912.27px;white-space:nowrap">until </div>

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<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:2621.43px;text-rendering:optimizeLegibility;white-space:nowrap">qualified.
</div>

<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
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:4557.92px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:5898.69px;white-space:nowrap">compensation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:7069.39px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:7479.4px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:7779.64px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:8289.93px;white-space:nowrap">although </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:0px;white-space:nowrap">reimbursed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:950.36px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:1190.48px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:2211.06px;white-space:nowrap">reasonable
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:4742.49px;white-space:nowrap">expenses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:5563.04px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:5823.11px;white-space:nowrap">attending
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:7144.1px;white-space:nowrap">meetings. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:9055.28px;white-space:nowrap">Ms. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:876.88px;left:9391.99px;letter-spacing:-0.95px;white-space:nowrap">Trust,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:300.23px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:887.26px;white-space:nowrap">CEO </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:1327.32px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:1677.66px;white-space:nowrap">President,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:2838.34px;white-space:nowrap">executive
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:3648.78px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:4274.47px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:5235.12px;white-space:nowrap">currently
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1126.88px;left:5975.33px;white-space:nowrap">are:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:0px;white-space:nowrap">Name
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:480.23px;white-space:nowrap">and
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:0px;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:2154.3px;left:382.58px;white-space:nowrap">of
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:578.05px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:2316px;white-space:nowrap">Position(s)
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:3187.09px;white-space:nowrap">with
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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:3632px;white-space:nowrap">and
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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
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:4340.59px;white-space:nowrap">Service
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:3632px;white-space:nowrap">Began*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:5348px;white-space:nowrap">Number
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:6983.55px;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:1962.3px;left:5783.39px;white-space:nowrap">Complex
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:6503.55px;white-space:nowrap">Overseen
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:5348px;white-space:nowrap">by
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:6085.89px;white-space:nowrap">Member**</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top: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:1962.3px;left:9452.2px;white-space:nowrap">During
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:7700.72px;white-space:nowrap">Least
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:8830.02px;white-space:nowrap">5
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2154.3px;left:8960.56px;letter-spacing:-1.47px;white-space:nowrap">Years
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2450.79px;left:0px;white-space:nowrap">Jane
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2450.79px;left:409.14px;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: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
</div>

<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>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:2316px;letter-spacing:-0.74px;white-space:nowrap">Trustee,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:2316px;white-space:nowrap">President </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:3036.39px;white-space:nowrap">and </div>

<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
</div>

<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:-2.97px;white-space:nowrap">114
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5825.42px;white-space:nowrap">portfolios;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:6560.66px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:5348px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:5525.89px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:6121.75px;white-space:nowrap">Family </div>

<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>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:6593.23px;white-space:nowrap">portfolios</div>

<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
</div>

<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:-2.97px;white-space:nowrap">114
</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;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:755.7px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:942.42px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:1146.88px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:1774.3px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:2245.55px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:2740.78px;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:3321.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:3499.61px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4095.47px;white-space:nowrap">Family </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4611.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4788.91px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:5278.05px;white-space:nowrap">consisting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6033.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6211.88px;white-space:nowrap">105 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6523.28px;white-space:nowrap">Portfolios;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:7279.14px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:7999.53px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:8310.94px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:8728.91px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:9467.03px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:177.89px;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:604.61px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:1075.86px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4197.21px;left:1573.98px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2214.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2303.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2810.08px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:3557.27px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4161.8px;white-space:nowrap">(2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4615.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4793.36px;white-space:nowrap">2020) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:5247.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:5558.44px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:6305.63px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:6910.16px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7363.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7541.72px;white-space:nowrap">2018) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7995.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8173.28px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8573.67px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9098.36px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9249.53px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9587.42px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:0px;white-space:nowrap">(&#8220;Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:506.95px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1031.64px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1182.81px;white-space:nowrap">Co.&#8221;);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1627.27px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1938.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:2445.63px;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:2798.44px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:3518.83px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:3696.72px;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:4123.44px;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:11532.85px;left:9676.41px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:0px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:186.72px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:391.17px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1018.59px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1489.84px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1987.97px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:2494.92px;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:2847.73px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:3568.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:3746.02px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4012.89px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4839.92px;white-space:nowrap">Manager
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:5515.86px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:5987.11px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:6485.23px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7205.63px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7517.03px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7935px;white-space:nowrap">Executive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:8673.13px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:9184.77px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:9362.66px;white-space:nowrap">LMAS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:311.41px;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:907.03px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:1378.28px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11916.85px;left:1876.41px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:2516.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:2605.55px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3352.73px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3957.27px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:4135.16px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:4535.55px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5060.23px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5211.41px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5504.84px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5976.09px;white-space:nowrap">2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6376.48px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6554.38px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7052.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7559.45px;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:7912.27px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:8632.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:8810.55px;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:9406.17px;white-space:nowrap">(2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:9859.84px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12108.85px;left:0px;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">

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:2851.8px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:3172.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:3355.23px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:4026.25px;white-space:nowrap">adviser
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:4485.7px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:4741.09px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:4872.34px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:5054.77px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:5580px;white-space:nowrap">person
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:6017.66px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:6163.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:6382.5px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:7053.52px;white-space:nowrap">adviser
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:7512.97px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:7658.91px;white-space:nowrap">any
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:7906.95px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:8052.89px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:8271.8px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:8607.34px;white-space:nowrap">registered
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3868.75px;left:9227.27px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4060.75px;left:328.36px;white-space:nowrap">companies.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:0px;white-space:nowrap">Name
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:480.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;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:763.26px;left:382.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:578.05px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:2316px;white-space:nowrap">Position(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:3187.09px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;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:379.26px;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:379.26px;left:4055.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:379.26px;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:571.26px;left:3632px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;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:571.26px;left:4340.59px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:3632px;white-space:nowrap">Began*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:379.26px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:379.26px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:379.26px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:379.26px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:6085.89px;white-space:nowrap">Member**</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:571.26px;left:9452.2px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:7514px;white-space:nowrap">at
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:7700.72px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:8163.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:8447.59px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:8830.02px;white-space:nowrap">5
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:763.26px;left:8960.56px;letter-spacing:-1.47px;white-space:nowrap">Years
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.74px;left:0px;white-space:nowrap">Christopher
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1059.74px;left:951.17px;white-space:nowrap">Berarducci</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.74px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.74px;left:471.02px;white-space:nowrap">1974)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:2316px;letter-spacing:-0.59px;white-space:nowrap">Treasurer
</div>

<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(53.999px,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>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:2340.18px;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:2870.51px;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:3891.01px;white-space:nowrap">program</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:200.13px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1130.63px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1631.07px;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:1180.72px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1330.84px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1831.11px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2781.65px;white-space:nowrap">program </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3501.91px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3852.16px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4202.49px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:190.11px;text-rendering:optimizeLegibility;white-space:nowrap">effect
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:676.49px;white-space:nowrap">since </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1146.71px;white-space:nowrap">2005. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1643.91px;white-space:nowrap">This </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2714.33px;white-space:nowrap">allows </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3664.69px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4065.03px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">repurchase, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1000.55px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1190.65px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1490.89px;white-space:nowrap">365 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1841.22px;white-space:nowrap">days </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2271.45px;white-space:nowrap">beginning
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3102.19px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3792.48px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3992.61px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:250.22px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:450.35px;white-space:nowrap">10% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:860.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1060.75px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1360.99px;letter-spacing:-0.46px;white-space:nowrap">fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1888.07px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2628.28px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3218.55px;white-space:nowrap">outstanding
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4199.33px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4439.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:930.5px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1230.73px;white-space:nowrap">2024.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1908.64px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1908.64px;left:879.96px;white-space:nowrap">notice
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1908.64px;left:1460.04px;white-space:nowrap">regarding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1908.64px;left:2340.18px;white-space:nowrap">delivery
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1908.64px;left:3070.63px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1908.64px;left:3290.54px;white-space:nowrap">shareholder
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2158.64px;left:0px;white-space:nowrap">documents</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">In </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:200.13px;white-space:nowrap">accordance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1180.72px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1550.83px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2391.15px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2741.48px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3592.09px;white-space:nowrap">Commission
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">(SEC) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:540px;white-space:nowrap">regulations,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1520.6px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2190.94px;white-space:nowrap">sends </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2721.27px;white-space:nowrap">a </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3391.7px;white-space:nowrap">notice </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3922.03px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">internet </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:650.39px;letter-spacing:-0.95px;white-space:nowrap">availability,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1567.44px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1777.5px;white-space:nowrap">a </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3048.31px;letter-spacing:-2.23px;white-space:nowrap">copy,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4305.85px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">semiannual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:970.58px;white-space:nowrap">shareholder
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1971.21px;white-space:nowrap">reports,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2631.45px;white-space:nowrap">prospectuses,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4152.39px;white-space:nowrap">proxy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">statements </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1130.54px;white-space:nowrap">Putnam </div>

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<div style="height:642.17px;left:0px;position:absolute;top:0px;transform:translate(35.999px,98.000px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:522.00px">

<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, )"></div>
</div>

<div style="background-image:url(data:image/png;base64, );background-repeat:no-repeat;background-size:cover;height:642.17px;left:0px;position:absolute;top:0px;transform:translate(36.000px,98.000px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:522.50px">

<div style="width:10440px;height:12725.55px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="height:32.40px;left:0px;position:absolute;top:0px;transform:translate(80.000px,10334.649px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:165.12px">

<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, )"></div>
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8630.28px;left:0px;white-space:nowrap">Investors </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:7826.66px;white-space:nowrap">economic,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9070.28px;left:7877.37px;white-space:nowrap">Therefore,
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:6633.11px;white-space:nowrap">areas </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:8854.37px;white-space:nowrap">recorded.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10416.46px;left:3210px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10416.46px;left:3796.64px;white-space:nowrap">Report</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:3210px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:3841.17px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:4623.44px;white-space:nowrap">Opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:5716.72px;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:10996px;left:3210px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10996px;left:4099.14px;white-space:nowrap">Manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10996px;left:6260px;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:10996px;left:6929.92px;white-space:nowrap">Agent</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10996px;left:8530px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10996px;left:8965.39px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:3210px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:3814.69px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:4517.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6260px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6855.86px;white-space:nowrap">Investor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:7469.45px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6260px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6260px;white-space:nowrap">100 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6571.41px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:7158.36px;white-space:nowrap">Street,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6260px;white-space:nowrap">Boston, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6847.03px;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:7122.66px;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:6260px;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:6544.53px;white-space:nowrap">Free </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:6917.97px;white-space:nowrap">Number:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12158.88px;left:6260px;white-space:nowrap">1-800-225-1581</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:8530px;white-space:nowrap">(800) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:8947.97px;letter-spacing:-1.19px;white-space:nowrap">DIAL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:9342.19px;white-space:nowrap">BEN</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11202.09px;left:9671.17px;white-space:nowrap">&#174;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:9784.36px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:8530px;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;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 41pt">ITEM 2.</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">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; text-indent: 0pt">(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; text-indent: 0pt">(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; text-indent: 0pt">(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; text-indent: 0pt">(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" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 41pt">ITEM 3.</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">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; text-indent: 0pt">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 &ldquo;audit committee financial experts,&rdquo; and has designated Eileen A. Kamerick and Nisha Kumar as the Audit Committee&rsquo;s
financial experts. Eileen A. Kamerick and Nisha Kumar are &ldquo;independent&rdquo; 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; text-indent: 0pt">Under applicable securities laws, a person
determined to be an audit committee financial expert will not be deemed an &ldquo;expert&rdquo; 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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 41pt">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; text-indent: 0pt">(a) <U>Audit Fees</U>. The aggregate fees
billed in the last two fiscal years ending April 30, 2024 and April 30, 2025 (the &ldquo;Reporting Periods&rdquo;) for professional services
rendered by the Registrant&rsquo;s principal accountant (the &ldquo;Auditor&rdquo;) for the audit of the Registrant&rsquo;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 $67,210 in April 30, 2024 and $64,772 in April 30, 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; text-indent: 0pt">(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&rsquo;s financial statements were $0 in April 30, 2024 and $0 in April 30, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(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 (&ldquo;Tax
Services&rdquo;) were $9,600 in April 30, 2024 and $16,000 in April 30, 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: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(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>April 30, 2024 <FONT STYLE="background-color: white">and
$0 in </FONT>April 30, 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; text-indent: 0pt">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; text-indent: 0pt">(e) Audit Committee&rsquo;s pre&ndash;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; text-indent: 0pt">(1) The Charter for the Audit Committee
(the &ldquo;Committee&rdquo;) of the Board of each registered investment company (the &ldquo;Fund&rdquo;) advised by the Registrant&rsquo;s
investment manager or one of their affiliates (each, an &ldquo;Adviser&rdquo;) 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&rsquo;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 (&ldquo;Covered Service Providers&rdquo;) 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; text-indent: 0pt">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; text-indent: 0pt">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: 0pt 0pt 0pt 50pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(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; text-indent: 0pt">(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; text-indent: 0pt">(g) Non-audit fees billed by the Auditor
for services rendered to the Registrant and the Service Affiliates during the reporting period were $664,363 in April 30, 2024 and $486,647
in April 30, 2025.</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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(h) Yes. The Registrant&rsquo;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&rsquo;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; text-indent: 0pt">(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; text-indent: 0pt">(j) Not applicable</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 41pt">ITEM 5.</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">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; text-indent: 0pt">(a) The independent board members are acting
as the registrant&rsquo;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: 0 0 0 90pt; text-indent: 36pt">Robert D. Agdern</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">Carol L. Colman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">Anthony Grillo</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">Eileen A. Kamerick</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">Nisha Kumar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">Peter Mason</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; 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" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 41pt">ITEM 6.</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">SCHEDULE OF INVESTMENTS.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <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/107% Arial, Helvetica, Sans-Serif; margin: 0 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; width: 100%; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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; text-indent: 0pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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; text-indent: 0pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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; text-indent: 0pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 11.</TD>
    <TD>STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.</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; text-indent: 0pt">The information is disclosed as part of
the Financial Statements included in Item 1 of this Form N-CSR, as applicable.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Putnam Investments</B></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: center"><U>Proxy Voting Procedures</U></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"><I><U>Introduction and Summary</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">Many of Putnam&rsquo;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&rsquo;s view, strong corporate governance policies, most notably oversight by an independent board of
qualified directors, best serve investors&rsquo; 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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam&rsquo;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&rsquo; 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&rsquo;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">This memorandum sets forth Putnam&rsquo;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">&nbsp;</P>

<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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Arial, Helvetica, Sans-Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Reviews these procedures and the Proxy Voting Guidelines annually and approves
        any amendments considered to be advisable.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P> <HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><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: 0"><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. (&ldquo;FAV&rdquo;) 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>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&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>Considers special proxy issues as they may from time to time arise.</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>Must approve all vote overrides recommended by investment professionals.</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"><I><U>Proxy Voting Administration</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 Sustainability Strategy group administers Putnam&rsquo;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">&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">&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&rsquo;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&rsquo; 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 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">6.</TD>
    <TD>Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset Allocation
        (&ldquo;GAA&rdquo;) 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 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: 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 36pt; text-indent: -18pt">&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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam maintains written voting guidelines (&ldquo;Guidelines&rdquo;) 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">&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&rsquo;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">&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>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&rsquo; 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&rsquo;s
        behalf) prior to implementing the request.</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">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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;<I><U>Other</U></I></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>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">&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&rsquo;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&rsquo;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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <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 0 0 36pt; text-indent: -18pt">&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&rsquo;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&rsquo;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">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>

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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"><I>&nbsp;</I></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"><I>&nbsp;</I></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&rsquo;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" 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>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&rsquo;s marketing businesses.</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">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&rsquo;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">&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">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">&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">&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">5.</TD>
    <TD>Putnam&rsquo;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&rsquo;s
        behalf).</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>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; text-align: justify">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; 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: 18pt"></TD>
    <TD STYLE="width: 18pt">1.</TD>
    <TD STYLE="text-align: justify">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; 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: 18pt"></TD>
    <TD STYLE="width: 18pt">2.</TD>
    <TD STYLE="text-align: justify">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; 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: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD STYLE="text-align: justify">Records of each vote cast for each client;</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: 18pt"></TD>
    <TD STYLE="width: 18pt">4.</TD>
    <TD STYLE="text-align: justify">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; 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: 18pt"></TD>
    <TD STYLE="width: 18pt">5.</TD>
    <TD STYLE="text-align: justify">Written reports to clients on proxy voting and all client requests for information and Putnam&rsquo;s response.</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">All records will be maintained for seven years. A proxy
vendor may on Putnam&rsquo;s behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Putnam Investments Proxy Voting Guidelines</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The proxy voting guidelines below summarize Putnam&rsquo;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&rsquo;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&rsquo; 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&rsquo;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&rsquo;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&rsquo;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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Proxies will be voted <B><U>for</U></B> board-approved proposals, except
as follows:</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: 36pt"><B>A. <U>Matters Relating to the Board of Directors</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; text-indent: 36pt"><B><I>Uncontested Election of Directors</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">The board of directors has the important role of overseeing management and
its performance on behalf of shareholders. When evaluating a company&rsquo;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&rsquo;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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B><U>withhold votes</U></B> from the entire board of directors if:</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The board does not have a majority of independent directors,</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The board does not have nominating, audit and compensation committees composed
        solely of independent directors, or</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The board has more than <U>15</U> members or fewer than <U>five</U> members, absent
        special circumstances.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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">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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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><U>case-by-case</U></B> basis if a valid
        reason for the absence exists, such as illness, personal emergency, potential conflict of interest, etc.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 &ldquo;poison pill&rdquo;) 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.)</FONT></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 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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 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>

<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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></TD></TR>
  </TABLE>

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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 0 0 36pt">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.</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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B><U>withhold</U></B> votes from any nominee for director who serves
        as an executive officer of any public company (&ldquo;home company&rdquo;) 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&rsquo;s home company, Putnam will withhold votes from
        members of the company&rsquo;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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B><U>withhold votes</U></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 &ldquo;interlocking directorate&rdquo;).</FONT></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">Board independence depends not only on its members&rsquo; individual relationships,
but also the board&rsquo;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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals authorizing a board to fill a
        director vacancy without shareholder approval.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s board.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> proposals to approve annual directors&rsquo;
        fees, except that Putnam will vote on a <B><U>case-by-case</U></B> basis if Putnam&rsquo;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&rsquo;s proxy service provider is recommending
        a vote against the proposal.</FONT></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; text-indent: 18pt"><B><I>Classified Boards</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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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; text-indent: 18pt"><B><I>Ratification of Auditors</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 18pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s independence or the integrity of an audit is compromised.
        (Otherwise, Putnam will vote <B><U>for</U></B>.)</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><B><I>Contested Elections of Directors</I></B></P>

<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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis in contested elections
        of directors.</FONT></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 0 0 36pt"><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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> any stock option or restricted stock plan
        where the company&rsquo;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%.</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s other
        screens.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote proposals to issue equity grants to executives on a <B><U>case-by-case</U></B>
        basis.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> stock option plans that permit issuance
        of options with an exercise price below the stock&rsquo;s current market price.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> stock option plans/ restricted stock plans
        with evergreen features providing for automatic share replenishment.</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></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:<BR> <BR> </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">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 0 0 36pt"><BR> </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">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>the incentive bonus plan&rsquo;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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>the independent proxy voting service recommends a vote against.</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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote in favor of the annual presentation of advisory votes on executive
        compensation (Say-on-Pay).</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD>
        <P STYLE="font: 12pt/115% Cambria, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></P></TD></TR>
  </TABLE>

<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 36pt"></P>

<P STYLE="font: 12pt/115% Cambria, Times, Serif; margin: 0 0 8pt"></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">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on severance agreements
        (e.g., golden and tin parachutes)</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B><U>withhold </U></B>votes from members of a Board of Directors
        which has approved compensation arrangements Putnam&rsquo;s investment personnel have determined are grossly unreasonable at the next
        election at which such director is up for re-election.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> Non-qualified Employee Stock Purchase Plans
        with all the following features:</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">1) 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).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">2) Limits on employee contribution, which may be a fixed dollar
amount or expressed as a percent of base salary.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">3) Company matching contribution up to 25 percent of employee&rsquo;s
contribution, which is effectively a discount of 20 percent from market value.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">4) No discount on the stock price on the date of purchase
since there is a company matching contribution.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt 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 0 0 18pt">&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 0 0 36pt"><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&rsquo;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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> proposals to effect stock splits (excluding
        reverse stock splits.)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&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">&nbsp;&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>D.</B></TD>
    <TD><B><U>Acquisitions, Mergers, Reorganizations and</U></B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: 18pt"><B><U>Other Transactions</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 business transactions
such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a
company&rsquo;s assets.</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>E. <U>Anti-Takeover Measures</U></B></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">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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to ratify
        or approve shareholder rights plans;</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to adopt fair
        price provisions.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote <B><U>for</U></B> proposals that enable or expand shareholders&rsquo;
        ability to take action by written consent.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to <U>increase</U>
        shares of an existing class of stock with disparate voting rights from another share class.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U> basis</B> 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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">Putnam will vote on a <B><U>case-by-case</U></B> basis
        on proposals to issue blank check preferred stock if appropriate &ldquo;<I>de-clawed&rdquo;</I> language is present. Specifically, appropriate
        <I>de-clawed</I> language will include cases where the Company states </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i.e.,
        through 8-K, proxy statement or other public disclosure) <FONT STYLE="background-color: white">it </FONT>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.</FONT></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 0 0 36pt"><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&rsquo;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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to amend a
        company&rsquo;s charter or bylaws (except for charter amendments necessary or to effect stock splits, to change a company&rsquo;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&rsquo;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).</FONT></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;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additionally, Putnam believes the bundling of items, whether the items are related
        or unrelated, is generally not in shareholders&rsquo; best interest. We may vote <B><U>against</U></B> 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 <B><U>case-by-case</U></B>
        basis.</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals seeking to
        change a company&rsquo;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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> authorization to transact other unidentified,
        substantive business at the meeting.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals where there is a lack of information
        to make an informed voting decision.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote as follows on proposals to adjourn shareholder meetings:</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">If Putnam is withholding support for the board of the company
at the meeting, any proposal to adjourn should be referred for <B><U>case-by-case</U></B> analysis.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> management proposals to adopt a specific
        state&rsquo;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&rsquo;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&rsquo;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 <U>without</U> shareholder
        approval.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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:</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1) The required minimum aggregate ownership of the Company&rsquo;s outstanding
        common stock is no greater than 3%;</FONT></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;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2) The required minimum holding period for the shareholder proponent(s) is no
        greater than two years; and</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3) The shareholder(s) are permitted to nominate at least 20% of director candidates
        for election to the board.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">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&rsquo;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 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Additionally, shareholder proposals seeking an amendment to a company&rsquo;s
proxy access policy which include any one of the supported criteria under Putnam&rsquo;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 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s outstanding
        common stock and not more than <B>25%</B>.</FONT></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 0 0 36pt">In general, Putnam will vote <B><U>for</U></B> management or shareholder
proposals to reduce the ownership requirement below a company&rsquo;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&rsquo;s outstanding common stock.</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 vote <B><U>against</U></B> any proposal with an ownership
requirement exceeding <B>25%</B> of the company&rsquo;s common stock or an ownership requirement that is less than <B>15%</B> of the company&rsquo;s
outstanding common stock.</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 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&rsquo;s recommended minimum/maximum thresholds. If
only one of the competing proposals has a threshold that falls within Putnam&rsquo;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&rsquo;s outstanding
common stock<B>.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote <B>fo</B><U>r</U> 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&rsquo;s previous meeting practices.</FONT></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 0 0 36pt">Disclosure should address the following:</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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the ability of shareholders to ask questions during the meeting</FONT></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: 72pt"></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: 72pt"></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: 72pt"></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>

<TABLE CELLPADDING="0" CELLSPACING="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">o</TD>
    <TD>the manner in which appropriate questions received during the meeting will be addressed by the board</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">procedures, if any, for posting appropriate questions received during the meeting
        and the company&rsquo;s answers on the investor page of their website as soon as is practical after the meeting</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">technical and logistical issues related to accessing the virtual meeting platform;
        and</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">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">procedures for accessing technical support to assist in the event of any difficulties
        accessing the virtual meeting</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam may vote against proposals that do not meet these criteria.</FONT></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">Additionally, Putnam may vote <B><U>agains</U></B>t 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 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> proposals to approve a company&rsquo;s board-approved
        climate transition action plan (&ldquo;say on climate&rdquo; proposals in which the company&rsquo;s board proposes that shareholders indicate
        their support for the company&rsquo;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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved proposals
        that conflict with shareholder proposals.</FONT></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>II. Shareholder Proposals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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&rsquo;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&rsquo;s business for management&rsquo;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">&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&rsquo;s
board of directors</U></B> on all shareholder proposals, 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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> shareholder proposals that are consistent with
        Putnam&rsquo;s proxy voting guidelines for board-approved proposals.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> shareholder proposals to require shareholder
        approval of shareholder rights plans.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Putnam will vote <B><U>for</U></B> shareholder proposals urging
        the board to seek shareholder approval of any future supplemental executive retirement plan (&ldquo;SERP&rdquo;), 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&rsquo;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.)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&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">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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)</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s performance-based equity program. In addition, no <U>multi-year</U> award should be paid out unless
        the company&rsquo;s performance exceeds, <U>during the current CEO&rsquo;s tenure (three or more years)</U>, its peer median or mean performance
        on selected financial and stock price performance criteria.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to disclose
        in a separate report to shareholders, the Company&rsquo;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&rsquo;s executives serve as a director.)</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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:</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the company undergoes a change in control, and</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the change in control results in the termination of employment for the person
        receiving the severance payment.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> shareholder proposals requiring that the chair&rsquo;s
        position be filled by an independent director (separate chair/CEO). However, Putnam will vote on a <B><U>case-by-case</U></B> basis on
        such proposals when the company&rsquo;s board has a lead-independent director (or already has an independent or separate chair) <U>and</U>
        Putnam is supporting the nominees for the board of directors.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s base salary plus target annual non-equity incentive plan bonus opportunity.</FONT></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 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 0 0 36pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>

<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 36pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on shareholder proposals
        to limit a company&rsquo;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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>in accordance with the recommendation of the company&rsquo;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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on shareholder proposals
        that conflict with board-approved proposals.</FONT></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 0 0 36pt"><B>Environmental and Social</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;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.</FONT></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 0 0 36pt">Putnam may support well-crafted and well-targeted proposals that
request additional reporting or disclosure on a company&rsquo;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 (&ldquo;AI&rdquo;) 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&rsquo;s current level of disclosure, (iii) the company&rsquo;s level of oversight, (iv) the company&rsquo;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 0 0 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>III. Voting Shares of Non-US Issuers</B></P>

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

<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">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 36pt">(1)</TD>
    <TD>Share blocking. Shares must be frozen for certain periods of time to vote via proxy.</TD></TR>
  </TABLE>

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    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 36pt">(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">&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: 36pt">(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&rsquo;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&rsquo;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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> shareholder proposals calling for a majority
        of the directors to be independent of management.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;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&rsquo;s outstanding common stock where shareholders have preemptive
        rights.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> proposals to authorize share repurchase programs
        that are recommended for approval by Putnam&rsquo;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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote <B>for</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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;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.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s current business, and/or will provide the company with greater flexibility in the performance of its activities.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s remuneration
        report or if the proposal seeks an increase in excess of 200%.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s Guidelines).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s
        audited net assets.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding)
        where a company&rsquo;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&rsquo;s
        long-term shareholder value.</FONT></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 0 0 36pt">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 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">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>Allows vesting below median for relative performance metrics;</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>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: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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/12pt 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>Other poor compensation practices or structures.</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt 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>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>

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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/12pt 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>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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Matters Relating to Board of Directors</U></B></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Uncontested Board Elections</U></B></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan and Thailand</I></B></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B>vote <U>against</U></B> the entire board of directors if</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">fewer than one-third of the directors are independent directors, or</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the chair of the audit, compensation or nominating committee is not an independent
        director.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Commentary</U>: 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&rsquo;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&rsquo;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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote in favor of nominees to the Supervisory Committee</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>Australia</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> the entire board of directors if</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol"><STRIKE>&#183;</STRIKE></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">fewer than a majority of the directors are independent, or</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established nominating and compensation committees each composed
        of a majority of independent, non-executive directors, with an independent chair.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&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"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>Brazil</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals regarding the casting of minority
        votes to the candidate with largest number of votes.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>Canada</I></B></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&rsquo;s Combined Code on Corporate Governance,
the policies on corporate governance issued by Canadian securities regulators embody the &ldquo;comply and explain&rdquo; 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 0 12pt 18pt"><B><I>Continental Europe (ex-Germany)</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> the entire board of directors if</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">fewer than a majority of the directors are <U>i</U>ndependent directors, or</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established <U>audit, nominating</U> and <U>compensation</U>
        committees each composed of a majority of independent directors.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Commentary</U>: An &ldquo;independent director&rdquo; under
        the European Commission&rsquo;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 &ldquo;non-executive director&rdquo;
        is one who is not engaged in the daily management of the company.&nbsp;&nbsp;</FONT></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 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&rsquo;s shareholders (via general meeting).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>Germany</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For companies subject to &ldquo;co-determination,&rdquo; Putnam will vote <B><U>for</U></B>
        the election of nominees to the supervisory board, except:</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> the Supervisory Board if</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</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: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>the board contains more than two former management board members<B>.</B></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> the election of a former member of the
        company&rsquo;s managerial board to chair of the supervisory board.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Commentary</U>: German corporate governance is characterized by a two-tier
board system - a managerial board composed of the company&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><B><I>Israel</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><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 &ldquo;other&rdquo; (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"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam&rsquo;s guidelines regarding board Nominating Committees will not apply</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> on nominees when there are more
        nominees than seats available.</FONT></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-indent: 36pt"><B><I>Italy</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">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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s service provider.</FONT></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;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote <B><U>for</U></B> the majority shareholder supported
        list of statutory auditor nominees.</FONT></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">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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will withhold votes from any director not identified in the proxy materials.
        (Example: Co-opted director nominees.)</FONT></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 0 0 36pt"><B><I>Japan</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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:</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board does not have a majority of outside directors,</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established nominating and compensation committees composed
        of a majority of outside directors,</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established an audit committee composed of a majority of independent
        directors, or</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board does not have at least two independent directors for companies with
        a controlling shareholder.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For companies that have established a statutory auditor board structure:</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B><U>withhold votes</U></B> from the appointment of members of a
        company&rsquo;s board of statutory auditors if a majority of the members of the board of statutory auditors is not independent.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For companies that have established a statutory auditor board structure, Putnam
        will <B>withhold votes</B> from the entire board of directors if:</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board does not have at least two outside directors, or</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board does not have at least two independent directors for companies with
        a controlling shareholder.</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo; attendance but not that of insiders, who are presumed to have no more important
        time commitments.)</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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:</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board does not have at least two outside directors,</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board does not have at least two independent directors for companies with
        a controlling shareholder, or</FONT></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;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established an audit committee composed of a majority of independent
        directors</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><B>Election of Executive Director and Election of Supervisory Director
- REIT</B></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">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 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 0 0 18pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote <B><U>for</U></B> the election of Executive Director</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will generally vote <B><U>for</U></B> the election of Supervisory Directors</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: -18pt">&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">&nbsp;</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<FONT STYLE="background-color: white">. 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.</FONT> An outside director is designated as an &ldquo;independent&rdquo; director based on
the Tokyo Stock Exchange listing rules. An outside director is &ldquo;independent&rdquo; 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 0 0 36pt"><B><I>Korea</I></B></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">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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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,</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For small companies (i.e., those with assets of less than KRW 2 trillion), fewer
        than one-fourth of the directors are independent directors,</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The board has not established a nominating committee with at least half of the
        members being outside directors, or</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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>: For purposes of these guidelines, an &ldquo;outside director&rdquo;
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&rsquo;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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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>.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>Malaysia</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against </U></B>the entire board of directors if:</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">less than 50% of the directors are independent directors, or less than a majority
        of the directors are independent directors for large companies,</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established an <U>audit</U> committee with all members being
        independent directors, including the committee chair,</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>Nordic Markets &ndash; Finland, Norway, Sweden</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">Putnam will vote <B><U>against</U></B> the entire board
        of directors if:</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><FONT STYLE="background-color: white"><B><U>Board Independence:</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The board does not have a majority of directors independent
        from the company and management. (Sweden, Finland, Norway)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The board does not have at least two directors independent
        from the company and its major shareholders holding &gt; 10% of the Company&rsquo;s share capital. (Sweden, Finland, Norway)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">An executive director is a member of the board. (Norway)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><FONT STYLE="background-color: white"><B><U>Audit Committee:</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The audit committee does not consist of a majority of
        directors independent from the company and management. (Sweden, Finland)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The audit committee does not have at least one director
        independent from the company and its major shareholders holding &gt; 10% of the Company&rsquo;s share capital. (Sweden, Finland)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The audit committee is not majority independent. (Norway)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><FONT STYLE="background-color: white"><B><U>Remuneration Committee:</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The remuneration committee is not fully independent of
        the company, excluding the chair. (Sweden)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The remuneration committee is not majority independent
        of the company. (Finland)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The remuneration committee does not consist fully of
        non-executive directors. (Finland)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The remuneration committee is not fully independent of
        management (Norway)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The remuneration committee is not majority independent
        from the company and its major shareholders holding &gt; 50% of the Company&rsquo;s share capital. (Sweden, Finland, Norway)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&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 0 0 18pt"><FONT STYLE="background-color: white"><B><U>Board Nomination Committee:</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The nomination committee does not consist of a majority
        of directors independent from the company. (Finland)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">An executive is a member of the nomination committee.
        (Finland)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><FONT STYLE="background-color: white"><B><U>External Nomination
Committee: </U></B>Vote against the establishment of the nomination committee and its guidelines when:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The external committee is not majority independent of
        the company and management. (Sweden)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The external committee does not have at least one director
        not affiliated to largest shareholder on the committee. (Sweden)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The external committee does not meet best practice based
        on ISS analysis. (Finland)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The external committee is not majority independent of
        the board and management. (Norway)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The external committee has more than one member of the
        board of the directors sitting on the committee. (Norway)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">There is insufficient disclosure provided for new nominees
        (Norway)</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">An executive is a member of the committee. (Norway)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>Russia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case basis</U></B> for the election
of nominees to the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><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 &ldquo;regular&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt"><B><I>Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> from the entire board of directors
if</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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,</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established <U>audit</U> and <U>compensation</U> 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</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established a <U>nominating</U> committee, with an independent
        director serving as chair, and with at least a majority of the members being independent directors.</FONT></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 0 0 36pt"><B><I>United Kingdom, Ireland</I></B></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"><U>Commentary</U>:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Application of guidelines</B>: Although the Combined Code has adopted
the &ldquo;comply and explain&rdquo; 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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</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&rsquo;s independence.</P>

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

<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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B><U>withhold votes</U></B> from the entire board of directors if:</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board, excluding the Non-Executive Chair, is not comprised of at least half
        independent non-executive directors,</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established a Nomination committee composed of a majority of
        independent non-executive directors, excluding the Non-Executive Chair, or</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></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 Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>All other jurisdictions</I></B></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the absence of jurisdiction specific guidelines, Putnam will vote as follows
        for boards/supervisory boards:</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54pt"></TD>
    <TD STYLE="width: 18pt">o</TD>
    <TD>Putnam will vote <B><U>against</U></B> the entire board of directors if</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">fewer than a majority of the directors are independent directors, or</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the board has not established audit, nominating and compensation committees each
        composed of a majority of independent directors.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Additional
Commentary regarding all Non-US jurisdictions:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Whether
a director is considered &ldquo;independent&rdquo; or not will be determined by reference to local corporate law or listing standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B>not include</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.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will <B>include</B> shareholder representatives in the independence calculation
        of the board and key committees, and in the calculation of the size of the board.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam Investments&rsquo; policies regarding the provision of professional services
        and transactional relationship with regard to directors will apply.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B>for</B> independent nominees for alternate director, unless
        such nominees do not meet Putnam&rsquo;s individual director standards.</FONT></TD></TR>
  </TABLE>

<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"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> shareholder nominees if Putnam supports
        the board of directors.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by case</U></B> basis if Putnam will be voting
        against the current board.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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: 0 0 0 36pt"><B><I>Japan</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B>A. <U>Article Amendments</U></B></P>

<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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s articles of incorporation to adopt the U.S.-Style &ldquo;Board with Committees&rdquo; 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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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).</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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, &ldquo;special directors&rdquo;
        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</FONT></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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo; right to submit shareholder
        proposals or call special meetings.)</FONT></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 0 0 36pt"><B>B. <U>Compensation Related Matters</U></B></P>

<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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> option plans which allow the grant of options
        to suppliers, customers, and other outsiders.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s criteria, Putnam will vote <B><U>against</U></B> the entire
        bundled item.</FONT></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 0 0 36pt"><B>C. <U>Other Business Matters</U></B></P>

<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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> the acquisition if it is between parent and
        wholly-owned subsidiary.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo; ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals that authorize the board to vary
        the AGM record date.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> proposals to abolish the retirement bonus system</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> board-approved director/officer indemnification
        proposals</FONT></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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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>.</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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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:</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">1) The poison pill must have a duration of no more than three years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">2) The trigger threshold must be no less than 20 percent of issued
capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">3) The company must have no other types of takeover defenses in
place.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">4) The company must establish a committee to evaluate any takeover
offers, and the members of that committee must all meet Putnam&rsquo;s&rsquo; definition of independence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">5) At least 20 percent, and no fewer than two, of the directors
must meet Putnam&rsquo;s definition of independence. These independent directors must also meet Putnam&rsquo;s guidelines on board meeting
attendance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">6) The directors must stand for reelection on an annual basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">7) The company must release its proxy materials no less than three
weeks before the meeting date.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals to allow the board to decide
        on income allocation without shareholder vote.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals to limit the liability of External
        Audit Firms (&ldquo;Accounting Auditors&rdquo;)</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>against</U></B> proposals seeking a reduction in board
        size that eliminates all vacant seats.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;
        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.</FONT></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-indent: 0.5in"><B><I>United Kingdom</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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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> &lsquo;Save-As-You-Earn&rsquo; 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.</FONT></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; text-indent: 0.5in"><B><I>France</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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD STYLE="text-align: left; vertical-align: top">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
        <P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;s third party service provider(s) is recommending a vote against.</FONT></P> </TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>Canada</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s policy expressly prohibits the commencement
        of a new notice period in the event the originally scheduled meeting is adjourned or postponed<B>.</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s board meets Putnam&rsquo;s
        independence standards; if the company&rsquo;s board does not meet Putnam&rsquo;s independence standards, then Putnam will vote against
        these proposals.</FONT></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 0 0 36pt">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&rsquo;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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This policy supplements policies regarding share issuances as stated above
under section</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">III. Voting Shares of 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 0 0 36pt"><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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></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-indent: 36pt"><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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&rsquo;s board meets Putnam&rsquo;s independence standards;
        if the company&rsquo;s board does <U>not</U> meet Putnam&rsquo;s independence standards, then Putnam will vote <B><U>against</U></B> these
        proposals.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote <B><U>for</U></B> proposals renewing partial takeover provisions.</FONT></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 Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Putnam will vote on a <B><U>case-by-case</U></B> basis on Board-Spill proposals.</FONT></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 0 0 36pt"><B><I>Turkey</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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; font-size: 12pt">&#216;</FONT> </TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&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: 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"><B>(a)(1): As of the date of filing this report:</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 officers of the investment manager identified below are primarily responsible
for the day-to-day management of the fund&rsquo;s portfolio as of the filing date of this report. Effective September 30, 2024, James
Conn, Francisco Rivera, Daniel Workman and Benjamin Barber were added as Portfolio Managers of the fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4C94D8">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="padding: 4pt; width: 25%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Portfolio
        Managers</FONT></TD>
    <TD STYLE="padding: 4pt; width: 13%; 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; color: black">Joined
        Fund</FONT></TD>
    <TD STYLE="padding: 4pt; width: 35%; 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; color: black">Employer</FONT></TD>
    <TD STYLE="padding: 4pt; width: 27%; 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; color: black">Positions
        Over Past Five Years</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Benjamin
        Barber, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><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; text-align: center">Franklin Advisors</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2020 &ndash; Present</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James
        Conn, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><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; text-align: center">Franklin Advisors</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1987 &ndash; Present</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul
        Drury, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2002</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Franklin Advisors</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2024 &ndash; Present</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Putnam Investments</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1989-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Garrett
        Hamilton, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2016</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; text-align: center">Franklin Advisors</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2024 &ndash; Present</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Putnam Investments</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2016-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Francisco
        Rivera</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><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; text-align: center">Franklin Advisors</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1994 &ndash; Present</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Daniel
        Workman, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><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; text-align: center">Franklin Advisors</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">2003 &ndash; Present</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio
        Manager</FONT></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">&nbsp;Effective May 30, 2025, Paul M Drury retired and stepped down as a
member of the Fund&rsquo;s portfolio management team.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(a)(2): Other Accounts Managed by the Fund&rsquo;s Portfolio Managers.</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">The following table shows the number and approximate assets of other investment
accounts (or portions of investment accounts) that the fund&rsquo;s Portfolio Managers managed as of the fund&rsquo;s most recent fiscal
year-end. Unless noted, none of the other accounts pays a fee based on the account&rsquo;s performance.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="padding: 4pt; border: Black 1pt solid; text-align: center">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYL="font-family: Arial, Helvetica, Sans-Serif">Portfolio</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leader or</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Member</FONT></P></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <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">Other SEC-registered open-end</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">and closed-end funds</P></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">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial,Helvetica, Sans-Serif">Other accounts that pool assets</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">from more than one client</FONT></P></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">Other
        accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 13%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number
        of accounts</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 22%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 11%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number
        of accounts</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 18%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number
        of accounts</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; width: 16%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Benjamin
        Barber</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$20,560,800,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$275,200,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$294,200,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James
        Conn</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$20,592,900,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$275,200,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$687,900,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul
        Drury</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$22,411,500,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Garrett
        Hamilton</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$21,102,500,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$238,100,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Francisco
        Rivera</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$20,560,800,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">131</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$9,527,300,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Daniel
        Workman</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$20,560,800,000</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$6,800,000</FONT></TD></TR>
  </TABLE>

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<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&rsquo;s Portfolio Managers may face certain potential conflicts of interest
in connection with managing both the fund and the other accounts listed under &ldquo;Other Accounts Managed by the Fund&rsquo;s Portfolio
Managers&rdquo; 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"><FONT STYLE="font-weight: normal">The management of accounts with different
advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (&ldquo;performance fee
accounts&rdquo;), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts
may include, among others:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; The most attractive investments
could be allocated to higher-fee accounts or performance fee accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; The trading of other accounts
could be used to benefit higher-fee accounts (front- running).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; The investment management
team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">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&rsquo;s policies:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; Performance fee accounts
must be included in all standard trading and allocation procedures with all other accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; 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).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; All trading must be effected
through Putnam&rsquo;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).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; Front running is strictly
prohibited.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&bull; The fund&rsquo;s Portfolio
Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">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/12pt 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 &ldquo;pilot&rdquo;
or &ldquo;incubator&rdquo; 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 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&rsquo;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</P>

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<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">do, invest in the same securities as the client accounts. The investment
manager policy is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation &ndash; 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 <FONT STYLE="text-decoration: underline double">(except that pilot accounts do not
participate in initial public offerings).</FONT></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 &ndash; 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&rsquo;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">&ldquo;Cross trades,&rdquo; 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<FONT STYLE="text-decoration: underline double">, or if such trades
result in more attractive investments being allocated to higher-fee accounts</FONT>. The investment manager and the fund&rsquo;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&rsquo;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 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/12pt Arial, Helvetica, Sans-Serif; margin: 0">The fund&rsquo;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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>(a)(3): Compensation of portfolio managers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The Investment Manager seeks to maintain a compensation program that
is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary,
a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed
annually, and the level of compensation is based on individual performance, the salary range for a portfolio manager&rsquo;s level of
responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account
over another. Each portfolio manager&rsquo;s compensation consists of the following three elements:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Base salary</B> Each portfolio manager is paid a base salary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Annual bonus </B> Annual bonuses are structured to align the interests
of the portfolio manager with those of the Fund&rsquo;s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses
generally are split between cash (50% to 65%) and restricted shares of Franklin Resources, Inc (&ldquo;Resources&rdquo;) stock and mutual
fund shares. The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance
of both Resources and mutual funds advised by the Investment Manager. The bonus plan is intended to provide a competitive level of annual
bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial
incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the Investment Manager and/or other officers
of the Investment Manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in
accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Investment performance. </I>Primary consideration is given to the historic
        investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of
        each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Non-investment performance. </I>The more qualitative contributions of the portfolio
        manager to the Investment Manager&rsquo;s business and the investment management team, including professional knowledge, productivity,
        responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Responsibilities. </I>The characteristics and complexity of funds managed by
        the portfolio manager are factored in the Investment Manager&rsquo;s appraisal.</FONT></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 12pt"><B>Additional long-term equity-based compensation</B> Portfolio managers
may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of
such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Benefits</B> Portfolio managers also participate in benefit plans
and programs available generally to all employees of the Investment Manager.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>(a)(4): Ownership of Fund shares</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">The following table shows the dollar ranges of shares of the fund owned
by the professionals listed above at the end of the fund&rsquo;s last two fiscal years, including investments by their immediate family
members and amounts invested through retirement and deferred compensation plans.</P>

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<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #E5E5E5">
    <TD STYLE="padding: 4pt; width: 12%; border: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year/Period
        end</FONT></TD>
    <TD STYLE="padding: 4pt; width: 7%; border-top: black 1pt solid; 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; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0-</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10,000</FONT></P></TD>
    <TD STYLE="padding: 4pt; width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10,001-</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$50,000</FONT></P></TD>
    <TD STYLE="padding: 4pt; width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$50,001-</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$100,000</FONT></P></TD>
    <TD STYLE="padding: 4pt; width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$100,001-</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$500,000</FONT></P></TD>
    <TD STYLE="padding: 4pt; width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$500,001-</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$1,000,000</FONT></P></TD>
    <TD STYLE="padding: 4pt; width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE"font-family: Arial, Helvetica, Sans-Serif">$1,000,001</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and over</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Benjamin
        Barber</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James
        Conn</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paul
        M. Drury</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: 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">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2023</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Garrett
        Hamilton</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2023</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Francisco
        Rivera</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Daniel
        Workman</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></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">&nbsp;+: Became a portfolio manager of the fund effective September 30,
2024.</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 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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 14.</TD>
    <TD>
        <P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PURCHASES
        OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding: 4pt; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 4pt; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 4pt; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-align: left; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line; vertical-align: top">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Number of Shares</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchased</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Average
        Price Paid per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; padding: 4pt; border-bottom: Black 1pt solid; layout-grid-mode: line; vertical-align: top">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Number of Shares</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchased as</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part of Publicly Announced
        Plans or Program*</FONT></P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line">
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maximum</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number (or Approximate</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dollar Value) of</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares that May</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yet Be</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchased Under</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Plans or</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Programs**</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
        #1 (11/1/24 - 11/30/24)</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299,804</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.51</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299,804</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,506,859</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
        #2 (12/1/24 - 12/31/24)</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,716</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.38</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,716</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,138,143</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
        #3 (1/1/25 - 1/31/25)</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,211</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.34</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,211</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,770,932</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
        #4 (2/1/25 - 2/28/25)</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,770,932</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
        #5 (3/1/25 - 3/31/25)</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">176,364</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.31</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">176,364</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,594,568</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
        #6 (4/1/25 - 4/30/25)</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326,085</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.76</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326,085</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,268,483</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,538,180</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,538,180</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; layout-grid-mode: line"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></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" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4pt">*</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">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&rsquo;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 3,266,513 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 2,976,642 of its shares.</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" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4pt">**</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">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.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9pt; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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; text-indent: 0pt">There have been no changes to the procedures
by which shareholders may recommend nominees to the Registrant&rsquo;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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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="font: 10pt/107% Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt"></TD>
    <TD STYLE="width: 18pt">(a)</TD>
    <TD>The Registrant&rsquo;s chief executive officer and principal financial officer have concluded that the Registrant&rsquo;s disclosure controls
        and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) 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="font: 10pt/107% Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <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&rsquo;s oversight.</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" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 17.</TD>
    <TD>
        <P STYLE="margin: 0; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISCLOSURE
        OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANY.</FONT></P></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; text-indent: 0pt">Not applicable.</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; margin-top: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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="font: 10pt/107% Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <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="font: 10pt/107% Arial, Helvetica, Sans-Serif; width: 100%; 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; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <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 0pt 0pt 50pt; text-indent: 0pt"><A HREF="pmot-efp16106_ex99code.htm">(a)
(1) Code of Ethics attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">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; text-indent: 0pt">(<A HREF="pmot-efp16106_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 0pt 0pt 50pt; text-indent: 0pt">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 0pt 0pt 50pt; text-indent: 0pt"><A HREF="pmot-efp16106_ex99906.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 0pt 0pt 50pt; text-indent: 0pt">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; text-indent: 0pt"><A HREF="pmot-efp16106_ex9919c.htm">(c)
Pursuant to the Securities and Exchange Commission&rsquo;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.</A></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="text-indent: 22pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Municipal Opportunities Trust</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
        Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane
        Trust</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal
        Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June
        26, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="text-indent: 22pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&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="width: 6%; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
        Jane Trust</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane
        Trust</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal
        Executive Officer</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&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="width: 6%; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
        Christopher Berarducci</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher
        Berarducci</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal
        Financial Officer</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&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.CODE ETH
<SEQUENCE>2
<FILENAME>pmot-efp16106_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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<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>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>pmot-efp16106_ex99cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<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">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: 22.5pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Municipal Opportunities 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: 22.5pt">2.</TD><TD>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: 22.5pt">3.</TD><TD>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: 22.5pt">4.</TD><TD>The registrant&rsquo;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" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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 18pt; 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: 22.5pt"></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" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt">c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&rsquo;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: 22.5pt"></TD><TD STYLE="width: 18pt">d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&rsquo;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&rsquo;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" 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: 22.5pt">5.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;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" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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&rsquo;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" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></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&rsquo;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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jane Trust</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Executive Officer</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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; text-align: center"><B>&nbsp;</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"><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: 22.5pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Municipal Opportunities 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: 22.5pt">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: 22.5pt">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: 22.5pt">4.</TD><TD STYLE="text-align: justify">The registrant&rsquo;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: 22.5pt"></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: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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;</FONT></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 0 0 36pt; text-indent: -18pt"></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: 22.5pt"></TD><TD STYLE="width: 18pt">c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;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: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -13.5pt"></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: 22.5pt"></TD><TD STYLE="width: 18pt">d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;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&rsquo;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" 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: 22.5pt">5.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;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" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;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; text-align: justify"></P>

<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"></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: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;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;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="width: 24%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="width: 36%">&nbsp;</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Berarducci</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>pmot-efp16106_ex99906.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> Chief Executive Officer, and <B>Christopher Berarducci,</B>
Principal Financial Officer of <B>Putnam Municipal Opportunities Trust</B> (the &ldquo;Registrant&rdquo;), 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&rsquo;s
periodic report on Form N-CSR for the period ended <B>April 30, 2025</B> (the &ldquo;Form N-CSR&rdquo;) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 35%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Chief Executive Officer</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 35%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Financial Officer</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Putnam Municipal Opportunities Trust</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Putnam Municipal Opportunities Trust</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Christopher Berarducci</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher Berarducci</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: June 26, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: June 26, 2025</FONT></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;&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.19C
<SEQUENCE>5
<FILENAME>pmot-efp16106_ex9919c.htm
<DESCRIPTION>PURSUANT TO THE SECURITIES AND EXCHANGE COMMISSIONS ORDER GRANTING RELIEF FROM SECTION 19(B) OF THE INVESTMENT COMPANY ACT OF 1940
<TEXT>
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</head><body style="margin: 0px"><div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -5.5in;margin-left: 5.5in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: gray;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -5.5in;margin-left: 5.5in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: gray;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -5.5in;margin-left: 5.5in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 10.0pt;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
100 Federal Street</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -.5in;margin-left: 6.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 10.0pt;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; Boston, Massachusetts 02110</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -.5in;margin-left: 6.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 10.0pt;color: gray;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; </div><div style="font-size: 10.0pt;display: inline;">www.franklintempleton.com</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -.5in;margin-left: 6.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 10.0pt;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160; 1-800-225-1581</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 64px;width: 184px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -1.0in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: gray;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-indent: -1.0in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: gray;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FOR IMMEDIATE RELEASE</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FRANKLIN TEMPLETON</div></b><b><div style="font-family: &quot;Georgia&quot;,serif;color: black;display: inline;"> </div></b><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">ANNOUNCES 19(a) NOTICES FOR</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;CLOSED-END MUNICIPAL FUNDS</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">BOSTON,
Massachusetts (December 9, 2024</div><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;display: inline;">) - The 19(a) monthly distribution notices for <div style="color: black;display: inline;">Putnam Managed Municipal Income Trust (NYSE: PMM) and
Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These
informational notices provide further details on the sources of the funds&#8217;
monthly distributions and follow the most recent distribution announcement. </div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table below provides an estimate
of the sources of the Fund&#8217;s current distribution and its cumulative
distributions paid this fiscal year-to-date.&#160; Amounts are expressed on a per
share of common stock basis, and as a percentage of the distribution amount.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 182px;width: 951px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table
below provides information regarding distributions and total return performance
for various periods.</div> </div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 276px;width: 706px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">You should not draw any conclusions
about the Fund&#8217;s investment performance from the amount of this distribution or
from the terms of the Fund&#8217;s Distribution Policy.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The Fund estimates that it has
distributed more than its income and net realized capital gains; therefore, a
portion of your distribution may be a return of capital.&#160; A return of capital
may occur, for example, when some or all of the money that you invested in the
Fund is paid back to you.&#160; A return of capital distribution does not
necessarily reflect the Fund&#8217;s investment performance and should not be
confused with &#8216;yield&#8217; or &#8216;income&#8217;.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The amounts and sources of
distributions reported in this 19(a) Notice are only estimates and are not
being provided for tax reporting purposes.&#160; The actual amounts and sources of
the amounts for tax reporting purposes will depend on the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations.&#160; The Fund will send you a Form 1099-Div for
the calendar year that will tell you how to report these distributions for
federal income tax purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><i><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The funds periodically provide
fund-related information on their websites.&#160; The following information will be
available for each fund at www.franklintempleton.com at the frequencies
indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup>
business day after the end of each month; (2) Top 10 holdings and additional
portfolio statistics will be available monthly, approximately 15 days after
month-end.</div></i></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;line-height: 106%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 8.0pt"><b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PUTNAM SHAREHOLDERS CONTACT</div></b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">:&#160; 1-800-225-1581</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">###</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FOR IMMEDIATE
RELEASE</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FRANKLIN TEMPLETON</div></b><b><div style="font-family: &quot;Georgia&quot;,serif;color: black;display: inline;"> </div></b><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">ANNOUNCES 19(a) NOTICES FOR</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;CLOSED-END MUNICIPAL FUNDS</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">BOSTON,
Massachusetts (January 8, 2025</div><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;display: inline;">) - The 19(a) monthly distribution notices for <div style="color: black;display: inline;">Putnam Managed Municipal Income Trust (NYSE: PMM) and
Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These
informational notices provide further details on the sources of the funds&#8217;
monthly distributions and follow the most recent distribution announcement. </div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table below provides an estimate
of the sources of the Fund&#8217;s current distribution and its cumulative
distributions paid this fiscal year-to-date.&#160; Amounts are expressed on a per
share of common stock basis, and as a percentage of the distribution amount.<br />
<br />
</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 200px;width: 996px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table
below provides information regarding distributions and total return performance
for various periods.</div> </div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 276px;width: 649px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">You should not draw any conclusions
about the Fund&#8217;s investment performance from the amount of this distribution or
from the terms of the Fund&#8217;s Distribution Policy.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The Fund estimates that it has
distributed more than its income and net realized capital gains; therefore, a
portion of your distribution may be a return of capital.&#160; A return of capital
may occur, for example, when some or all of the money that you invested in the
Fund is paid back to you.&#160; A return of capital distribution does not
necessarily reflect the Fund&#8217;s investment performance and should not be
confused with &#8216;yield&#8217; or &#8216;income&#8217;.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The amounts and sources of
distributions reported in this 19(a) Notice are only estimates and are not
being provided for tax reporting purposes.&#160; The actual amounts and sources of
the amounts for tax reporting purposes will depend on the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations.&#160; The Fund will send you a Form 1099-Div for
the calendar year that will tell you how to report these distributions for
federal income tax purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><i><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The funds periodically provide
fund-related information on their websites.&#160; The following information will be
available for each fund at www.franklintempleton.com at the frequencies
indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup>
business day after the end of each month; (2) Top 10 holdings and additional
portfolio statistics will be available monthly, approximately 15 days after
month-end.</div></i></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;line-height: 106%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 8.0pt"><b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PUTNAM SHAREHOLDERS CONTACT</div></b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">:&#160; 1-800-225-1581</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">###</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FOR IMMEDIATE
RELEASE</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FRANKLIN TEMPLETON</div></b><b><div style="font-family: &quot;Georgia&quot;,serif;color: black;display: inline;"> </div></b><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">ANNOUNCES 19(a) NOTICES FOR</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;CLOSED-END MUNICIPAL FUNDS</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">BOSTON,
Massachusetts (February 10, 2025</div><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;display: inline;">) - The 19(a) monthly distribution notices for <div style="color: black;display: inline;">Putnam Managed Municipal Income Trust (NYSE: PMM) and
Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These
informational notices provide further details on the sources of the funds&#8217;
monthly distributions and follow the most recent distribution announcement. </div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table below provides an estimate
of the sources of the Fund&#8217;s current distribution and its cumulative
distributions paid this fiscal year-to-date.&#160; Amounts are expressed on a per
share of common stock basis, and as a percentage of the distribution amount.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 196px;width: 995px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table
below provides information regarding distributions and total return performance
for various periods.</div> </div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 276px;width: 706px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">You should not draw any conclusions
about the Fund&#8217;s investment performance from the amount of this distribution or
from the terms of the Fund&#8217;s Distribution Policy.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The Fund estimates that it has
distributed more than its income and net realized capital gains; therefore, a
portion of your distribution may be a return of capital.&#160; A return of capital
may occur, for example, when some or all of the money that you invested in the
Fund is paid back to you.&#160; A return of capital distribution does not
necessarily reflect the Fund&#8217;s investment performance and should not be
confused with &#8216;yield&#8217; or &#8216;income&#8217;.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The amounts and sources of
distributions reported in this 19(a) Notice are only estimates and are not
being provided for tax reporting purposes.&#160; The actual amounts and sources of
the amounts for tax reporting purposes will depend on the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations.&#160; The Fund will send you a Form 1099-Div for
the calendar year that will tell you how to report these distributions for
federal income tax purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><i><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The funds periodically provide
fund-related information on their websites.&#160; The following information will be
available for each fund at www.franklintempleton.com at the frequencies
indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup>
business day after the end of each month; (2) Top 10 holdings and additional
portfolio statistics will be available monthly, approximately 15 days after
month-end.</div></i></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;line-height: 106%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 8.0pt"><b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PUTNAM SHAREHOLDERS CONTACT</div></b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">:&#160; 1-800-225-1581</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">###</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FOR IMMEDIATE
RELEASE</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FRANKLIN TEMPLETON</div></b><b><div style="font-family: &quot;Georgia&quot;,serif;color: black;display: inline;"> </div></b><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">ANNOUNCES 19(a) NOTICES FOR</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;CLOSED-END MUNICIPAL FUNDS</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">BOSTON,
Massachusetts (March 7, 2025</div><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;display: inline;">) - The 19(a) monthly distribution notices for <div style="color: black;display: inline;">Putnam Managed Municipal Income Trust (NYSE: PMM) and
Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These
informational notices provide further details on the sources of the funds&#8217;
monthly distributions and follow the most recent distribution announcement. </div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table below provides an estimate
of the sources of the Fund&#8217;s current distribution and its cumulative
distributions paid this fiscal year-to-date.&#160; Amounts are expressed on a per
share of common stock basis, and as a percentage of the distribution amount.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 195px;width: 940px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table
below provides information regarding distributions and total return performance
for various periods.</div> </div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 284px;width: 656px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">You should not draw any conclusions
about the Fund&#8217;s investment performance from the amount of this distribution or
from the terms of the Fund&#8217;s Distribution Policy.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The Fund estimates that it has
distributed more than its income and net realized capital gains; therefore, a
portion of your distribution may be a return of capital.&#160; A return of capital
may occur, for example, when some or all of the money that you invested in the
Fund is paid back to you.&#160; A return of capital distribution does not
necessarily reflect the Fund&#8217;s investment performance and should not be
confused with &#8216;yield&#8217; or &#8216;income&#8217;.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The amounts and sources of
distributions reported in this 19(a) Notice are only estimates and are not
being provided for tax reporting purposes.&#160; The actual amounts and sources of
the amounts for tax reporting purposes will depend on the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations.&#160; The Fund will send you a Form 1099-Div for
the calendar year that will tell you how to report these distributions for
federal income tax purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><i><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The funds periodically provide
fund-related information on their websites.&#160; The following information will be
available for each fund at www.franklintempleton.com at the frequencies
indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup>
business day after the end of each month; (2) Top 10 holdings and additional
portfolio statistics will be available monthly, approximately 15 days after
month-end.</div></i></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;line-height: 106%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 8.0pt"><b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PUTNAM SHAREHOLDERS CONTACT</div></b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">:&#160; 1-800-225-1581</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">###</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FOR IMMEDIATE
RELEASE</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FRANKLIN TEMPLETON</div></b><b><div style="font-family: &quot;Georgia&quot;,serif;color: black;display: inline;"> </div></b><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">ANNOUNCES 19(a) NOTICES FOR</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;CLOSED-END MUNICIPAL FUNDS</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">BOSTON,
Massachusetts (April 7, 2025</div><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;display: inline;">) - The 19(a) monthly distribution notices for <div style="color: black;display: inline;">Putnam Managed Municipal Income Trust (NYSE: PMM) and
Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These
informational notices provide further details on the sources of the funds&#8217;
monthly distributions and follow the most recent distribution announcement. </div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table below provides an estimate
of the sources of the Fund&#8217;s current distribution and its cumulative
distributions paid this fiscal year-to-date.&#160; Amounts are expressed on a per
share of common stock basis, and as a percentage of the distribution amount.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 193px;width: 993px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table
below provides information regarding distributions and total return performance
for various periods. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 267px;width: 663px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">You should not draw any conclusions
about the Fund&#8217;s investment performance from the amount of this distribution or
from the terms of the Fund&#8217;s Distribution Policy.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The Fund estimates that it has
distributed more than its income and net realized capital gains; therefore, a
portion of your distribution may be a return of capital.&#160; A return of capital
may occur, for example, when some or all of the money that you invested in the
Fund is paid back to you.&#160; A return of capital distribution does not
necessarily reflect the Fund&#8217;s investment performance and should not be
confused with &#8216;yield&#8217; or &#8216;income&#8217;.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The amounts and sources of
distributions reported in this 19(a) Notice are only estimates and are not
being provided for tax reporting purposes.&#160; The actual amounts and sources of
the amounts for tax reporting purposes will depend on the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations.&#160; The Fund will send you a Form 1099-Div for
the calendar year that will tell you how to report these distributions for
federal income tax purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><i><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The funds periodically provide
fund-related information on their websites.&#160; The following information will be
available for each fund at www.franklintempleton.com at the frequencies
indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup>
business day after the end of each month; (2) Top 10 holdings and additional
portfolio statistics will be available monthly, approximately 15 days after
month-end.</div></i></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;line-height: 106%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 8.0pt"><b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PUTNAM SHAREHOLDERS CONTACT</div></b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">:&#160; 1-800-225-1581</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">###</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FOR IMMEDIATE
RELEASE</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">FRANKLIN TEMPLETON</div></b><b><div style="font-family: &quot;Georgia&quot;,serif;color: black;display: inline;"> </div></b><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">ANNOUNCES 19(a) NOTICES FOR</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;CLOSED-END MUNICIPAL FUNDS</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">BOSTON,
Massachusetts (May 7, 2025) - The 19(a) monthly distribution notices for Putnam
Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities
Trust (NYSE: PMO) are now available. These informational notices provide
further details on the sources of the funds&#8217; monthly distributions and follow
the most recent distribution announcement. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table below provides an estimate
of the sources of the Fund&#8217;s current distribution and its cumulative
distributions paid this fiscal year-to-date.&#160; Amounts are expressed on a per
share of common stock basis, and as a percentage of the distribution amount.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 132px;width: 685px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The table
below provides information regarding distributions and total return performance
for various periods. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="background-color: transparent;background-repeat: no-repeat;background-size: cover;height: 276px;width: 706px;background-image:url(data:image/png;base64, )"></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in">&#160;</div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">You should not draw any conclusions
about the Fund&#8217;s investment performance from the amount of this distribution or
from the terms of the Fund&#8217;s Distribution Policy.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The Fund estimates that it has
distributed more than its income and net realized capital gains; therefore, a
portion of your distribution may be a return of capital.&#160; A return of capital
may occur, for example, when some or all of the money that you invested in the
Fund is paid back to you.&#160; A return of capital distribution does not
necessarily reflect the Fund&#8217;s investment performance and should not be
confused with &#8216;yield&#8217; or &#8216;income&#8217;.&#160; </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The amounts and sources of
distributions reported in this 19(a) Notice are only estimates and are not
being provided for tax reporting purposes.&#160; The actual amounts and sources of
the amounts for tax reporting purposes will depend on the Fund&#8217;s investment
experience during the remainder of its fiscal year and may be subject to
changes based on tax regulations.&#160; The Fund will send you a Form 1099-Div for
the calendar year that will tell you how to report these distributions for
federal income tax purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><i><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">The funds periodically provide
fund-related information on their websites.&#160; The following information will be
available for each fund at www.franklintempleton.com at the frequencies
indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup>
business day after the end of each month; (2) Top 10 holdings and additional
portfolio statistics will be available monthly, approximately 15 days after
month-end.</div></i></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><b><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;line-height: 106%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 8.0pt"><b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PUTNAM SHAREHOLDERS CONTACT</div></b><div style="font-size: 11.5pt;line-height: 106%;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">:&#160; 1-800-225-1581</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">###</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Calibri&quot;,sans-serif;text-align: center;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: 0in"><div style="font-size: 11.5pt;font-family: &quot;Georgia&quot;,serif;color: black;display: inline;">&#160;</div></div>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
