<SEC-DOCUMENT>0000928816-20-000253.txt : 20200228
<SEC-HEADER>0000928816-20-000253.hdr.sgml : 20200228
<ACCEPTANCE-DATETIME>20200228141250
ACCESSION NUMBER:		0000928816-20-000253
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200228
DATE AS OF CHANGE:		20200228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15103
		FILM NUMBER:		20668632

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>a_mmit40app.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">PUTNAM
MANAGED MUNICIPAL INCOME TRUST</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">c/o Putnam Investment Management, LLC</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">100 Federal Street</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Boston, Massachusetts 02110</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; February
28, 2020</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Securities
and Exchange Commission</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">100 F Street,
N.E.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Washington,
DC 20549</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Attn: &#160;&#160; Chief
Accountant</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Division
of Investment Management</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.5pt;text-indent:-24.3pt;"> <font face="times new roman" lang=EN-US style="font-size:12.0pt;">Re:&#160;&#160;&#160; Putnam Managed Municipal
Income Trust&#8212;File No. 811-05740</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Request
pursuant to Rule 19b&#8209;1(e) under the <br>
</font><u><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Investment Company Act of 1940, as amended</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="times new roman" lang=EN-US style="font-size:12.0pt;">This
request (including exhibits) consists of 10 pages.&#160; The exhibit index is </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="times new roman" lang=EN-US style="font-size:12.0pt;">on
page 6.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">I.&#160;&#160;&#160;&#160; INTRODUCTION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Putnam
Managed Municipal Income Trust, a Massachusetts business trust organized under
the laws of The Commonwealth of Massachusetts (the &#8220;Fund&#8221;), is filing this
request pursuant to Rule 19b&#8209;1(e)</font><sup><font face="times new roman" lang=EN-US style="font-size:12.0pt;">1</font></sup><font face="times new roman" lang=EN-US style="font-size:12.0pt;">
under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).&#160; The
Fund, which is registered as a closed-end investment company under the 1940
Act, primarily invests in municipal bonds issued by U.S. states or U.S.
territories. The Fund is taxed as a regulated investment company (&#8220;RIC&#8221;) under
Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). The
Fund&#8217;s inception date was February 24, 1989. The Fund has a fiscal and taxable
year ending on October 31 of each year. The total net asset value of the Fund
as of October 31, 2019 was $401,241,685.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Fund is advised by Putnam Investment Management, LLC (&#8220;Putnam Management&#8221;).&#160;
Putnam Management provides day-to-day management for the Fund&#8217;s portfolio.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>


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<font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">1</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Fund has obtained an exemptive order issued
by the Securities and Exchange Commission on May 14, 2019 (Investment Company
Release No. 33474) (the &#8220;Exemptive Order&#8221;). The Exemptive Order permits the
Fund to make periodic capital gain dividends that include long-term capital
gains up to twelve times in any taxable year in respect of its common shares
and as often as specified by, or determined in accordance with the terms of,
any preferred shares issued by the Fund, provided that the Fund complies with
the Exemptive Order. Some dividends included in this request were issued before
the issuance of the Exemptive Order.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font></p><font lang=EN-US>

</font>


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</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Fund, because of the circumstances beyond its control described below, proposes</font><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;"> to characterize as capital gain dividends within the
meaning of section 852(b)(3)(C) of the Code certain distributions (or portions
thereof) made in respect of the fiscal year ending October 31, 2019 (&#8220;Fiscal
2019&#8221;) on its common shares of beneficial interest (the &#8220;Common Shares&#8221;), series
A preferred shares of beneficial interest (the &#8220;Series A Preferred Shares&#8221;),
and series C preferred shares of beneficial interest (the &#8220;Series C Preferred
Shares&#8221; and, together with the Series A Preferred Shares, the &#8220;Preferred
Shares&#8221;).</font><sup><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">2</font></sup><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;
The Fund paid dividends on its Common Shares and Preferred Shares throughout,
and with respect to, Fiscal 2019 in accordance with the Fund&#8217;s distribution
practices described below.&#160; These dividends were sufficient to distribute all
of the Fund&#8217;s income, net tax-exempt income, and net capital gains in respect
of Fiscal 2019.&#160; The Fund must characterize as capital gain dividends certain
distributions in respect of the Common Shares in order to avoid the imposition
of income tax under Code section 852(b)(3).&#160; In addition, the Fund must characterize as capital
gain dividends certain distributions in respect of the Preferred Shares to
avoid the imposition of income tax under Code section 852(b)(3) and to comply
with Revenue Ruling 89-81, which requires distributions of different types of
income among different classes of shares to be proportional in order for the
designation of a distribution as a capital gain dividend to be respected.&#160; The various
distributions on the Common Shares and Preferred Shares that are proposed to be
characterized as capital gain dividends would result in the Fund having paid
capital gain dividends in excess of the limits of Section 19(b) of the 1940 Act
and Rule 19b-1 thereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">II.&#160;&#160;&#160; THE
FUND&#8217;S DISTRIBUTIONS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
facts and circumstances which require the characterization of certain
distributions with respect to the Common Shares and Preferred Shares as capital
gain dividends are as follows:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.&#160;
The Fund has Common Shares and Preferred Shares outstanding.&#160; The Fund pays
dividends to holders of its Preferred Shares and Common Shares and normally
distributes net capital gains (that is, the excess, if any, of net long-term
capital gains over net short-term capital losses) (as &#8220;capital gain dividends&#8221;)
to holders of Common Shares once a year, usually near the end of the calendar
year.&#160; Dividends on Common Shares are normally declared and paid monthly. Dividends
on Series A Preferred Shares are declared and paid normally at 28-day intervals,
and dividends on Series C Preferred Shares are declared and paid, normally at
7-day intervals (a &#8220;rate period&#8221;), in each case at a rate determined pursuant
to an auction conducted on the business day immediately before the start of the
applicable rate period (the &#8220;Remarketing Procedures&#8221;) or, if the remarketing
agent is unable to remarket the Preferred Shares pursuant to the Remarketing
Procedures, at the maximum dividend rate (as defined in the Fund&#8217;s By-Laws).&#160;
Because of the failure to remarket the Preferred Shares, the maximum dividend
rate is currently the applicable rate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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<font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">2</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> See <u>Exhibit C</u> for additional detail regarding
the distributions of capital gain dividends to the Common Shares and Preferred
Shares.&#160;&#160; </font></p><font lang=EN-US>

</font>



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</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.&#160; In order to avoid a Fund-level tax, the Fund must
distribute all net capital gains realized with respect to each taxable year and
with respect to each 12-month period ending on October 31.&#160; As required by
Revenue Ruling 89-81, the Fund allocates net capital gains between its Common
Shares and Preferred Shares </font><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">pro rata</font></i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;"> based on the values of total
distributions made to the holders of Common Shares and Preferred Shares,
respectively, for the year in which such income is realized. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.&#160;
The Fund realized net capital gains of $3,961,061 during Fiscal 2019.&#160; Although
the Fund monitored the amount of net capital gains realized during Fiscal 2019,
because of the unpredictability of market movements and the need to wait until
the end of the calendar year before determining the final amount of net capital
gains to be distributed and the appropriate allocation, the Fund did not
foresee that the amount of net capital gains realized during the year would
necessitate distributions of net capital gains on the Common Shares and
Preferred Shares in excess of the limits of Section 19(b) of the 1940 Act and
Rule 19b-1 thereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.&#160;
The portion of the Fund&#8217;s net capital gains realized during Fiscal 2019 that
will be allocated to the Series A Preferred Shares and Series C Preferred
Shares is $112,399 and $354,808, respectively, which will be allocated to the
Preferred Shares through the characterization of prior distributions to the
holders of Preferred Shares.&#160; The Fund will characterize prior distributions to
the holders of Preferred Shares using the following methodology: the net
capital gains will be allocated equally to the minimum number of distributions
necessary to cover the net capital gains allocable to the Preferred Shares.&#160;
Using this methodology, 3 monthly distributions with respect to the Series A
Preferred Shares and 12 weekly distributions with respect to the Series C
Preferred Shares (for a total of 15 distributions with respect to the Preferred
Shares) will be characterized as having consisted, in part, of capital gain
dividends.</font><sup><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">3</font></sup><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.&#160; The portion of the Fund&#8217;s net capital gains for
Fiscal 2019 that will be allocated to the Common Shares amounts to $</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3,493,854</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; In order to distribute these gains
fully, the Fund will characterize prior distributions to the holders of Common
Shares using the following methodology: the net capital gains will be allocated
to the minimum number of distributions necessary to cover the net capital gains
allocable to the Common Shares. Using this methodology, 3 distributions with
respect to the Common Shares will be characterized as having consisted, in
part, of capital gain dividends.</font><sup><font face="times new roman" lang=EN-US style="font-size:12.0pt;">4</font></sup></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">6.&#160; In light of proposed characterizations
of prior distributions to the Common Shares and Preferred Shares, a portion of 3
distributions to Common Shares, and a portion of 3 monthly distributions to
Series A Preferred Shares, and 12 weekly distributions to Series C Preferred
Shares (18 distributions in total) of net capital gains in respect of Fiscal
2019 will be needed to distribute the full amount of net capital gains. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">III.
REQUEST FOR RELIEF</font></b></p>


<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<hr align=left size=1 width="33%">
<font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">3</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> See <u>Exhibit C</u> for additional detail regarding
the distributions of capital gain dividends to the Preferred Shares.&#160;&#160; </font></p><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p><font lang=EN-US>

</font>
<font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;vertical-align:super;">4</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
S</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ee <u>Exhibit C</u> for additional detail
regarding the distributions of capital gain dividends to the Common Shares.</font></p><font lang=EN-US>

</font>


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</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
the foregoing reasons, the Fund requests authorization to characterize as
capital gain dividends the minimum number of distributions to holders of the
Preferred Shares necessary to distribute the full amount of net capital gains
allocable to the Preferred Shares in respect of Fiscal 201</font><font face="times new roman" lang=EN-US style="font-size:12.0pt;">9.&#160; It should be recognized that,
although Section 19(b) of the 1940 Act and Rule 19b-1 thereunder serve very
important purposes, there are some situations where tax rules mandated under
the Code could require specific characterizations of the tax character of prior
distributions. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:23.2pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Section
19(b) of the 1940 Act provides that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:23.2pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:23.2pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">It
shall be unlawful in contravention of such rules, regulations, or orders as the
Commission may prescribe </font><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">as necessary or appropriate in the public interest
or for the protection of investors</font></b><font face="times new roman" lang=EN-US style="font-size:12.0pt;"> for any registered investment company to
distribute long-term capital gains, as defined in Title 26, more often than
once every twelve months (emphasis added).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:23.2pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
believe that relief is justified under Rule 19b-1(e) under the 1940 Act. As
discussed above, a portion of 3 distributions to the Common Shares and 15 prior
distributions to the Preferred Shares will be characterized as capital gain
dividends and the need to so characterize such distributions was unforeseen
when the distributions were made.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Further,
as discussed above, a failure to properly report and treat the distributions as
capital gain dividends for tax purposes would result in taxation at the Fund
level, potential penalties to the Fund for incorrect Form 1099-DIV reports, and
unfavorable tax treatment for Fund shareholders. As a result, an application of
Rule 19b-1(e) in the current situation would be consistent with the goal of
protecting investors under Section 19(b) of the 1940 Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant
to Rule 19b&#8209;1(e) under the 1940 Act, this request will be deemed granted
unless the Commission, within 15 d</font><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">ays after the
filing of this request, denies the request as not being necessary or
appropriate in the public interest or for the protection of investors and
notifies the Fund in writing of such denial.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
undersigned officer of the Fund is authorized to file this request under Rule </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">19b-1(e)
pursuant to the Fund&#8217;s By-Laws and resolutions approved by a majority of the
Board of Trustees of the Fund at a meeting held on February 20, 2020, attached
hereto as </font><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Exhibit A</font></u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
verification required by Rule 0-2 is attached hereto as </font><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Exhibit B</font></u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
you have any questions regarding this request, please do not hesitate to
contact Venice Monagan, Esq. of Putnam Management at (617) 760-2577.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">[</font><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">The remainder of this page has been
left blank intentionally.</font></i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">]</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Page
</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the Amended and Restated Agreement and Declaration of Trust, as
amended, of the Fund is on file with the Secretary of The Commonwealth of
Massachusetts, and notice is given that this instrument is executed on behalf
of the Fund by an officer of the Fund as an officer and not individually and
the obligations of or arising out of this instrument are not binding upon any
of the Trustees, officers or shareholders individually but are binding only
upon the assets and property of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sincerely
yours,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:5.0pt;"><font style="height:2px;margin-left:245px;margin-top:981px;position:absolute;width:245px;"></font><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <U>/s/
Jonathan S. Horwitz&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Jonathan
S. Horwitz</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Executive Vice
President and Principal Executive </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Putnam
Managed Municipal Income Trust</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">cc:&#160;
 Venice Monagan, Esq., Counsel, Putnam Investment Management, LLC</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; James
E. Thomas, Esq., Ropes &amp; Gray LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bryan
Chegwidden, Esq., Ropes &amp; Gray LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Exhibits to Request</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">The
following materials are made a part of the request and are attached hereto:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font color=black face="times new roman" style="font-size:12.0pt;">Designation</font></u></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font color=black face="times new roman" style="font-size:12.0pt;">Document</font></u></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">Exhibit
  A</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">Resolutions
  of the Board of Trustees of Putnam Managed Municipal Income Trust </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">Exhibit
  B</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">Verifications
  </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">Exhibit
  C</font></p>
  </td>
 <td valign=top width=67% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:12.0pt;">Dividend
  Distributions with respect to Common and Preferred Shares</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>





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</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Exhibit
A</font></u></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:center;text-indent:-1.0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Votes of the Board of Trustees of </font></b><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Putnam Managed Municipal Income Trust</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTED: &#160;&#160;&#160;&#160;&#160;&#160;&#160; That
each officer and agent of Putnam Managed Municipal Income Trust (the &#8220;Fund&#8221;), be,
and is, authorized and directed to file with the Securities and Exchange
Commission a request for authorization, pursuant to Rule 19b-1(e) under the Investment
Company Act of 1940, as amended, for the Fund to make one or more capital gain
distributions which would otherwise be prohibited by Rule 19b-1, and that each
of the officers and agents of the Fund, acting with advice of counsel, is
authorized, empowered, and directed on behalf of the Fund to cause to be
prepared, executed, and filed with the Securities and Exchange Commission any
and all amendments of and exhibits to the request, to be in such form as the
officers or agents of the Fund shall approve, such approval to be conclusively
evidenced by their filing thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTED: &#160;&#160;&#160;&#160;&#160;&#160;&#160; That
each officer and agent of the Fund, acting with advice of counsel, be, and is,
authorized and empowered to make such changes as may be necessary by reason of
any comment on such materials by the Securities and Exchange Commission or its
staff or for any other reason deemed appropriate by the officers or agents of
the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTED: &#160;&#160;&#160;&#160;&#160;&#160;&#160; That
each officer and agent of the Fund, acting with advice of counsel, be, and is,
authorized, empowered and directed to take any and all additional acts and to
prepare, execute, and deliver any and all other agreements, documents,
instruments and certificates, as they, or any of them acting with advice of
counsel deems necessary, appropriate or convenient to carry out the intent and
purposes of the foregoing resolutions, such determination to be conclusively
evidenced by the taking of such actions and the preparation, execution and
delivery of such agreements, documents, instruments and certificates.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;text-indent:-3.0in;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-1.0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Exhibit
B</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Verification of Putnam
Managed Municipal Income Trust</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
undersigned states that he has duly executed the attached request dated February 28, 2020 for and on behalf of Putnam Managed Municipal Income Trust (the &#8220;Fund&#8221;)
in his capacity as Executive Vice President and Principal Executive Officer of
the Fund and that all actions by the holders and other bodies necessary to
authorize the undersigned to execute and file such instrument have been taken.&#160;
The undersigned further states that he is familiar with such instrument, and
the contents thereof, and that the facts therein set forth are true to the best
of his knowledge, information and belief.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:5.0pt;"><font style="height:2px;margin-left:246px;margin-top:1398px;position:absolute;width:310px;"></font><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <U>/s/
Jonathan S. Horwitz&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:
Jonathan S. Horwitz</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.5in;text-indent:-2.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Executive
Vice President and Principal&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-1.0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Executive
Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Page
</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV>&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit C</font></u></p>

<p align=right style="margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:95%;">
 <tr style="height:25.8pt;">
  <td colspan=4 rowspan=2 valign=top style="background:#d0cece;border:solid windowtext 1.0pt;height:25.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:center;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Distributions
  with respect to</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:center;text-indent:-45.35pt;"><b><font color=black face="Times New Roman" style="font-size:10.0pt;">Common Shares</font></b></p>
  </td>
 <td height=34 style="height:25.8pt;">&nbsp;</td>
 </tr>
<tr style="height:25.8pt;">
  <td height=34 style="height:25.8pt;">&nbsp;</td>
 </tr>
<tr style="height:25.5pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">#</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Date Payable</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Total Dividend</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:right;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Portion
  Characterized as </font></b></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:right;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Capital
  Gain Dividend</font></b></p>
  </td>
 <td height=34 style="height:25.5pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">2/1/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$1,578,684.27</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$1,578,684.27</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">3/1/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$1,574,533.90</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$1,574,533.90</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">4/1/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$1,574,534.03</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$340,636</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
</table>

</div>

<p style="margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:95%;">
 <tr style="height:25.8pt;">
  <td colspan=4 rowspan=2 valign=top style="background:#d0cece;border:solid windowtext 1.0pt;height:25.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;text-align:center;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Distributions with
  respect to</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;text-align:center;text-indent:-45.35pt;"><b><font color=black face="Times New Roman" style="font-size:10.0pt;">Series A
  Preferred Shares</font></b></p>
  </td>
 <td height=34 style="height:25.8pt;">&nbsp;</td>
 </tr>
<tr style="height:25.8pt;">
  <td height=34 style="height:25.8pt;">&nbsp;</td>
 </tr>
<tr style="height:25.5pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">#</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Date
  Payable</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Total Dividend</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;text-align:right;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Portion Characterized
  as </font></b></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;text-align:right;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Capital Gain Dividend</font></b></p>
  </td>
 <td height=34 style="height:25.5pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">8/21/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$48,806.40</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$37,466.40</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">9/18/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$42,271.20</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$37,466.40</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">10/16/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$41,865.60</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$37,466.40</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
 </table>

</div>


<a name="_bclFooter9"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Page
</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of 10</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV>&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=center></div>

<p style="margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;text-indent:-45.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>










<div align=center>


<table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:95%;">
 <tr style="height:25.8pt;">
  <td colspan=4 rowspan=2 valign=top style="background:#d0cece;border:solid windowtext 1.0pt;height:25.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:center;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Distributions with respect to</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:center;text-indent:-45.35pt;"><b><font color=black face="Times New Roman" style="font-size:10.0pt;">Series C Preferred Shares</font></b></p>
  </td>
 <td height=34 style="height:25.8pt;">&nbsp;</td>
 </tr>
<tr style="height:25.8pt;">
  <td height=34 style="height:25.8pt;">&nbsp;</td>
 </tr>
<tr style="height:25.5pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">#</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Date Payable</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Total Dividend</font></b></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:25.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:right;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Portion
  Characterized as </font></b></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:45.35pt;page-break-after:avoid;text-align:right;text-indent:-45.35pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Capital
  Gain Dividend</font></b></p>
  </td>
 <td height=34 style="height:25.5pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">5/28/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$38,307.94</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">6/5/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$38,157.24</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">6/12/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$37,991.47</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">6/19/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$37,343.46</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">6/26/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$36,861.22</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">7/3/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$36,710.52</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">7</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">7/10/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$36,710.52</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">7/17/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$36,861.22</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">7/24/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$34,781.56</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">7/31/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$38,307.94</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">8/7/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$34,465.09</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">8/14/19</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$33,500.61</font></p>
  </td>
 <td valign=top style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:45.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:-45.0pt;"><font face="Times New Roman" style="font-size:10.0pt;">$29,567.34</font></p>
  </td>
 <td height=17 style="height:12.75pt;">&nbsp;</td>
 </tr>
</table>

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