<SEC-DOCUMENT>0001133228-25-006850.txt : 20250627
<SEC-HEADER>0001133228-25-006850.hdr.sgml : 20250627
<ACCEPTANCE-DATETIME>20250627135606
ACCESSION NUMBER:		0001133228-25-006850
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
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 MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		ORGANIZATION NAME:           	
		EIN:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		251084869

	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-CSRS
<SEQUENCE>1
<FILENAME>pmmit-efp16103_ncsrs.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST _N-CSRS
<TEXT>
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<!-- 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: 14pt 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>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&ndash;05740</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 Managed Municipal Income Trust</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">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>October 31</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of reporting period: <B>April 30, 2025</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></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"></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; text-align: justify">
    <td style="width: 50pt; text-align: left">ITEM 1.&#9;&#9;</td>
    <td style="text-align: justify">REPORT TO STOCKHOLDERS.</td> </tr>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

<div style="color:#004a98;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:288px;letter-spacing:-0.26px;white-space:nowrap">Semiannual
</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:1423.74px;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;white-space:nowrap">Managed
</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;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:3107.29px;white-space:nowrap">Income
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:535px;font-weight:bold;text-transform:uppercase;position:absolute;top:1311.7px;left:0px;white-space:nowrap">Trust</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2720.23px;left:0px;white-space:nowrap">April
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2720.23px;left:501.23px;white-space:nowrap">30,
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2720.23px;left:868.18px;white-space:nowrap">2025</div></div>
</div>

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</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>

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<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>
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style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABEAAAAPMCAYAAABCKsxiAAAACXBIWXMAABcRAAAXEQHKJvM/AAAY+ElEQVR4XuzcMRUCURAEwT2UIQmJSDgpOFgk/Pj6VcWjoIO5dncAAAAAyl6nAQAAAMDTCSAAAABAngACAAAA5AkgAAAAQJ4AAgAAAOQJIAAAAECeAAIAAADkCSAAAABAngACAAAA5AkgAAAAQJ4AAgAAAOQJIAAAAECeAAIAAADkCSAAAABAngACAAAA5AkgAAAAQJ4AAgAAAOQJIAAAAECeAAIAAADkCSAAAABAngACAAAA5AkgAAAAQN41M9/TCMj47O59GgEAANRcM/M+jYCMe3d/pxEAAEDNtbunDQAAAMCj+QABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBBAAAAAgTwABAAAA8gQQAAAAIE8AAQAAAPIEEAAAACBPAAEAAADyBB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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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:194.64px;left:5283.11px;white-space:nowrap">made </div>

<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:410.64px;left:0px;white-space:nowrap">$0.0238 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:700.66px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1010.83px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:1561.11px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2297.55px;white-space:nowrap">May </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2687.61px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:2887.73px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:3388.18px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:3688.42px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4148.7px;white-space:nowrap">intends </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4779.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:4979.27px;white-space:nowrap">make </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:5469.43px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:6149.71px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:7160.19px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:7360.31px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8450.95px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8651.07px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:8951.31px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9311.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:410.64px;left:9511.61px;white-space:nowrap">$0.0265 </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:310.17px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:860.45px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:1961.1px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:2261.07px;white-space:nowrap">generally
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3041.54px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:3821.92px;white-space:nowrap">amounts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:4562.31px;white-space:nowrap">necessary
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:5432.7px;white-space:nowrap">to </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6192.95px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:6493.18px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:7077.83px;white-space:nowrap">plan </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:8118.72px;white-space:nowrap">requirements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.64px;left:9219.2px;white-space:nowrap">prescribed
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:560.21px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:850.34px;white-space:nowrap">rules </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1290.5px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:1640.83px;white-space:nowrap">Subchapter
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:2611.49px;white-space:nowrap">M </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:2811.45px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:3311.81px;white-space:nowrap">Internal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:3962.2px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:4732.73px;white-space:nowrap">Code. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:5259.81px;white-space:nowrap">The </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:842.64px;left:7771.46px;white-space:nowrap">shareholders
</div>

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</div>

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:4282.65px;white-space:nowrap">discount
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:7724.71px;letter-spacing:-3.34px;white-space:nowrap">NAV
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1058.64px;left:8631.83px;white-space:nowrap">Fund&#39;s
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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
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</div>

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</div>

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

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

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

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

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:4759.89px;white-space:nowrap">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">6</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">22</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">25</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:810.35px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1760.8px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:1960.93px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1875.69px;left:4659.79px;white-space:nowrap">35</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:0px;white-space:nowrap">Annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:610.49px;white-space:nowrap">Meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:1300.87px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:1501px;white-space:nowrap">Shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2131.69px;left:4659.79px;white-space:nowrap">36</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:0px;white-space:nowrap">Dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:750.41px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:1900.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:2251.23px;white-space:nowrap">Cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:2721.45px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:3531.88px;white-space:nowrap">Plan</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2387.69px;left:4659.79px;white-space:nowrap">37</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2643.69px;left:0px;white-space:nowrap">Shareholder </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2643.69px;left:1030.69px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2643.69px;left:4659.79px;white-space:nowrap">39</div></div>
</div>

<div style="background-image:url(data:image/png;base64,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);background-repeat:no-repeat;background-size:cover;height:51.60px;left:0px;position:absolute;top:0px;transform:translate(54.000px,271.616px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3292.26px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:1045.44px;white-space:nowrap">tools.</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">2</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">Semiannual
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:3105.31px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:4816.05px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:6160.9px;letter-spacing:-2.82px;white-space:nowrap">Trust</div>

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:1360.63px;white-space:nowrap">report </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:1880.86px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:2140.93px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:2811.27px;white-space:nowrap">Managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1149.85px;left:3611.87px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:0px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:637.03px;letter-spacing:-1.11px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:1090.37px;white-space:nowrap">covers </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:1970.77px;white-space:nowrap">period </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:3061.76px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:3471.86px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1399.85px;left:3772.09px;white-space:nowrap">2025.</div>

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

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2497.71px;left:0px;letter-spacing:-4.77px;white-space:nowrap">Your
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2497.71px;left:597.57px;letter-spacing:-0.67px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2497.71px;left:1445.49px;white-space:nowrap">Goal </div>

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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2497.71px;left:2572.96px;white-space:nowrap">Main </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2497.71px;left:3208.74px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2873.05px;left:0px;white-space:nowrap">The </div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4373.05px;left:1450.63px;white-space:nowrap">securities
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4623.05px;left:1900.9px;white-space:nowrap">considerations.
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4873.05px;left:790.49px;white-space:nowrap">primarily
</div>

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</div>

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</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5623.05px;left:2030.98px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5623.05px;left:2331.21px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5623.05px;left:2918.23px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5623.05px;left:3218.47px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5623.05px;left:3698.7px;white-space:nowrap">value.</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:10698.82px;left:0px;white-space:nowrap">Performance </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:10698.82px;left:1560.63px;white-space:nowrap">Overview</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:319.74px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:619.7px;white-space:nowrap">six </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:889.42px;white-space:nowrap">months </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:1529.43px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:2039.54px;letter-spacing:-1.24px;white-space:nowrap">review,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:2649.49px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:2949.45px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:3409.46px;white-space:nowrap">posted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11074.15px;left:3999.64px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:0px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:390.23px;white-space:nowrap">returns </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:1000.46px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:1200.59px;white-space:nowrap">-2.80% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:1820.92px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:2361.36px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:2611.58px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:2911.82px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:3392.05px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:3872.37px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11324.15px;left:4222.71px;white-space:nowrap">-3.22% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:0px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:540.44px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:790.66px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:1390.78px;white-space:nowrap">price. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:1880.95px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:2200.96px;white-space:nowrap">comparison,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:3231.39px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11574.15px;left:3531.62px;white-space:nowrap">Bloomberg
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:0px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:810.35px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:1280.74px;white-space:nowrap">Index, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:1821.09px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:2331.3px;white-space:nowrap">is </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:2661.42px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11824.15px;left:3261.53px;white-space:nowrap">value-weighted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:0px;white-space:nowrap">index </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:480.32px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:680.45px;white-space:nowrap">tax-exempt,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:1670.8px;white-space:nowrap">investment-grade
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:3111.5px;white-space:nowrap">municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:3921.86px;white-space:nowrap">bonds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12074.15px;left:4462.29px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:0px;white-space:nowrap">maturities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:830.21px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:1030.34px;white-space:nowrap">one </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:1380.67px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:1780.84px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:1990.9px;white-space:nowrap">more, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:2501.02px;white-space:nowrap">posted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:3091.46px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:3241.58px;white-space:nowrap">-0.78% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12324.15px;left:3861.91px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:5220px;white-space:nowrap">total </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:5610.23px;white-space:nowrap">return</div>

<div style="font-family:Arial, sans-serif;font-size:104.9px;position:absolute;top:723.46px;left:6080.45px;white-space:nowrap">1</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;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:719.85px;left:6589.34px;white-space:nowrap">can </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:6929.56px;text-rendering:optimizeLegibility;white-space:nowrap">find
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:7269.79px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;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:719.85px;left:8157.04px;white-space:nowrap">long-term
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:719.85px;left:8967.31px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:5220px;white-space:nowrap">data </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:5620.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:5810.45px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:6110.68px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:7191.12px;white-space:nowrap">Summary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:8011.23px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:8261.46px;white-space:nowrap">page </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:8711.89px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:969.85px;left:8812px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:5220px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:6300.44px;white-space:nowrap">data
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:6700.78px;white-space:nowrap">represent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:7511.22px;white-space:nowrap">past
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:7901.46px;white-space:nowrap">performance,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:9011.95px;white-space:nowrap">which
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1399.85px;left:9522.16px;white-space:nowrap">does
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:5220px;white-space:nowrap">not
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:5520.23px;white-space:nowrap">guarantee
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:6380.95px;white-space:nowrap">future
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:6891.24px;white-space:nowrap">results.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:7521.42px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:8451.83px;white-space:nowrap">return
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:8972.05px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1649.85px;left:9322.38px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:5220px;white-space:nowrap">value
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:5700.32px;white-space:nowrap">will
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:6780.76px;white-space:nowrap">and
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:7471.32px;white-space:nowrap">may
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:8451.83px;white-space:nowrap">gain
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:8842.15px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:9052.21px;white-space:nowrap">loss
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1899.85px;left:9422.31px;white-space:nowrap">when
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:5560.22px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:5880.32px;white-space:nowrap">your
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:6280.49px;white-space:nowrap">shares.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:6920.77px;white-space:nowrap">Current
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:7570.99px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:8631.47px;white-space:nowrap">may
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:9021.53px;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2149.85px;left:9467.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2399.85px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">figures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2399.85px;left:5810.27px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:5580.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:6040.46px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:6380.68px;white-space:nowrap">implemented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:7461.21px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:7611.33px;white-space:nowrap">managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:8411.92px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2829.85px;left:9332.4px;white-space:nowrap">plan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:5220px;white-space:nowrap">whereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:5950.37px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:6250.61px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:6710.89px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:7010.86px;white-space:nowrap">distribute
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:7791.24px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:7941.36px;white-space:nowrap">level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:8361.56px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3079.85px;left:9282.04px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:5220px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:5420.13px;white-space:nowrap">shareholders.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:6560.77px;white-space:nowrap">Until </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:6960.94px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:7371.04px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:7671.27px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:8171.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:8471.95px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3329.85px;left:8932.24px;white-space:nowrap">made </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:5220px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:5900.27px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:6910.75px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:7110.88px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:8201.51px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:8401.64px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:8701.88px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:9062.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3579.85px;left:9262.18px;white-space:nowrap">$0.0238 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:5220px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:5530.17px;white-space:nowrap">share. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:6080.45px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:6816.88px;white-space:nowrap">May </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:7206.94px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:7407.07px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3829.85px;left:7907.52px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4329.85px;left:5220px;white-space:nowrap">$0.0265 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4329.85px;left:6781.11px;white-space:nowrap">Management
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4579.85px;left:7891.26px;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:4829.85px;left:9091.85px;white-space:nowrap">Subchapter
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5829.85px;left:6910.84px;letter-spacing:-3.34px;white-space:nowrap">NAV
</div>

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</div>

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</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6579.85px;left:8151.68px;white-space:nowrap">$0.1428 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6829.85px;left:8812.09px;white-space:nowrap">83.9% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7329.85px;left:5570.33px;white-space:nowrap">16.1% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7579.85px;left:5220px;white-space:nowrap">&#8220;Important
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:5956.44px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:6886.93px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8259.85px;left:7187.17px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8509.85px;left:5220px;white-space:nowrap">Rivera, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8509.85px;left:5840.16px;white-space:nowrap">Daniel </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8509.85px;left:7217.31px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8509.85px;left:7567.65px;white-space:nowrap">Benjamin
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8759.85px;left:8051.84px;white-space:nowrap">Fund. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8759.85px;left:9298.56px;white-space:nowrap">May </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8759.85px;left:9688.62px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9009.85px;left:5220px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9009.85px;left:5720.45px;white-space:nowrap">Paul </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9009.85px;left:7000.66px;white-space:nowrap">anticipated
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9259.85px;left:5220px;white-space:nowrap">a </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9259.85px;left:8958.69px;white-space:nowrap">team.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6319.91px;left:0px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6319.91px;left:833.75px;white-space:nowrap">Composition</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6517.79px;left:0px;white-space:nowrap">4/30/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6812.73px;left:4143.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6812.73px;left:4330.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6812.73px;left:4525.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7004.73px;left:3962.33px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.67px;left:0px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.67px;left:506.95px;white-space:nowrap">Care</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.67px;left:4353.34px;white-space:nowrap">21.21%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7557.16px;left:0px;white-space:nowrap">Education</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7557.16px;left:4353.34px;white-space:nowrap">16.79%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.64px;left:0px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.64px;left:566.33px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.64px;left:4353.34px;white-space:nowrap">13.71%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8018.13px;left:0px;white-space:nowrap">Housing</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8018.13px;left:4442.33px;white-space:nowrap">9.65%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.61px;left:0px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.61px;left:693.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.61px;left:1680.86px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.61px;left:2365.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.61px;left:2677.19px;white-space:nowrap">Pollution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8498.61px;left:0px;white-space:nowrap">Control</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8498.61px;left:4442.33px;white-space:nowrap">9.62%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.09px;left:0px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.09px;left:444.61px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.09px;left:1129.53px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8729.09px;left:4442.33px;white-space:nowrap">8.20%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8959.58px;left:0px;white-space:nowrap">Local</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8959.58px;left:4442.33px;white-space:nowrap">5.47%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9190.06px;left:0px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9190.06px;left:418.05px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9190.06px;left:1031.72px;white-space:nowrap">Obligation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9190.06px;left:4442.33px;white-space:nowrap">4.74%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9420.55px;left:0px;letter-spacing:-0.42px;white-space:nowrap">Transportation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9420.55px;left:4442.33px;white-space:nowrap">4.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9651.03px;left:0px;white-space:nowrap">Lease</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9651.03px;left:4442.33px;white-space:nowrap">3.44%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.52px;left:0px;white-space:nowrap">Utilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9881.52px;left:4442.33px;white-space:nowrap">2.13%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112px;left:0px;white-space:nowrap">Prerefunded</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10112px;left:4442.33px;white-space:nowrap">0.41%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10342.48px;left:0px;white-space:nowrap">Other</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10342.48px;left:4442.33px;white-space:nowrap">0.61%</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:
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:612.73px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:743.98px;white-space:nowrap">unmanaged
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1473.52px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:1728.91px;white-space:nowrap">includes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:2246.8px;white-space:nowrap">reinvestment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3034.45px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3428.44px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:3887.89px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4041.02px;white-space:nowrap">distributions.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4814.14px;white-space:nowrap">It
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:4923.59px;white-space:nowrap">does
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5244.61px;white-space:nowrap">not
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5857.34px;white-space:nowrap">any
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6105.39px;white-space:nowrap">fees,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:6426.41px;white-space:nowrap">expenses
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:7177.73px;white-space:nowrap">sales
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:7520.55px;white-space:nowrap">charges.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:8060.31px;white-space:nowrap">One
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:8344.84px;white-space:nowrap">cannot
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:8775.31px;white-space:nowrap">invest
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:9154.61px;white-space:nowrap">directly
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:9606.72px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:9745.31px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:0px;white-space:nowrap">index,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:386.64px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:1524.77px;white-space:nowrap">representative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:2757.58px;letter-spacing:-0.32px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:3185.63px;white-space:nowrap">portfolio.</div>

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

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:1393.13px;white-space:nowrap">notices
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;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:576.19px;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:576.19px;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:576.19px;left:3019.69px;white-space:nowrap">at
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:3165.63px;letter-spacing:-0.19px;white-space:nowrap">www.franklintempletondatasources.com.</div>

<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:269.77px;white-space:nowrap">dollar
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:663.52px;white-space:nowrap">value,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:1072.03px;white-space:nowrap">number
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:1589.61px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:1749.92px;white-space:nowrap">shares
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:2209.45px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:2377.11px;white-space:nowrap">principal
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:2960.47px;white-space:nowrap">amount,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:3776.95px;white-space:nowrap">names
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:5140.31px;white-space:nowrap">holdings
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:5956.95px;white-space:nowrap">listed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:6489.3px;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:6722.58px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:7184.38px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:7804.22px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:7964.53px;white-space:nowrap">Investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:8766.64px;white-space:nowrap">(SOI).</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;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:1022.59px;left:269.77px;white-space:nowrap">SOI
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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;font-weight:bold;position:absolute;top:1022.59px;left:991.72px;white-space:nowrap">on
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:1188.52px;white-space:nowrap">page
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1025.02px;left:1531.25px;white-space:nowrap">7</div>

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<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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">3</div></div>
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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
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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">

<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="width:10080px;height:12960px;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="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1610.95px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2247.98px;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:1408.64px;left:1186.88px;letter-spacing:-6.62px;white-space:nowrap">CFA</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1563.84px;letter-spacing:-6.62px;white-space:nowrap">CFA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">James </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:580.17px;white-space:nowrap">Conn, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1110.5px;letter-spacing:-6.62px;white-space:nowrap">CFA</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1427.17px;letter-spacing:-6.62px;white-space:nowrap">CFA</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1660.78px;letter-spacing:-6.62px;white-space:nowrap">CFA</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1807.73px;letter-spacing:-4.99px;white-space:nowrap">Team</div></div>
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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:504.00px">

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

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

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:588.68px;white-space:nowrap">trademark
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1215.79px;white-space:nowrap">owned
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1813.92px;letter-spacing:-3.59px;white-space:nowrap">CFA
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2098.37px;white-space:nowrap">Institute.</div></div>
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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: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:3823.24px;white-space:nowrap">April
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4495.78px;white-space:nowrap">30,
</div>

<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>
</div>

<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>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;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">4</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">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
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<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 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

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

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

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

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

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

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

<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
</div>

<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>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1480.78px;white-space:nowrap">securities
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.04px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2481.15px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2781.39px;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:978.64px;left:4108.8px;white-space:nowrap">adjusted </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5099.41px;white-space:nowrap">operating
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6770.57px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7380.88px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7771.2px;white-space:nowrap">distributions
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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:0px;white-space:nowrap">Performance </div>

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<div style="font-family:Arial, sans-serif;font-size: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:4337.6px;left:0px;white-space:nowrap">Performance
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:1080.44px;white-space:nowrap">data
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:2291.22px;white-space:nowrap">past
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:3791.95px;white-space:nowrap">which
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:6413.73px;white-space:nowrap">results.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:7043.91px;white-space:nowrap">Investment
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:7974.32px;white-space:nowrap">return
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:8494.54px;white-space:nowrap">and
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:8844.87px;white-space:nowrap">principal
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:0px;white-space:nowrap">will
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:1080.44px;white-space:nowrap">and
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:2751.5px;white-space:nowrap">gain
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:3141.83px;white-space:nowrap">or
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:3351.88px;white-space:nowrap">loss
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:3721.99px;white-space:nowrap">when
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:4862.64px;white-space:nowrap">your
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:5262.8px;white-space:nowrap">shares.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:5903.09px;white-space:nowrap">Current
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:6553.3px;white-space:nowrap">performance
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:7613.79px;white-space:nowrap">may
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;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:4587.6px;left:8449.45px;white-space:nowrap">from
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;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:4587.6px;left:9449.74px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5163.87px;left:0px;white-space:nowrap">Share </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:5163.87px;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:3146.09px;left:0px;white-space:nowrap">6-Month</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:4682.05px;white-space:nowrap">-2.80%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:6266.05px;white-space:nowrap">-3.22%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:7994.05px;white-space:nowrap">-2.80%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:9578.05px;white-space:nowrap">-3.22%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;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:3406.57px;left:4735.33px;white-space:nowrap">2.56%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:6319.33px;white-space:nowrap">6.27%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:8047.33px;white-space:nowrap">2.56%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:9631.33px;white-space:nowrap">6.27%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;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:3667.05px;left:4646.34px;white-space:nowrap">14.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:6230.34px;white-space:nowrap">14.08%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:8047.33px;white-space:nowrap">2.66%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:9631.33px;white-space:nowrap">2.67%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;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:3927.54px;left:4646.34px;white-space:nowrap">31.84%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:6230.34px;white-space:nowrap">35.64%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:8047.33px;white-space:nowrap">2.80%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:9631.33px;white-space:nowrap">3.10%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5574.62px;left:0px;white-space:nowrap">Symbol:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5574.62px;left:675.63px;white-space:nowrap">PMM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5574.62px;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:5574.62px;left:7878.19px;white-space:nowrap">10/31/24</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5574.62px;left:9498.28px;white-space:nowrap">Change</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5894.56px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5894.56px;left:284.61px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5894.56px;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:5894.56px;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:5894.56px;left:6516.61px;white-space:nowrap">$6.48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5894.56px;left:8100.61px;white-space:nowrap">$6.81</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5894.56px;left:9631.33px;white-space:nowrap">-$0.33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6155.05px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6155.05px;left:533.44px;white-space:nowrap">Price </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6155.05px;left:942.42px;white-space:nowrap">(NYSE)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6155.05px;left:6516.61px;white-space:nowrap">$5.94</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6155.05px;left:8100.61px;white-space:nowrap">$6.28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6155.05px;left:9631.33px;white-space:nowrap">-$0.34</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6668.67px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6668.67px;left:1502.74px;white-space:nowrap">Per </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6668.67px;left:1979.58px;white-space:nowrap">Share</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.33px;left:2717.83px;letter-spacing:-0.7px;white-space:nowrap">(11/1/24&#8211;4/30/25)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7159.28px;left:8938.05px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7159.28px;left:9240.31px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7351.28px;left:9524.84px;white-space:nowrap">Income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7688.22px;left:9506.64px;white-space:nowrap">$0.1428</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8356.83px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8356.83px;left:1502.74px;white-space:nowrap">Per </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8356.83px;left:1979.58px;white-space:nowrap">Remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8356.83px;left:3467.98px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:8356.83px;left:4624.01px;white-space:nowrap">Share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.5px;left:5390.05px;letter-spacing:-0.7px;white-space:nowrap">(11/1/24&#8211;4/30/25)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8669.99px;left:7940.84px;white-space:nowrap">Income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8669.99px;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:8912.47px;left:0px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.47px;left:489.14px;letter-spacing:-4.41px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.47px;left:631.48px;white-space:nowrap">(240 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.47px;left:996.17px;white-space:nowrap">shares)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.47px;left:7789.2px;white-space:nowrap">$2,518.33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.47px;left:9373.2px;white-space:nowrap">$2,518.33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9171.96px;left:0px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9171.96px;left:497.97px;white-space:nowrap">C </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9171.96px;left:657.97px;white-space:nowrap">(1,507 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9171.96px;left:1156.09px;white-space:nowrap">shares)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9171.96px;left:7878.19px;white-space:nowrap">1,255.21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9171.96px;left:9462.19px;white-space:nowrap">1,255.21</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">5
</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8141.27px;letter-spacing:11px;white-space:nowrap">Performance
</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:5369.08px;white-space:nowrap">Semiannual
</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:654.05px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.754px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) 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">Events
</div>

<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
</div>

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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: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
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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: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.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:1925.78px;white-space:nowrap">guarantee
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:5875.23px;white-space:nowrap">desired
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:6342.03px;white-space:nowrap">results.</div>

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<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
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<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
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<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.
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<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
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:6111.17px;white-space:nowrap">interest
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:6577.97px;white-space:nowrap">rate,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:6877.03px;white-space:nowrap">credit,
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:7759.61px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:0px;white-space:nowrap">loss
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:269.84px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:415.78px;white-space:nowrap">principal.
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:1954.77px;white-space:nowrap">rise,
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:8537.81px;white-space:nowrap">illiquidity
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:4558.59px;white-space:nowrap">declines.
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<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
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<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
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</div>

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

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</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.
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</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
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</div>

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</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">12/31/25
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:9241.17px;white-space:nowrap">without
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:9693.36px;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:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:634.61px;letter-spacing:-0.55px;white-space:nowrap">Morningstar.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2793.79px;left:1393.13px;white-space:nowrap">Bloomberg
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:882.66px;white-space:nowrap">provider
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:1393.13px;white-space:nowrap">notices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:1845.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:2100.78px;white-space:nowrap">terms
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:2465.31px;white-space:nowrap">available
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:3019.69px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3182.59px;left:3165.63px;letter-spacing:-0.19px;white-space:nowrap">www.franklintempletondatasources.com.</div></div>
</div> </div></div>

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

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

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:42.29px;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 style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1112.74px;white-space:nowrap">Highlights</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>
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<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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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">6</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUCCAYAAACkLpAdAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcIXZjSRZF0adeggaeUWeNrLKG8WeTNSMD82hg3iFwgBTaG1/2iNexftzWWgMAAABQ+M9uAAAAAPAooQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABA5r4bAMDJruv6vdvwsj5n5ms34mW579nc92zuezihAYB392s34GV9zMz3bsTLct+zue/Z3Pdwt7XWbgMAAADwEG80AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJn7dV1rNwIAAAB4hF80AAAAAJn7zPyzGwEAvKDPmfnajXhZ7ns29z2b+x7utpYvJwAAAICGTycAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJn7bgDw7q7r+rPbAE/pY2a+dyNelvuezX3P5r6HExoA9v7sBsBT+pyZr92Il+W+Z3Pfs7nv4W5rrd0GAAAA4CHeaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAzH1m1m4E8OZuuwEAAPDDLxoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJn7zPy1GwEAAAA84rbW2m0AAAAAHuLTCQAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAACZ+8z83o0A3tl1XX/vNgAAwI/7zPgDGuD/+2s3AJ7Sx8x870a8LPc9m/uezX0Pd1trrd0I4M3ddgMAAOCHNxoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQuc/Mv7sRwDu7rmvtNgAAwI/7zPzajQDe3K/dAHhKHzPzvRvxstz3bO57Nvc93G0t/6gDAAAAGt5oAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAmfvM/NqNAN7cn90AAAD4cVtrrd0I4M3ddgMAAOCHTycAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJn7zNx2IwAAAIBH+EUDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMvfdAODdXdf1e7cBntLnzHztRrws9z2b+57NfQ8nNADs/doNgKf0MTPfuxEvy33P5r5nc9/D3dZauw0AAADAQ7zRAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgMx9NwB4d9d1/d5tgKf0OTNfuxEvy33P5r5nc9/DCQ0Ae792A+ApfczM927Ey3Lfs7nv2dz3cLe11m4DAAAA8BBvNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADI3HcDgHd3Xdfv3QZ4Sp8z87Ub8bLc92zuezb3PZzQALD3924AAAD8uK21dhsAAACAh3ijAQAAAM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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:629.02px;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:3317.32px;white-space:nowrap">Six
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:3601.93px;white-space:nowrap">Months
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:3298.06px;white-space:nowrap">Ended
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:3825.48px;white-space:nowrap">April
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:3432.59px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:3699.47px;white-space:nowrap">2025
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:3308.53px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6301.87px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6684.45px;white-space:nowrap">Ended
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7217.81px;white-space:nowrap">October
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7875.7px;white-space:nowrap">31,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:4718.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:5870.03px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:7022.03px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:8174.03px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:9326.03px;white-space:nowrap">2020</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:0px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:302.42px;white-space:nowrap">common
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:1013.59px;white-space:nowrap">share
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:1485px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1133.96px;left:144px;white-space:nowrap">performance</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:0px;white-space:nowrap">(for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:284.45px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:417.89px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:862.58px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:1734.38px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:2543.91px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1528.44px;left:144px;white-space:nowrap">period)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:1191.72px;white-space:nowrap">beginning
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:1930.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:2108.05px;white-space:nowrap">period</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:2615.57px;letter-spacing:56.24px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:3919.61px;white-space:nowrap">$6.81</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:5071.61px;white-space:nowrap">$5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:6223.61px;white-space:nowrap">$5.94</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:7375.61px;white-space:nowrap">$8.19</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:8527.61px;white-space:nowrap">$7.91</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1730.92px;left:9679.61px;white-space:nowrap">$8.15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:0px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:569.14px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:933.59px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1933.41px;left:1751.72px;white-space:nowrap">operations:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2139.1px;left:1771.34px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:1868.26px;letter-spacing:51.76px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:4008.59px;white-space:nowrap">0.18</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:5160.59px;white-space:nowrap">0.35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:6312.59px;white-space:nowrap">0.32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:7464.59px;white-space:nowrap">0.30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:8616.59px;white-space:nowrap">0.31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2135.89px;left:9768.59px;white-space:nowrap">0.33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:1042.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:1353.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:2136.34px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:2563.3px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:3902.03px;white-space:nowrap">(0.34)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:5160.59px;white-space:nowrap">1.10</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:6206.03px;white-space:nowrap">(0.09)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:7358.03px;white-space:nowrap">(2.13)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:8616.59px;white-space:nowrap">0.35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2338.38px;left:9662.03px;white-space:nowrap">(0.17)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2540.86px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2540.86px;left:924.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2540.86px;left:1102.66px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2540.86px;left:1796.33px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2540.86px;left:2765.78px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:1774.85px;letter-spacing:51.56px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:3902.03px;white-space:nowrap">(0.06)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:5054.03px;white-space:nowrap">(0.13)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:6217.91px;letter-spacing:-1.98px;white-space:nowrap">(0.11)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:7358.03px;white-space:nowrap">(0.03)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:8716.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2746.56px;left:8876.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.35px;left:9662.03px;white-space:nowrap">(0.02)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:1042.2px;white-space:nowrap">gains</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:1494.61px;letter-spacing:51.1px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:5312px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:6464px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:7564.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2949.04px;left:7724.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:8768px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2945.83px;left:9662.03px;white-space:nowrap">(0.01)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:382.42px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:746.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:1565px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:2335.33px;letter-spacing:53.51px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:3902.03px;white-space:nowrap">(0.22)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:5160.59px;white-space:nowrap">1.32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:6312.59px;white-space:nowrap">0.12</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:7358.03px;white-space:nowrap">(1.86)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:8616.59px;white-space:nowrap">0.66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3177.32px;left:9768.59px;white-space:nowrap">0.13</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3408.8px;left:0px;white-space:nowrap">Less </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3408.8px;left:382.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3408.8px;left:1280.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3408.8px;left:1458.52px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3408.8px;left:2116.48px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3600.8px;left:144px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:1774.85px;letter-spacing:51.56px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:3902.03px;white-space:nowrap">(0.14)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:5054.03px;white-space:nowrap">(0.22)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:6206.03px;white-space:nowrap">(0.20)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:7358.03px;white-space:nowrap">(0.29)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:8510.03px;white-space:nowrap">(0.32)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3803.28px;left:9662.03px;white-space:nowrap">(0.33)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:1042.2px;white-space:nowrap">gains</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:1494.61px;letter-spacing:51.1px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:5312px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:6464px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:7358.03px;white-space:nowrap">(0.03)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:8510.03px;white-space:nowrap">(0.06)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.77px;left:9662.03px;white-space:nowrap">(0.05)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:144px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:437.44px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:899.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:1077.75px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:1588.02px;letter-spacing:51.24px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:5054.03px;white-space:nowrap">(0.07)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:6206.03px;white-space:nowrap">(0.13)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:7358.03px;white-space:nowrap">(0.07)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:8768px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.25px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:382.42px;white-space:nowrap">distributions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:1307.78px;letter-spacing:50.88px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:3902.03px;white-space:nowrap">(0.14)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:5054.03px;white-space:nowrap">(0.29)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:6206.03px;white-space:nowrap">(0.33)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:7358.03px;white-space:nowrap">(0.39)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:8510.03px;white-space:nowrap">(0.38)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4439.74px;left:9662.03px;white-space:nowrap">(0.38)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:0px;white-space:nowrap">Repurchase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:907.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:1085.08px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:1609.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:2045.47px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:2134.45px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:2241.91px;letter-spacing:53.01px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:4008.59px;white-space:nowrap">0.03</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:5160.59px;white-space:nowrap">0.03</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:6312.59px;white-space:nowrap">0.02</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:7564.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4674.43px;left:7724.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:8768px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4671.22px;left:9768.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:1191.72px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:1503.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:1681.02px;white-space:nowrap">period</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:2148.5px;letter-spacing:52.6px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:3919.61px;white-space:nowrap">$6.48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:5071.61px;white-space:nowrap">$6.81</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:6223.61px;white-space:nowrap">$5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:7375.61px;white-space:nowrap">$5.94</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:8527.61px;white-space:nowrap">$8.19</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4902.71px;left:9679.61px;white-space:nowrap">$7.91</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:533.44px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:1004.84px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:1316.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:1494.14px;white-space:nowrap">period</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5166.4px;left:1938.91px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:2055.09px;letter-spacing:52.27px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:3919.61px;white-space:nowrap">$5.94</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:5071.61px;white-space:nowrap">$6.28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:6223.61px;white-space:nowrap">$5.14</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:7375.61px;white-space:nowrap">$5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:8527.61px;white-space:nowrap">$8.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.19px;left:9679.61px;white-space:nowrap">$7.64</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:1600.94px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:1867.81px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:2294.69px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5482.13px;left:2721.64px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:0px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5677.34px;left:453.52px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:560.48px;letter-spacing:50.31px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:3759.77px;white-space:nowrap">(2.80)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:4929.34px;white-space:nowrap">27.95%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:6063.77px;white-space:nowrap">(5.69)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:7126.78px;white-space:nowrap">(26.35)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:8397.22px;letter-spacing:-1.98px;white-space:nowrap">13.11%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5674.13px;left:9626.33px;white-space:nowrap">0.77%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:1600.94px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:2134.38px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5876.62px;left:2561.33px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:0px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6071.83px;left:453.52px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:560.48px;letter-spacing:50.31px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:3759.77px;white-space:nowrap">(3.22)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:4929.34px;white-space:nowrap">23.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:6170.33px;white-space:nowrap">1.87%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:7126.78px;white-space:nowrap">(23.46)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:8474.33px;white-space:nowrap">8.44%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6068.62px;left:9626.33px;white-space:nowrap">1.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6358.56px;left:0px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6358.56px;left:533.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6358.56px;left:728.91px;white-space:nowrap">average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6358.56px;left:1378.28px;white-space:nowrap">net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6358.56px;left:1662.73px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6358.56px;left:2205.39px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6550.56px;left:144px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6550.56px;left:339.47px;white-space:nowrap">common
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6550.56px;left:1050.64px;white-space:nowrap">shares</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6553.77px;left:1566.58px;white-space:nowrap">e,f,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.04px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.04px;left:747.11px;white-space:nowrap">before </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.04px;left:1245.23px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.04px;left:1752.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.04px;left:2063.44px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6753.04px;left:2801.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:653.89px;letter-spacing:50.36px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:3866.33px;white-space:nowrap">1.19%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:5018.33px;white-space:nowrap">1.16%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:6170.33px;white-space:nowrap">1.39%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:7322.33px;white-space:nowrap">1.10%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:8474.33px;white-space:nowrap">0.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6945.04px;left:9626.33px;white-space:nowrap">0.98%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:747.11px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:1013.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:1191.88px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:1698.67px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:2010.08px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7147.52px;left:2748.2px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:653.89px;letter-spacing:50.36px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:3814.45px;white-space:nowrap">1.00%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7342.73px;left:4268.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:4966.45px;white-space:nowrap">0.98%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7342.73px;left:5420.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:6118.45px;white-space:nowrap">1.21%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7342.73px;left:6572.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:7270.45px;white-space:nowrap">1.09%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7342.73px;left:7724.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:8474.33px;white-space:nowrap">0.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7339.52px;left:9574.45px;white-space:nowrap">0.98%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7342.73px;left:10028.12px;white-space:nowrap">h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:293.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:1111.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:1681.44px;letter-spacing:51.39px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:3866.33px;white-space:nowrap">3.68%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:5018.33px;white-space:nowrap">3.36%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:6170.33px;white-space:nowrap">3.27%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:7322.33px;white-space:nowrap">3.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:8474.33px;white-space:nowrap">3.73%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7542.01px;left:9626.33px;white-space:nowrap">3.92%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7831.95px;left:0px;white-space:nowrap">Supplemental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7831.95px;left:1093.52px;white-space:nowrap">data</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.43px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.43px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.43px;left:800.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.43px;left:1565.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.43px;left:1743.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.43px;left:2401.17px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:144px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:455.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:633.3px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:1122.52px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:1681.44px;letter-spacing:51.39px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:3652.66px;white-space:nowrap">$278,353</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:4804.66px;white-space:nowrap">$304,155</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:5956.66px;white-space:nowrap">$270,854</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:7108.66px;white-space:nowrap">$289,259</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:8260.66px;white-space:nowrap">$401,053</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8226.43px;left:9412.66px;white-space:nowrap">$386,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:0px;white-space:nowrap">Portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:631.41px;white-space:nowrap">turnover </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:1262.81px;white-space:nowrap">rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:4088.75px;white-space:nowrap">7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:5151.77px;white-space:nowrap">20%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:6303.77px;white-space:nowrap">45%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:7455.77px;white-space:nowrap">24%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:8607.77px;white-space:nowrap">21%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8428.92px;left:9759.77px;white-space:nowrap">38%</div></div>
</div>

<div style="height:121.43px;left:0px;position:absolute;top:0px;transform:translate(36.000px,604.288px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:2312.97px;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:214.81px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:42.54px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:531.21px;white-space:nowrap">rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:968.87px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:1114.81px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:1384.65px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:1676.52px;white-space:nowrap">$0.01
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:2041.37px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:2267.46px;white-space:nowrap">share.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:406.81px;left:0px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:38.26px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:446.77px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:629.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:848.1px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:1088.81px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:1365.99px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:1548.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:1767.32px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;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:402.59px;left:2358.1px;white-space:nowrap">Stock
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:402.59px;left:2722.79px;white-space:nowrap">Exchange.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:598.81px;left:0px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:42.54px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:305.12px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;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:594.59px;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:594.59px;left:1416.45px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:1846.68px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:1977.93px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:2605.27px;white-space:nowrap">assuming
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:3203.32px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;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:594.59px;left:3889.02px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:4034.96px;white-space:nowrap">common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:4574.57px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;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:594.59px;left:5187.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:5406.21px;white-space:nowrap">opening
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:5909.65px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:6055.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;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:594.59px;left:6522.38px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:7076.76px;white-space:nowrap">day
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:7324.81px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:7580.2px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:7689.65px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:7966.84px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:8149.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:8368.17px;white-space:nowrap">closing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:8813.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:8959.02px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:9177.93px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:594.59px;left:9418.63px;white-space:nowrap">business</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:0px;white-space:nowrap">day </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:248.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:393.98px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:715px;white-space:nowrap">period.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:1152.66px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:1765.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:2020.63px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:2757.27px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:2983.36px;white-space:nowrap">assumed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:3552.27px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:3741.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:3960.78px;white-space:nowrap">purposes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:4537.03px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:4682.97px;white-space:nowrap">this
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:4923.67px;white-space:nowrap">calculation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:5580.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:5726.09px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:5908.52px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:6550.39px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:6696.33px;white-space:nowrap">prices
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:7082.81px;white-space:nowrap">obtained
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:7622.73px;white-space:nowrap">under
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:7994.77px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:8213.67px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:8640px;white-space:nowrap">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:786.59px;left:9186.95px;white-space:nowrap">Reinvestment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:255.39px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:598.13px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:1188.91px;white-space:nowrap">Plan.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:1524.45px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:1757.89px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;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:978.59px;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:978.59px;left:2796.41px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:3226.64px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:3357.89px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:3985.23px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:4167.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:4386.56px;white-space:nowrap">same
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:4743.91px;white-space:nowrap">basis,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:5123.2px;white-space:nowrap">except
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:5546.33px;white-space:nowrap">that
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:5801.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:6020.63px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:6446.95px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:6665.86px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:7016.02px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:7366.17px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:7497.42px;white-space:nowrap">used
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:7818.44px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:8000.86px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:8219.77px;white-space:nowrap">purchase,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:8832.5px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:9109.69px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:978.59px;left:9365.08px;white-space:nowrap">dividend</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:0px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:787.66px;white-space:nowrap">dates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:1145.16px;white-space:nowrap">instead
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:1604.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:1750.7px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:2188.2px;white-space:nowrap">value.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;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:1170.59px;left:2886.25px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:3265.47px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:3586.48px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;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:1170.59px;left:4199.22px;white-space:nowrap">brokerage
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:4826.48px;white-space:nowrap">commissions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:5621.25px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:5774.38px;white-space:nowrap">sales
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:7918.91px;white-space:nowrap">purchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:8495.16px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:8648.28px;white-space:nowrap">sale
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:8925.47px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1170.59px;left:9406.95px;white-space:nowrap">shares.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1362.59px;left:0px;letter-spacing:-2.42px;white-space:nowrap">Total
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1362.59px;left:313.67px;white-space:nowrap">return
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1362.59px;left:1903.83px;white-space:nowrap">periods
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1362.59px;left:2370.63px;white-space:nowrap">less
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1559.08px;left:676.99px;white-space:nowrap">annualized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1559.08px;left:2004.57px;white-space:nowrap">less
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1559.08px;left:2821.68px;letter-spacing:-1.44px;white-space:nowrap">year.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1755.3px;left:0px;white-space:nowrap">f</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;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:1751.08px;left:429.63px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:823.46px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;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:1751.08px;left:2012.52px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:2158.46px;white-space:nowrap">common
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:2698.07px;white-space:nowrap">shares
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:3128.38px;white-space:nowrap">only;
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:3442.05px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;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:1751.08px;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:1751.08px;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:1751.08px;left:5083.15px;white-space:nowrap">also
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;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:1751.08px;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:1751.08px;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:1751.08px;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:1751.08px;left:7716.27px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:7862.21px;white-space:nowrap">preferred
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1751.08px;left:8431.04px;white-space:nowrap">shareholders.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1947.3px;left:0px;white-space:nowrap">g</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;left:42.54px;white-space:nowrap">Based
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;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:1943.08px;left:1092.93px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;left:1348.32px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;left:1946.52px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;left:2573.87px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;left:2719.81px;white-space:nowrap">both
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;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:1943.08px;left:3551.29px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1943.08px;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:1943.08px;left:4375.51px;white-space:nowrap">shares.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2139.3px;left:0px;white-space:nowrap">h</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:42.54px;text-rendering:optimizeLegibility;white-space:nowrap">Reflects
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:553.01px;white-space:nowrap">waivers
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:1034.18px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:1180.12px;white-space:nowrap">certain
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:1610.43px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:2500.51px;white-space:nowrap">in
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:2639.1px;white-space:nowrap">connection
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:3310.27px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:3580.04px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:4225.27px;white-space:nowrap">remarketed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:4925.35px;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:2135.08px;left:5494.18px;white-space:nowrap">shares
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:5924.49px;white-space:nowrap">(Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2135.08px;left:6281.76px;white-space:nowrap">4).</div></div>
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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2919.41px;white-space:nowrap">(unaudited),
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;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:5950.87px;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:8069.08px;white-space:nowrap">Semiannual
</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">7</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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:200px;font-weight:bold;position:absolute;top:513.87px;left:2087.57px;white-space:nowrap">134.5%</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">1.6%</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">5,125,000</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">4,522,585</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">5.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1703.53px;left:380.12px;white-space:nowrap">a</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: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:2781.62px;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">G, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:5120.92px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1940.49px;left:5939.28px;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">7/01/37</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">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2132.49px;left:9501.64px;white-space:nowrap">500,934</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:576px;white-space:nowrap">Somerset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:1296.31px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:2007.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:2185.61px;white-space:nowrap">Las </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:2488.03px;letter-spacing:-1.26px;white-space:nowrap">Vegas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:3021.78px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:3751.16px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:4213.73px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:4605.3px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:4800.92px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:5121.08px;white-space:nowrap">12/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2328.97px;left:9501.64px;white-space:nowrap">427,983</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:432px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:1125.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:2104.03px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:2779.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:2957.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:3224.66px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:3544.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:3722.55px;white-space:nowrap">Phoenix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:4336.38px;white-space:nowrap">Arizona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:4923.33px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2569.14px;left:5305.59px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2768.83px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:576px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:1091.78px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:1749.91px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:2052.25px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:2781.62px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:3315.22px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:4044.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:4507.17px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:4898.73px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:5094.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.62px;left:5912.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2957.62px;left:720px;white-space:nowrap">7/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2957.62px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2957.62px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2957.62px;left:9501.64px;white-space:nowrap">900,302</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3157.32px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:576px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:1091.78px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:1749.91px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:2052.25px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:2781.62px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:3315.22px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:4044.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:4507.17px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:4898.73px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:5094.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3154.11px;left:5912.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:720px;white-space:nowrap">7/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3346.11px;left:9501.64px;white-space:nowrap">600,222</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3545.8px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:576px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:1091.78px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:1749.91px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:2052.25px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:2781.62px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:3315.22px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:4044.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:4507.17px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:4898.73px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:5094.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3542.59px;left:5912.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:720px;white-space:nowrap">7/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3734.59px;left:9501.64px;white-space:nowrap">239,774</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:576px;white-space:nowrap">GreatHearts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:1483.03px;white-space:nowrap">Arizona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:2069.98px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:2799.36px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:3332.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:4062.33px;white-space:nowrap">2014 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:4453.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:4649.52px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:4969.67px;white-space:nowrap">7/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:7352.2px;white-space:nowrap">1,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.08px;left:9368.2px;white-space:nowrap">1,639,107</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4130.77px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:432px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:1125.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:2104.03px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:2779.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:2957.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:3224.66px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:3776.06px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:3953.95px;white-space:nowrap">Pima </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:4362.94px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:4745.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:4834.11px;white-space:nowrap">La </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:5056.53px;white-space:nowrap">Posada </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:5643.64px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.56px;left:5821.53px;white-space:nowrap">Park </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:576px;white-space:nowrap">Centre, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:1145.14px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:1447.48px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:2176.86px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:2621.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:2710.45px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:3350.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:3439.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:3902.41px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:4293.97px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:4400.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:4489.59px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:4889.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:5032.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:5121.16px;letter-spacing:-1.48px;white-space:nowrap">11/15/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4319.56px;left:9368.2px;white-space:nowrap">1,576,486</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4519.26px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:432px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:1125.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:2104.03px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:2779.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:2957.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:3224.66px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:3776.06px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:3951.06px;letter-spacing:-1.48px;white-space:nowrap">Yavapai
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:4561.84px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4559.73px;left:4944.11px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:576px;white-space:nowrap">Arizona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:1154.13px;white-space:nowrap">Agribusiness
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:2114.59px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:2426px;white-space:nowrap">Equine </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:2968.66px;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:3528.97px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:3875.77px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:4605.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:5067.72px;white-space:nowrap">2012, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:5512.56px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:5832.72px;white-space:nowrap">3/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.21px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</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">749,943</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:576px;white-space:nowrap">Arizona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:1154.13px;white-space:nowrap">Agribusiness
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:2114.59px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:2426px;white-space:nowrap">Equine </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:2968.66px;letter-spacing:-1.1px;white-space:nowrap">Center,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:3528.97px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:3875.77px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:4605.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:5067.72px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:5459.28px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4952.7px;left:5654.91px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.7px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.7px;left:1040.16px;white-space:nowrap">9/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.7px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.7px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5144.7px;left:9501.64px;white-space:nowrap">495,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:432px;white-space:nowrap">La </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:654.42px;white-space:nowrap">Paz </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:974.58px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:1525.98px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:2219.66px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:3198.02px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5384.86px;left:3817.55px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:576px;white-space:nowrap">Harmony </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:1269.52px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:1749.75px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:2407.88px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:3137.25px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:3528.81px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:3724.44px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:4044.59px;white-space:nowrap">2/15/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.35px;left:9501.64px;white-space:nowrap">494,656</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:576px;white-space:nowrap">Harmony </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:1269.52px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:1749.75px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:2407.88px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:3137.25px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:3528.81px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:3724.44px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:4044.59px;white-space:nowrap">2/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:7352.2px;white-space:nowrap">2,330,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5777.83px;left:9368.2px;white-space:nowrap">2,146,941</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018px;left:432px;white-space:nowrap">Maricopa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018px;left:1134.5px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018px;left:1685.91px;white-space:nowrap">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018px;left:2379.58px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6018px;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:6018px;left:3977.47px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6217.69px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:576px;white-space:nowrap">Grand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:1065.14px;white-space:nowrap">Canyon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:1661.08px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:2407.88px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:3137.25px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:3670.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:4400.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:4862.8px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:5307.64px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:5939.2px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:7352.2px;white-space:nowrap">1,800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6214.48px;left:9368.2px;white-space:nowrap">1,870,488</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:576px;white-space:nowrap">Horizon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:1171.78px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:2025.3px;white-space:nowrap">Learning </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;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:6410.97px;left:3252.8px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:3599.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:4328.97px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:4773.81px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:5592.17px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:5912.33px;white-space:nowrap">7/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6410.97px;left:9501.64px;white-space:nowrap">751,396</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.13px;left:432px;white-space:nowrap">Salt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.13px;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:6651.13px;left:1214.73px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.13px;left:1899.5px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6651.13px;left:2290.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:1305.38px;white-space:nowrap">2007-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:1892.48px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:2346.08px;white-space:nowrap">12/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.62px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,124,511</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:1305.38px;white-space:nowrap">2007-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:1892.48px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:2212.64px;white-space:nowrap">12/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:7485.64px;white-space:nowrap">570,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.1px;left:9501.64px;white-space:nowrap">599,581</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7243.8px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:432px;white-space:nowrap">Sierra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:903.25px;letter-spacing:-0.48px;white-space:nowrap">Vista
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:1300.52px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:1994.19px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:2972.55px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:3592.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:3672.16px;white-space:nowrap">American
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:4392.39px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:5219.73px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:5963.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.58px;left:6221.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:1305.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:1767.95px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:2123.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:2212.8px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:2301.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:2444.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:2532.95px;white-space:nowrap">6/15/64</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:3140.98px;letter-spacing:50.94px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7432.58px;left:9501.64px;white-space:nowrap">272,104</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7716.35px;left:9279.22px;white-space:nowrap">15,389,819</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8043.8px;left:432px;white-space:nowrap">California
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8043.8px;left:1214.34px;white-space:nowrap">8.9%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8243.49px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:1152.31px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:2005.83px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;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:8240.28px;left:3150.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:3230.36px;white-space:nowrap">Aster </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:3639.42px;white-space:nowrap">Apartments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:4457.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:4546.45px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:5275.83px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:5782.78px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:6085.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.28px;left:6174.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:576px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:967.56px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:1216.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:1305.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:1394.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:1536.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:1625.61px;white-space:nowrap">2/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:7485.64px;white-space:nowrap">475,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.28px;left:9501.64px;white-space:nowrap">389,396</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8631.98px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:1152.31px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:1700.83px;letter-spacing:-2.22px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:2341.22px;white-space:nowrap">Securitization
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:3337.31px;letter-spacing:-1.98px;white-space:nowrap">Agency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:3859.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:3948.02px;white-space:nowrap">Gold </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:4330.44px;white-space:nowrap">Country </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:4935.13px;white-space:nowrap">Settlement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.76px;left:5744.42px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:576px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:967.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:1056.16px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:1696.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:1785.53px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:2185.92px;white-space:nowrap">B-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:2434.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:2523.81px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:3253.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:3342.17px;white-space:nowrap">5.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:3653.58px;white-space:nowrap">%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:3884.75px;white-space:nowrap">6/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:4448.76px;letter-spacing:52.2px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:7352.2px;white-space:nowrap">5,410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.76px;left:9368.2px;white-space:nowrap">1,095,435</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9020.46px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:1152.31px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:2139.34px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:2290.52px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:3037.47px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:4024.66px;white-space:nowrap">Bank</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9060.93px;left:4389.34px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9260.63px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:576px;white-space:nowrap">Desertxpress
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:1562.95px;white-space:nowrap">Enterprises
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:2416.63px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:2799.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:3528.42px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:3991px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:4382.56px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:4578.19px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:5396.55px;white-space:nowrap">Mandatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9257.42px;left:6196.94px;white-space:nowrap">Put, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9449.42px;left:720px;white-space:nowrap">9.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9449.42px;left:1173.59px;white-space:nowrap">1/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9449.42px;left:1739.78px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9449.42px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9449.42px;left:9501.64px;white-space:nowrap">869,216</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9649.11px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:576px;white-space:nowrap">WFCS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:1091.47px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:1758.5px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:1891.86px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:2274.28px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:3003.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:3466.23px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:3866.62px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:4062.25px;white-space:nowrap">7.71%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:4604.83px;white-space:nowrap">1/01/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:7352.2px;white-space:nowrap">4,345,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9645.9px;left:9501.64px;white-space:nowrap">307,239</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9886.07px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9886.07px;left:1152.31px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9886.07px;left:1872.63px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9886.07px;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:9886.07px;left:3097px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10085.76px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:576px;white-space:nowrap">Catalyst </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:1198.42px;white-space:nowrap">Impact </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:1723.03px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:2132.17px;white-space:nowrap">1 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:2265.61px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:2648.03px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:3377.41px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:3839.98px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:4284.83px;white-space:nowrap">I, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:4418.19px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:4738.34px;white-space:nowrap">1/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.55px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">811,860</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:576px;white-space:nowrap">CHF-Davis </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:1402.64px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:1536px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:1918.42px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:2647.8px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:3092.64px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:3483.81px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:4106.39px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:4426.55px;white-space:nowrap">5/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:7352.2px;white-space:nowrap">2,410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10279.03px;left:9368.2px;white-space:nowrap">1,744,120</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10478.73px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:576px;letter-spacing:-0.32px;white-space:nowrap">Westside
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:1275.53px;white-space:nowrap">Neighborhood
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:2325.22px;white-space:nowrap">School,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:2903.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:3632.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:4095.3px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:4540.14px;white-space:nowrap">6.2%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:4993.73px;white-space:nowrap">6/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10475.52px;left:9501.64px;white-space:nowrap">840,061</div></div>
</div> </div></div>

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

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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">8</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUCCAYAAACkLpAdAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsW3DMABFQTpQ6SGySZBNsha38VDpmSY9VTwDlnHXqPmFChXCA6XbWmsAAAAAFD52AwAAAICzhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkjjnnYzd6Qfcxxu9uBADAW/NOyDNc7bm6/1+vdM+8uWOM8bUbAQAAAJxxjDG+d6MXdLXKCABAzzshz3C158qJBl7Oba212wAAAACc4meQAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQObYDQAAALimOedjjPG120HpttbabQAAAABO8ekEAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">California
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1214.34px;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:984.39px;left:432px;white-space:nowrap">California </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1152.31px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1632.55px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2237.39px;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:2856.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2945.83px;white-space:nowrap">Kendal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3488.48px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3666.38px;white-space:nowrap">Sonoma </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4306.77px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5036.14px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5480.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5569.73px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6210.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1038.58px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1430.14px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1536.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1625.77px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2355.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2444.13px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2533.11px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2675.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2764.28px;letter-spacing:-1.48px;white-space:nowrap">11/15/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3421.22px;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">750,000</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">657,990</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1376.09px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:752px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:903.17px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1454.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1632.47px;white-space:nowrap">San </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1961.61px;white-space:nowrap">Francisco</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2655.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2744.03px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3310.36px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3603.8px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4137.08px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4430.52px;white-space:nowrap">2020-1 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4973.17px;white-space:nowrap">Development</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5915.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6004.81px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:824.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:913.89px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1376.47px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1768.03px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1874.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1963.66px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2052.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2194.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2283.81px;white-space:nowrap">9/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9501.64px;white-space:nowrap">450,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:929.89px;white-space:nowrap">Palm </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1338.88px;white-space:nowrap">Desert</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1810.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1899.03px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2752.55px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3419.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3952.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4246.06px;white-space:nowrap">2021-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4744.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4833.17px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5399.5px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5648.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5737.39px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6093.33px;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:1394.36px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1714.52px;white-space:nowrap">9/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:9501.64px;white-space:nowrap">413,834</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:929.89px;white-space:nowrap">Sunnyvale</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:1677.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:1765.98px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2619.5px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:3286.3px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:3819.58px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:4113.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:4202px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:4290.91px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:4857.23px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5106.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5195.13px;white-space:nowrap">2001</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5551.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5639.97px;white-space:nowrap">7.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5951.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:6093.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:576px;white-space:nowrap">8/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:7485.64px;white-space:nowrap">670,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:9501.64px;white-space:nowrap">672,125</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2541.54px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:432px;letter-spacing:-3.53px;white-space:nowrap">CMFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:912.08px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:1481.3px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2086.14px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2664.27px;white-space:nowrap">I</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2708.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2797.63px;white-space:nowrap">Mix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:3090.91px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:3268.8px;white-space:nowrap">CTR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:3642.08px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:3962.08px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:4344.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:4433.25px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:5073.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:5162.63px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:5625.2px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:6016.77px;white-space:nowrap">A-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:6265.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:576px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:896.16px;white-space:nowrap">4/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2730.33px;left:9368.2px;white-space:nowrap">1,831,792</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2930.02px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:432px;letter-spacing:-1.47px;white-space:nowrap">CSCDA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1027.7px;white-space:nowrap">Community </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1881.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;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:2970.5px;left:3470.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:576px;white-space:nowrap">1818 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:976.39px;white-space:nowrap">Platinum </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;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:3166.98px;left:2986.23px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:3715.61px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4222.56px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4613.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5076.55px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5468.11px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5806px;white-space:nowrap">3.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:720px;white-space:nowrap">4/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1272.72px;letter-spacing:50.23px;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">1,765,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:9368.2px;white-space:nowrap">1,245,018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:576px;white-space:nowrap">Cameo/Garrison
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:1785.38px;white-space:nowrap">Apartments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:2692.41px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:3421.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:3928.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4320.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4782.72px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5174.28px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5512.17px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5832.33px;white-space:nowrap">3/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:7485.64px;white-space:nowrap">550,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:9501.64px;white-space:nowrap">345,762</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:576px;text-rendering:optimizeLegibility;white-space:nowrap">Jefferson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:1275.14px;white-space:nowrap">Platinum
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;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:3751.95px;left:2546.94px;white-space:nowrap">Apartments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:3453.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:4183.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:4645.92px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:5037.48px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:5375.38px;white-space:nowrap">2.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:6006.94px;white-space:nowrap">8/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:7485.64px;white-space:nowrap">835,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3751.95px;left:9501.64px;white-space:nowrap">730,223</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:576px;text-rendering:optimizeLegibility;white-space:nowrap">Jefferson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:1275.14px;white-space:nowrap">Platinum
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;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:3948.43px;left:2546.94px;white-space:nowrap">Apartments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:3453.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:4183.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:4645.92px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:5037.48px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:5375.38px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:6006.94px;white-space:nowrap">8/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:7352.2px;white-space:nowrap">3,125,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,275,118</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:576px;white-space:nowrap">Parallel-Anaheim,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:1883.27px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:2612.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3075.22px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3466.78px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3662.41px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3982.56px;white-space:nowrap">8/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:7352.2px;white-space:nowrap">2,675,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:9368.2px;white-space:nowrap">2,289,016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:576px;white-space:nowrap">Pasadena </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:1341.08px;white-space:nowrap">Portfolio,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:2016.94px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:2746.31px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:3253.27px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:3644.67px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:4107.25px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:4498.81px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:4836.7px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:5156.86px;white-space:nowrap">12/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.4px;left:9368.2px;white-space:nowrap">1,321,666</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:432px;white-space:nowrap">San </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:761.14px;white-space:nowrap">Francisco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:1499.11px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:1819.11px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:1970.28px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:2512.86px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:3028.56px;white-space:nowrap">Comm-San
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:3882.08px;white-space:nowrap">Francisco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:4620.05px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:5536.3px;white-space:nowrap">Airport</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4581.57px;left:6007.55px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:1305.38px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:1892.56px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:2212.72px;white-space:nowrap">5/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:7352.2px;white-space:nowrap">7,420,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4778.05px;left:9368.2px;white-space:nowrap">6,467,515</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:1305.38px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:1892.56px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:2977.64px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:3297.8px;white-space:nowrap">5/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:7574.63px;white-space:nowrap">80,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4974.54px;left:9590.63px;white-space:nowrap">79,956</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5258.3px;left:9279.22px;white-space:nowrap">24,837,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5585.75px;left:432px;white-space:nowrap">Colorado
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5585.75px;left:1178.64px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:432px;white-space:nowrap">Canyons </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:1107.94px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:2032.86px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:2566.14px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:2859.58px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:2948.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:3037.47px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:3286.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:3375.28px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:3775.67px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:3882.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:3971.3px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:4700.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:4789.66px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:5012.08px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:5154.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:5243.25px;white-space:nowrap">12/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5782.23px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5825.91px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5825.91px;left:9501.64px;white-space:nowrap">296,631</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:432px;white-space:nowrap">Colorado </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:1125.75px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:2006.38px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:2157.55px;white-space:nowrap">Cultural
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:2753.33px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:3411.3px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:4030.83px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:576px;white-space:nowrap">Aspen </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:1074.13px;letter-spacing:-0.58px;white-space:nowrap">View
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:1453.66px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:2197.64px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:2544.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:3273.81px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:3718.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:4038.81px;white-space:nowrap">5/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:9501.64px;white-space:nowrap">141,231</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:576px;white-space:nowrap">Aspen </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:1074.13px;letter-spacing:-0.58px;white-space:nowrap">View
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:1453.66px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:2197.64px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:2544.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:3273.81px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:3718.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:4038.81px;white-space:nowrap">5/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:7485.64px;white-space:nowrap">175,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">153,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:576px;white-space:nowrap">Aspen </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:1074.13px;letter-spacing:-0.58px;white-space:nowrap">View
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:1453.66px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:2197.64px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:2544.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:3273.81px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:3718.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:4038.81px;white-space:nowrap">5/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:9501.64px;white-space:nowrap">280,873</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6895.7px;left:432px;white-space:nowrap">Colorado </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6895.7px;left:1125.75px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6895.7px;left:1632.7px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6895.7px;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:6895.7px;left:2910.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:576px;white-space:nowrap">Christian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:1251.78px;white-space:nowrap">Living </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:1714.28px;white-space:nowrap">Neighborhoods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:2843.97px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:3573.34px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:4106.94px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:4836.31px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:5281.16px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7092.18px;left:6099.52px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7284.18px;left:720px;white-space:nowrap">1/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7284.18px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7284.18px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7284.18px;left:9501.64px;white-space:nowrap">501,355</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:576px;white-space:nowrap">Christian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:1251.78px;white-space:nowrap">Living </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:1714.28px;white-space:nowrap">Neighborhoods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:2843.97px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:3573.34px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:4106.94px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:4836.31px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:5281.16px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7480.67px;left:6099.52px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:720px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:9368.2px;white-space:nowrap">1,250,780</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7872.36px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:432px;white-space:nowrap">Plaza </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:876.69px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:1801.61px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:2334.89px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:2628.33px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:2717.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:2803.33px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:3087.94px;white-space:nowrap">Allocation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:3781.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:3870.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:4333.17px;white-space:nowrap">2013</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:4689.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:4778.02px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:5507.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:5596.38px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:5685.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:5827.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:5916.53px;white-space:nowrap">12/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:7352.2px;white-space:nowrap">1,650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:9368.2px;white-space:nowrap">1,607,981</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:432px;white-space:nowrap">Raindance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:1241.45px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:2166.38px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:2699.66px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:2993.09px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:3082.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:3170.98px;white-space:nowrap">Non-Potable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:4104.89px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:4570.13px;white-space:nowrap">System</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:5103.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:5192.47px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:5832.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:5921.84px;white-space:nowrap">2020</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8065.64px;left:6277.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:576px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:887.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:1029.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:1118.58px;white-space:nowrap">12/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:1741.39px;letter-spacing:50.36px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:7485.64px;white-space:nowrap">875,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8257.64px;left:9501.64px;white-space:nowrap">803,437</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:432px;white-space:nowrap">Rampart </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:1089.97px;white-space:nowrap">Range </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:1605.91px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:2530.83px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:3064.11px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:3357.55px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:3446.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:3535.44px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:4175.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:4264.81px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:4620.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:4709.66px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:4798.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:4940.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:5029.81px;white-space:nowrap">12/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8454.12px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8497.8px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8497.8px;left:9501.64px;white-space:nowrap">862,573</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:432px;white-space:nowrap">Sky </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:743.17px;white-space:nowrap">Dance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:1250.13px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:2175.05px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:2708.33px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:3001.77px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:3090.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:3179.66px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:3428.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:3517.47px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:3909.03px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:4015.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:4104.66px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:4193.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:4335.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:4424.81px;white-space:nowrap">12/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8694.29px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8737.97px;left:7485.64px;white-space:nowrap">375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8737.97px;left:9501.64px;white-space:nowrap">348,490</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:432px;white-space:nowrap">Southlands </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:1277.08px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:2202px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:2735.28px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:3028.72px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:3117.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:3206.61px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:3455.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:3544.42px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:3935.98px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:4184.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:4273.88px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:5003.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:5092.23px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:5181.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:5323.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:5412.39px;white-space:nowrap">12/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8934.45px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.13px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.13px;left:9501.64px;white-space:nowrap">485,910</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9218.3px;left:432px;white-space:nowrap">Sterling </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9218.3px;left:1018.95px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9218.3px;left:1525.91px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9218.3px;left:2370.59px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9218.3px;left:3046.45px;white-space:nowrap">Board</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9218.3px;left:3473.41px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:576px;white-space:nowrap">Sterling </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:1162.95px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:1669.91px;white-space:nowrap">Colorado
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:2363.66px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:3288.58px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:3821.86px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:4115.3px;white-space:nowrap">2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:4293.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:5022.56px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:5414.13px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.79px;left:5609.75px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9606.79px;left:720px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9606.79px;left:1262.58px;white-space:nowrap">12/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9606.79px;left:1926.61px;letter-spacing:50.41px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9606.79px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9606.79px;left:9501.64px;white-space:nowrap">381,915</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:576px;white-space:nowrap">Sterling </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:1162.95px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:1669.91px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:2594.83px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:3128.11px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:3421.55px;white-space:nowrap">4 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:3554.98px;white-space:nowrap">Subdistrict
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:4337.56px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:4533.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:5262.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:5769.52px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9803.27px;left:6160.92px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:720px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:915.63px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:1733.98px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:2187.58px;white-space:nowrap">12/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9995.27px;left:9368.2px;white-space:nowrap">1,012,757</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:432px;letter-spacing:-0.85px;white-space:nowrap">Trails
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:861.61px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:1039.5px;white-space:nowrap">Crowfoot
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:1724.19px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:2649.11px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:3182.39px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:3475.83px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:3564.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:3653.72px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:3902.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:3991.53px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:4391.92px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:4498.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:4587.55px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10191.75px;left:5317px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:576px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:976.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:1118.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:1207.56px;white-space:nowrap">12/15/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10383.75px;left:9501.64px;white-space:nowrap">295,890</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10667.52px;left:9368.2px;white-space:nowrap">8,423,234</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10994.96px;left:432px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10994.96px;left:1400.91px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11194.66px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:432px;white-space:nowrap">Harbor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:965.52px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:1374.66px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:2361.69px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:3339.81px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:3828.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;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:11191.45px;left:4199.27px;white-space:nowrap">Allocation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:4893.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:4981.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:5444.5px;white-space:nowrap">2017</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11191.45px;left:5800.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:1714.52px;white-space:nowrap">4/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:7352.2px;white-space:nowrap">3,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:9368.2px;white-space:nowrap">3,504,328</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:432px;white-space:nowrap">Stamford </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:1125.59px;white-space:nowrap">Housing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:1748.25px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:2367.78px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:576px;white-space:nowrap">TJH </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:913.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:1420.69px;white-space:nowrap">Living </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:1883.19px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:2221.16px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:2950.53px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:3484.13px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:4213.5px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:4605.06px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:4800.69px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:5619.05px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:720px;white-space:nowrap">10/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:9501.64px;white-space:nowrap">100,572</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;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:7739.38px;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:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="width: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(7986.106px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);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:3572.9px;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:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</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>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1400.91px;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">Stamford </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1125.59px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1748.25px;letter-spacing:-0.85px;white-space:nowrap">Authority,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2456.69px;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">TJH </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:913.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1420.69px;white-space:nowrap">Living </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1883.19px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2221.16px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2950.53px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3484.12px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4213.5px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4605.06px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4800.69px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5619.05px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:720px;white-space:nowrap">10/01/60</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:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9501.64px;white-space:nowrap">146,499</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1700.32px;left:9368.2px;white-space:nowrap">3,751,399</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:432px;white-space:nowrap">Delaware
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:1179.11px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:432px;white-space:nowrap">Delaware </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1152.31px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:1570.36px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:2317.31px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:3295.67px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:3915.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:576px;letter-spacing:-1.26px;white-space:nowrap">ASPIRA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1198.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1376.39px;white-space:nowrap">Delaware
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:2096.7px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:2674.67px;white-space:nowrap">Operations,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:3546.23px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:3893.03px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:4622.41px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5013.97px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5209.59px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5529.75px;white-space:nowrap">6/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:7485.64px;white-space:nowrap">705,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:9501.64px;white-space:nowrap">705,230</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:576px;letter-spacing:-1.26px;white-space:nowrap">ASPIRA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:1198.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:1376.39px;white-space:nowrap">Delaware </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:2096.7px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:2674.67px;white-space:nowrap">Operations,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3546.23px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3893.03px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:4622.41px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5013.97px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5209.59px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:5529.75px;white-space:nowrap">6/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:7352.2px;white-space:nowrap">1,035,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:9501.64px;white-space:nowrap">938,852</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2860.6px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:432px;letter-spacing:-3.55px;white-space:nowrap">Town
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:849.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:1027.86px;white-space:nowrap">Bridgeville</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:1765.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:1854.89px;white-space:nowrap">Heritage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:2504.11px;white-space:nowrap">Shores </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:3055.52px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:3624.73px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:4611.92px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:5100.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:5189.66px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:5755.98px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:6004.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:6093.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:576px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1020.84px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1332.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1474.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1563.42px;white-space:nowrap">7/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:7485.64px;white-space:nowrap">875,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:9501.64px;white-space:nowrap">877,282</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3249.08px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3289.55px;left:432px;letter-spacing:-3.55px;white-space:nowrap">Town
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3289.55px;left:849.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3289.55px;left:1027.86px;white-space:nowrap">Millsboro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3289.55px;left:1668.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:576px;white-space:nowrap">Plantation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:1332.09px;white-space:nowrap">Lakes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:1803.5px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:2372.72px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:3359.91px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:3937.64px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:4503.97px;letter-spacing:-3.55px;white-space:nowrap">Tax,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:4841.86px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:5304.44px;white-space:nowrap">2018, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3486.04px;left:5749.28px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:720px;white-space:nowrap">5.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:1351.56px;white-space:nowrap">7/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:1926.61px;letter-spacing:50.41px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:7485.64px;white-space:nowrap">490,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.04px;left:9501.64px;white-space:nowrap">471,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:576px;white-space:nowrap">Plantation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:1332.09px;white-space:nowrap">Lakes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:1803.5px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:2372.72px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:3359.91px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:3937.64px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:4503.97px;letter-spacing:-3.55px;white-space:nowrap">Tax,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:4841.86px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:5304.44px;white-space:nowrap">2018, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3874.52px;left:5749.28px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4066.52px;left:720px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4066.52px;left:1262.58px;white-space:nowrap">7/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4066.52px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4066.52px;left:7485.64px;white-space:nowrap">997,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4066.52px;left:9501.64px;white-space:nowrap">922,921</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4350.29px;left:9368.2px;white-space:nowrap">3,915,963</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4677.73px;left:432px;white-space:nowrap">Florida
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4677.73px;left:1009.81px;white-space:nowrap">13.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4877.43px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.9px;left:432px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.9px;left:974.5px;white-space:nowrap">Projects </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.9px;left:1596.92px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.9px;left:2201.77px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.9px;left:2821.3px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5117.6px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:576px;white-space:nowrap">PRG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:967.17px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:1064.91px;letter-spacing:-0.29px;white-space:nowrap">UnionWest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:1888.97px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:2662.64px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:3045.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:3774.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:4237.02px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:4637.41px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:4833.03px;white-space:nowrap">5.854%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:5464.59px;white-space:nowrap">6/01/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:7352.2px;white-space:nowrap">7,950,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5114.38px;left:9368.2px;white-space:nowrap">1,203,193</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:576px;white-space:nowrap">PRG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:967.17px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:1064.91px;letter-spacing:-0.29px;white-space:nowrap">UnionWest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:1888.97px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:2662.64px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:3045.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:3774.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:4281.39px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:4672.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:5135.38px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:5526.94px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:5864.83px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:720px;white-space:nowrap">6/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.87px;left:9501.64px;white-space:nowrap">709,588</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5743.04px;left:432px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5743.04px;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:5743.04px;left:1365.75px;letter-spacing:-1.48px;white-space:nowrap">Agency,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5743.04px;left:1976.45px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5743.04px;left:2234.34px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5942.73px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:576px;white-space:nowrap">WFCS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:1091.47px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:1758.5px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:1891.86px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:2274.28px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:3003.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:3466.23px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:3857.8px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:4195.69px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:4515.84px;white-space:nowrap">1/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:7352.2px;white-space:nowrap">1,900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5939.52px;left:9368.2px;white-space:nowrap">1,676,472</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6139.21px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:576px;white-space:nowrap">WFCS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:1091.47px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:1758.5px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:2140.92px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:2870.3px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:3332.87px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:3724.44px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:4062.33px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:4515.92px;white-space:nowrap">1/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:7485.64px;white-space:nowrap">740,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136px;left:9501.64px;white-space:nowrap">713,927</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6335.7px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:576px;white-space:nowrap">WFCS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:1091.47px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:1758.5px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:2140.92px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:2870.3px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:3270.69px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:3466.31px;white-space:nowrap">7.86%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:4008.89px;white-space:nowrap">1/01/60</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:4542.72px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:7352.2px;white-space:nowrap">6,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.49px;left:9501.64px;white-space:nowrap">434,653</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6532.18px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:432px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;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:6528.97px;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:6528.97px;left:1985.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:2074.19px;white-space:nowrap">Madrone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:2750.13px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;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:6528.97px;left:3663.17px;white-space:nowrap">Student </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:4259.19px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:4890.67px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:4979.58px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:5273.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:5362px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:6002.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6528.97px;left:6091.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:576px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:967.56px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:1074.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:1163.19px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:1563.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:1705.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:1794.75px;white-space:nowrap">7/01/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:7485.64px;white-space:nowrap">165,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6720.97px;left:9501.64px;white-space:nowrap">152,739</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6920.67px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:432px;white-space:nowrap">Cedar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:912.23px;white-space:nowrap">Crossings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:1668.02px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:2521.53px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:3508.72px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:3997.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:4086.45px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:4646.84px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:5518.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:5607.16px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:6069.73px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6917.46px;left:6425.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:576px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:798.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:940.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:1029.59px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:7485.64px;white-space:nowrap">160,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7109.46px;left:9501.64px;white-space:nowrap">151,108</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:432px;white-space:nowrap">Central </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:992.23px;white-space:nowrap">Parc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:1365.67px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:2219.19px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:3206.38px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:3695.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:3784.11px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:4344.5px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:5215.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:5304.81px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:5660.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:5749.66px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:5838.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:5980.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7305.94px;left:6069.81px;white-space:nowrap">5/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7349.62px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7349.62px;left:9501.64px;white-space:nowrap">740,166</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7549.32px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:432px;white-space:nowrap">Charlotte </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:1125.67px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:1677.08px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:2370.75px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:3349.11px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:3968.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:4057.55px;letter-spacing:-0.58px;white-space:nowrap">MSKP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:4549.66px;letter-spacing:-3.55px;white-space:nowrap">Town
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:4967.63px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:5118.8px;white-space:nowrap">Country </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:5723.48px;white-space:nowrap">Utility </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:6159.03px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7546.11px;left:6452.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:1305.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:1767.95px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:2159.52px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:2266.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:2355.14px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:2444.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:2586.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:2675.3px;white-space:nowrap">10/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7738.11px;left:9501.64px;white-space:nowrap">879,261</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7937.8px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:929.89px;letter-spacing:-1.47px;white-space:nowrap">Venice</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:1410.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:1499.19px;white-space:nowrap">Southwest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:2290.75px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:2824.27px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:3651.22px;letter-spacing:-1.1px;white-space:nowrap">Center,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:4211.53px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:4513.88px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:5243.25px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:5687.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:5776.84px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7934.59px;left:6417.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:576px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:1038.58px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:1430.14px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:1536.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:1625.77px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:2026.16px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:2168.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:2257.33px;white-space:nowrap">1/01/60</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:7485.64px;white-space:nowrap">375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8126.59px;left:9501.64px;white-space:nowrap">362,649</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:1161.3px;white-space:nowrap">Lake</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:1508.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:1597.16px;letter-spacing:-0.66px;white-space:nowrap">Waterman
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:2373.64px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:3396.14px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:3654.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:3742.94px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:4383.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:4472.31px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:4863.88px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:4970.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:5059.5px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:5788.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:5877.86px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:6189.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8323.08px;left:6331.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8515.08px;left:576px;white-space:nowrap">8/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8515.08px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8515.08px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8515.08px;left:9501.64px;white-space:nowrap">699,492</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8714.77px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8755.24px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8755.24px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8755.24px;left:1161.3px;white-space:nowrap">Palm </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8755.24px;left:1570.28px;white-space:nowrap">Beach</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8755.24px;left:2023.95px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:576px;white-space:nowrap">Provident </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:1296.39px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:1785.53px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:1883.27px;white-space:nowrap">LU </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:2132.25px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:2905.92px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:3288.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:4017.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:4480.3px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:4871.86px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:5067.48px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:5387.64px;white-space:nowrap">6/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:7485.64px;white-space:nowrap">625,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8951.73px;left:9501.64px;white-space:nowrap">543,812</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:576px;white-space:nowrap">Provident </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:1296.39px;white-space:nowrap">Group-PBAU
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:2274.52px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:3048.19px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:3430.61px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:4159.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:4622.56px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:5014.13px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:5209.75px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:5529.91px;white-space:nowrap">4/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:7352.2px;white-space:nowrap">1,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9148.21px;left:9368.2px;white-space:nowrap">1,493,417</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:432px;white-space:nowrap">Cypress </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:1063.25px;text-rendering:optimizeLegibility;white-space:nowrap">Bluff
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:1424.42px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:2277.94px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:3265.13px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:3753.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:3834.03px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:4741.06px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:5123.48px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:5212.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9344.7px;left:5301.38px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:1536.31px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:1892.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:1981.16px;white-space:nowrap">5.55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:2292.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:2434.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:2523.73px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:3140.98px;letter-spacing:50.94px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:7485.64px;white-space:nowrap">660,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.7px;left:9501.64px;white-space:nowrap">637,835</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:432px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:965.52px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:1952.7px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:2566.38px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9776.86px;left:2957.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9976.56px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:1305.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:1767.95px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2159.52px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2355.14px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:2675.3px;white-space:nowrap">7/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9973.35px;left:9501.64px;white-space:nowrap">402,005</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10173.04px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:576px;white-space:nowrap">Glenridge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:1314.2px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:1536.63px;white-space:nowrap">Palmer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:2087.88px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:2594.83px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:3324.2px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:3857.8px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:4587.17px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:5049.75px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:5494.59px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.83px;left:6312.95px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10361.83px;left:720px;white-space:nowrap">6/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10361.83px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10361.83px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10361.83px;left:9501.64px;white-space:nowrap">623,665</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:576px;white-space:nowrap">Shands </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:1163.11px;white-space:nowrap">Jacksonville
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:2070.14px;white-space:nowrap">Medical
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:2665.92px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:3190.61px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:3919.98px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:4453.58px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:5182.95px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:5574.52px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10558.31px;left:5770.14px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:1040.16px;white-space:nowrap">2/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:9368.2px;white-space:nowrap">1,401,927</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10990.48px;left:432px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10990.48px;left:965.52px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10990.48px;left:1481.3px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10990.48px;left:2361.92px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10990.48px;left:3028.72px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10990.48px;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:10990.48px;left:4324.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:576px;white-space:nowrap">Rollins </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:1100.61px;white-space:nowrap">College,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:1732.09px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:2461.47px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:2906.31px;white-space:nowrap">4.125%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:3537.87px;white-space:nowrap">12/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11186.96px;left:9501.64px;white-space:nowrap">868,175</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:816.08px;white-space:nowrap">Leo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;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:11383.45px;left:1906.86px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:2209.2px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:2938.58px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:3472.17px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:4201.55px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:4646.39px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:5464.75px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:5784.91px;white-space:nowrap">3/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:6318.73px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:7352.2px;white-space:nowrap">1,370,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11383.45px;left:9368.2px;white-space:nowrap">1,047,979</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:432px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:965.52px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:1685.83px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:2086.22px;white-space:nowrap">Council</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11623.62px;left:2619.81px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:576px;white-space:nowrap">Shingle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:1153.37px;white-space:nowrap">Creek </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:1620.9px;letter-spacing:-0.74px;white-space:nowrap">Transit
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:2147.57px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:2297.91px;white-space:nowrap">Utility </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:2732.63px;letter-spacing:0px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:3585.32px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:4571.68px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:5148.58px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11820.1px;left:5708.14px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:720px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:1164.84px;white-space:nowrap">5.15%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:1707.42px;white-space:nowrap">5/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12012.1px;left:9501.64px;white-space:nowrap">645,380</div></div>
</div> </div></div>

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

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div 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="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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">Florida
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1009.81px;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">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:965.52px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1685.83px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2086.22px;white-space:nowrap">Council,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2708.72px;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">Shingle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1153.37px;white-space:nowrap">Creek </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1620.9px;letter-spacing:-0.74px;white-space:nowrap">Transit
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2147.57px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2297.91px;white-space:nowrap">Utility </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2732.63px;letter-spacing:0px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3585.32px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4571.68px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5148.58px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5708.14px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:720px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1164.84px;white-space:nowrap">5.4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1618.44px;white-space:nowrap">5/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7485.64px;white-space:nowrap">825,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9501.64px;white-space:nowrap">813,471</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:432px;white-space:nowrap">Fox </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:743.17px;white-space:nowrap">Branch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1294.58px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1801.53px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2655.05px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3642.23px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4131.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4211.14px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5118.17px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5500.59px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5589.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5678.48px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1536.31px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1892.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1981.16px;white-space:nowrap">5.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2203.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2345.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2434.75px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:3047.57px;letter-spacing:50.88px;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">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:9501.64px;white-space:nowrap">200,786</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:432px;white-space:nowrap">GIR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:760.91px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:1125.52px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:1979.03px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:2966.22px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:3455.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:576px;white-space:nowrap">Assessment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:1483.03px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:1865.45px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:2043.34px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:2603.73px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:3564.05px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:4008.89px;white-space:nowrap">5.3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:4462.48px;white-space:nowrap">5/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:9501.64px;white-space:nowrap">286,964</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:576px;white-space:nowrap">Assessment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:1483.03px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:1865.45px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:2043.34px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:2603.73px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:3564.05px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:4008.89px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:4462.48px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:7485.64px;white-space:nowrap">575,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:9501.64px;white-space:nowrap">543,046</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:432px;white-space:nowrap">Governors </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:1223.41px;white-space:nowrap">Park </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:1596.84px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:2059.42px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:2912.94px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:3900.13px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2678.34px;left:4388.95px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:576px;white-space:nowrap">Assessment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:1483.03px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:1865.45px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:2043.34px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:2603.73px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:3564.05px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:4008.89px;white-space:nowrap">5.4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:4462.48px;white-space:nowrap">5/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2874.83px;left:9501.64px;white-space:nowrap">243,272</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:576px;white-space:nowrap">Assessment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:1483.03px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:1865.45px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:2043.34px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:2603.73px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:3564.05px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:4008.89px;white-space:nowrap">5.65%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:4551.47px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:7485.64px;white-space:nowrap">375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3071.31px;left:9501.64px;white-space:nowrap">363,054</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:432px;white-space:nowrap">Halifax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:965.52px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:1588.02px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;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:3267.8px;left:2655.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:2744.11px;white-space:nowrap">Halifax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:3277.63px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:3900.13px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:4495.91px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:5020.59px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:5749.97px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3267.8px;left:6194.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:1305.38px;white-space:nowrap">2016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:1750.22px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:2479.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:2568.58px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:2657.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:2799.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:2888.73px;white-space:nowrap">6/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:3422.56px;letter-spacing:51.12px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3459.8px;left:9368.2px;white-space:nowrap">1,303,970</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:432px;white-space:nowrap">Hobe-St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:1107.86px;white-space:nowrap">Lucie </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:1534.81px;white-space:nowrap">Conservancy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:2513.02px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:3001.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:3090.75px;white-space:nowrap">Unit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:3419.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:3597.63px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:4584.81px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:4878.25px;white-space:nowrap">1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:5073.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.28px;left:5162.86px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:1536.31px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:1892.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:1981.16px;white-space:nowrap">5.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:2381.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:2523.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:2612.72px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:9501.64px;white-space:nowrap">498,448</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:432px;white-space:nowrap">Lakewood </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:1205.91px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:1712.86px;white-space:nowrap">Stewardship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:2637.78px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:3126.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:576px;white-space:nowrap">Assessment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:1483.03px;white-space:nowrap">Azario, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:2025.45px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:2585.84px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:3546.16px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:3991px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:4311.16px;white-space:nowrap">5/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:9501.64px;white-space:nowrap">909,088</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4484.63px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:576px;white-space:nowrap">Assessment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:1491.86px;white-space:nowrap">Northeast
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:2229.98px;white-space:nowrap">Sector </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:2736.86px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:3279.28px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:3777.41px;white-space:nowrap">2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:4062.02px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:4622.41px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:5582.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4481.42px;left:6045.3px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:1538.36px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:1858.52px;white-space:nowrap">5/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:9501.64px;white-space:nowrap">203,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:576px;white-space:nowrap">Assessments, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:1616.31px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:2176.7px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:3137.02px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:3581.86px;white-space:nowrap">6.3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:4035.45px;white-space:nowrap">5/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:7352.2px;white-space:nowrap">1,140,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.9px;left:9368.2px;white-space:nowrap">1,183,683</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:576px;white-space:nowrap">Assessments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:1616.31px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:2176.7px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:3137.02px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:3581.86px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:4124.44px;white-space:nowrap">5/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:7485.64px;white-space:nowrap">585,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5066.38px;left:9501.64px;white-space:nowrap">569,953</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:576px;letter-spacing:-0.32px;white-space:nowrap">Villages
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:1177.88px;white-space:nowrap">Lakewood
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:1951.78px;white-space:nowrap">Ranch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:2458.73px;white-space:nowrap">South, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:2965.77px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:3526.16px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:4486.47px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:4931.31px;white-space:nowrap">5.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:5562.88px;white-space:nowrap">5/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:7485.64px;white-space:nowrap">740,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5262.87px;left:9501.64px;white-space:nowrap">723,878</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:432px;white-space:nowrap">Lee </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:743.41px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:1294.81px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:1988.48px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:2966.84px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:3586.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:3675.28px;white-space:nowrap">Shell </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:4075.52px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:4484.66px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:5214.03px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:5658.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:5747.63px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5459.35px;left:6388.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:576px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:976.39px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:1091.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:1180.84px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:1269.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:1412.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:1501px;letter-spacing:-1.48px;white-space:nowrap">11/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5651.35px;left:9501.64px;white-space:nowrap">474,687</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:432px;white-space:nowrap">Miami-Dade </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:1338.88px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:1890.28px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:2583.95px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:3562.31px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:4181.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:4270.75px;white-space:nowrap">Pinecrest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:4973.33px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5847.84px;left:5684.73px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:576px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:1020.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:1109.59px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:1838.97px;white-space:nowrap">2014</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:2194.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:2283.81px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:2372.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:2515.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:2603.97px;white-space:nowrap">9/15/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:3140.98px;letter-spacing:50.94px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:7352.2px;white-space:nowrap">1,240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6039.84px;left:9368.2px;white-space:nowrap">1,239,189</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:432px;white-space:nowrap">Orange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:1010.13px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:1561.53px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:2068.48px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:2726.45px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:3345.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:3434.89px;white-space:nowrap">Orlando </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:4048.56px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:4555.52px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:5284.89px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:5729.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:5818.48px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6236.32px;left:6458.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:576px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:1020.84px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:1109.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:1252.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:1341px;white-space:nowrap">10/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:2020.02px;letter-spacing:50.44px;white-space:nowrap">................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:7352.2px;white-space:nowrap">2,570,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.32px;left:9368.2px;white-space:nowrap">2,213,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:432px;white-space:nowrap">Pinellas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:1036.77px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:1588.17px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:2281.84px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;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:6624.81px;left:3879.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:3968.64px;white-space:nowrap">Drs </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:4261.92px;white-space:nowrap">Kiran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:4679.89px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:4831.06px;white-space:nowrap">Pallavi </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:5346.84px;white-space:nowrap">Patel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6624.81px;left:5755.98px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:576px;white-space:nowrap">Foundation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:1421.08px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:1652.25px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:2159.2px;white-space:nowrap">Understanding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:3288.81px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:3546.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:3635.61px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:4276.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:4364.98px;white-space:nowrap">2019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:4720.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:4809.83px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:4898.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:5041.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:5129.98px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:5663.81px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:7352.2px;white-space:nowrap">1,690,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.81px;left:9368.2px;white-space:nowrap">1,650,453</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:432px;white-space:nowrap">Ranches </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:1107.94px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:1285.83px;white-space:nowrap">Lake </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:1677.23px;white-space:nowrap">Mcleod </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:2237.47px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:3090.98px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:4078.17px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:4567px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:4647.08px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:5554.11px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:5936.53px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.29px;left:6025.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:1136.39px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:2007.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:2096.7px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:2452.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:2541.55px;white-space:nowrap">5.65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:2852.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:2995.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:3084.13px;white-space:nowrap">6/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.29px;left:9501.64px;white-space:nowrap">243,381</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:432px;white-space:nowrap">River </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:849.81px;white-space:nowrap">Landing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:1463.72px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:2317.23px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:3304.42px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:3793.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:3873.33px;white-space:nowrap">Assessments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:4824.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:4913.64px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:5474.03px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.78px;left:6345.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:576px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:1020.84px;white-space:nowrap">5.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:1332.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:1474.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:1563.42px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:7485.64px;white-space:nowrap">240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.78px;left:9501.64px;white-space:nowrap">230,851</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:432px;white-space:nowrap">Sarasota </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:1116.84px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:1668.25px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:2175.2px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:2833.17px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:3452.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:3541.61px;white-space:nowrap">Southwest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:4333.17px;white-space:nowrap">Florida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:4866.69px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:5693.64px;letter-spacing:-1.1px;white-space:nowrap">Center,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.26px;left:6253.95px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:2568.34px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:2959.91px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:3066.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:3155.53px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:3244.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:3386.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:3475.69px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7982.26px;left:9368.2px;white-space:nowrap">1,000,829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:432px;white-space:nowrap">Sarasota </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:1116.84px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:1668.25px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:2148.48px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:2770.98px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:3259.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:3348.72px;white-space:nowrap">Sarasota
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:4033.56px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:4584.97px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:5065.2px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.74px;left:5687.7px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:2568.34px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:2924.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:3013.19px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:3102.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:3244.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:3333.34px;white-space:nowrap">7/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.74px;left:9368.2px;white-space:nowrap">1,325,858</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:432px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:672.08px;white-space:nowrap">Johns </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:1143.48px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:1694.89px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:2388.56px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:3366.92px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8610.91px;left:3986.45px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:576px;white-space:nowrap">Life </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:878.42px;white-space:nowrap">Care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:1269.67px;white-space:nowrap">Ponte </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:1732.25px;letter-spacing:-1.47px;white-space:nowrap">Vedra
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:2194.83px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:2924.2px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:3457.8px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:4187.17px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:4578.73px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:4774.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:5592.72px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:5912.88px;white-space:nowrap">12/15/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:7485.64px;white-space:nowrap">355,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.39px;left:9501.64px;white-space:nowrap">313,084</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:576px;white-space:nowrap">Life </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:878.42px;white-space:nowrap">Care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:1269.67px;white-space:nowrap">Ponte </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:1732.25px;letter-spacing:-1.47px;white-space:nowrap">Vedra
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:2194.83px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:2924.2px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:3457.8px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:4187.17px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:4578.73px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:4774.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:5592.72px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:5912.88px;white-space:nowrap">12/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9003.88px;left:9501.64px;white-space:nowrap">410,601</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:432px;letter-spacing:-1.97px;white-space:nowrap">Tolomato
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:1125.67px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:1979.19px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:2966.38px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:3455.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:3535.28px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:4442.31px;white-space:nowrap">Area</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:4780.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:4869.19px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:5429.58px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.36px;left:6300.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:576px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:1020.84px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:1421.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:1563.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:1652.41px;white-space:nowrap">5/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:7485.64px;white-space:nowrap">525,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.36px;left:9501.64px;white-space:nowrap">489,662</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:432px;letter-spacing:-0.98px;white-space:nowrap">Verandah
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:1161.53px;letter-spacing:-0.58px;white-space:nowrap">West
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:1567.55px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:2421.06px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:3408.25px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:3897.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:3977.16px;white-space:nowrap">Assessments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:4928.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:5017.47px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:5577.86px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9588.85px;left:6449.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:576px;white-space:nowrap">2013</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:1020.84px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:1750.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:1839.2px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:1928.19px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:2070.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:2159.36px;white-space:nowrap">5/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9780.85px;left:9501.64px;white-space:nowrap">450,146</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:953.88px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:1807.39px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:2794.58px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:3327.86px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:3621.3px;white-space:nowrap">12</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:3799.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:3888.17px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:4386.3px;white-space:nowrap">II</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:4475.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:4564.11px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:5124.5px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:5995.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:6084.81px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9977.33px;left:6440.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:576px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:896.16px;white-space:nowrap">5/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:7485.64px;white-space:nowrap">670,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10169.33px;left:9501.64px;white-space:nowrap">654,517</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10369.03px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:953.88px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:1807.39px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:2794.58px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:3327.86px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:3621.3px;white-space:nowrap">13</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:3799.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:3888.17px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:4386.3px;white-space:nowrap">II</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:4475.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:4564.11px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:5124.5px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:5995.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10365.82px;left:6084.81px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:576px;white-space:nowrap">2020</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:1020.84px;white-space:nowrap">3.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:1332.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:1474.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:1563.42px;white-space:nowrap">5/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:7352.2px;white-space:nowrap">2,410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10557.82px;left:9368.2px;white-space:nowrap">1,993,175</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10757.51px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:432px;letter-spacing:-0.32px;white-space:nowrap">Woodland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:1194.03px;white-space:nowrap">Preserve
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:1878.72px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:2732.23px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:3719.42px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:4208.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:4288.33px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:5195.36px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:5577.78px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:5666.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10754.3px;left:5755.67px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:1536.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:1998.89px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:2354.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:2443.73px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:2666.16px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:2808.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:2897.33px;white-space:nowrap">5/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:7485.64px;white-space:nowrap">220,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.3px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,659</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11230.07px;left:9279.22px;white-space:nowrap">36,132,448</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:8097.69px;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:7739.38px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">6.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Cobb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:858.95px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1410.36px;white-space:nowrap">Kennestone
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2308.88px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2922.55px;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:3542.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3630.98px;letter-spacing:-0.32px;white-space:nowrap">WellStar
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4277.08px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4784.03px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5361.92px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6091.3px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6535.98px;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">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1696.94px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1803.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1892.56px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2622.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2710.92px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2799.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2942.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3031.08px;white-space:nowrap">4/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3608.05px;letter-spacing:51.26px;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">1,785,000</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">1,352,272</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">Coweta </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1018.95px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1570.36px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2548.72px;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:3168.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3257.16px;white-space:nowrap">Piedmont
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3977.55px;white-space:nowrap">Healthcare,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4840.2px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5142.55px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5871.92px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6316.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1305.38px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1696.94px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1803.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1892.56px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2622.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2710.92px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2799.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2942.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3031.08px;white-space:nowrap">7/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3608.05px;letter-spacing:51.26px;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">4,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9368.2px;white-space:nowrap">4,063,257</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:432px;white-space:nowrap">DeKalb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1001.22px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1552.63px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2530.98px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3150.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3239.42px;white-space:nowrap">GLOBE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3826.38px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4570.36px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4872.7px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5254.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5343.88px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5984.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6073.25px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6464.81px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6571.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:576px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:896.16px;white-space:nowrap">6/01/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:7485.64px;white-space:nowrap">515,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:9501.64px;white-space:nowrap">465,996</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:432px;white-space:nowrap">Development </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1410.36px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2086.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2264.11px;white-space:nowrap">Cobb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2691.06px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3242.47px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3624.73px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:576px;white-space:nowrap">Kennesaw </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:1367.64px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:1785.69px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:2532.48px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:2906px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:3404.05px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4133.42px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4622.56px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:5014.13px;white-space:nowrap">ABC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:5432.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:6161.39px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:720px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1111.41px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1315.86px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1636.02px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:7485.64px;white-space:nowrap">685,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:9501.64px;white-space:nowrap">685,292</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:576px;white-space:nowrap">Kennesaw </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:1367.64px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:1785.69px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2532.48px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2906px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:3404.05px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4133.42px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4622.56px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5014.13px;white-space:nowrap">ABC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5432.02px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:6161.39px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:720px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1111.41px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1315.86px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:2400.94px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:2721.09px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:7574.63px;white-space:nowrap">15,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:9590.63px;white-space:nowrap">15,045</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:576px;white-space:nowrap">Kennesaw </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:1367.64px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:1785.69px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:2532.48px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:2906px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:3404.05px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4133.42px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4622.56px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5014.13px;white-space:nowrap">ABC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5432.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:6161.39px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:720px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1111.41px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1315.86px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1636.02px;white-space:nowrap">7/15/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:7485.64px;white-space:nowrap">740,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:9501.64px;white-space:nowrap">709,625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:576px;white-space:nowrap">Kennesaw </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:1367.64px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:1785.69px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:2532.48px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:2906px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:3404.05px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4133.42px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:4622.56px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5014.13px;white-space:nowrap">ABC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:5432.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3555.46px;left:6161.39px;white-space:nowrap">Junior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:720px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:1111.41px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:1315.86px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:2400.94px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:2721.09px;white-space:nowrap">7/15/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:7574.63px;white-space:nowrap">25,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.46px;left:9590.63px;white-space:nowrap">25,076</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:432px;white-space:nowrap">Gainesville </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:1259.03px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:1410.2px;white-space:nowrap">Hall </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:1730.28px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:2281.69px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;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:3943.95px;left:3514.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:3603.8px;white-space:nowrap">Northeast
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:4341.92px;white-space:nowrap">Georgia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:4955.59px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.95px;left:5462.55px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:2568.34px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:2959.91px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:3066.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:3155.53px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:3244.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:3386.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:3475.69px;white-space:nowrap">2/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4135.95px;left:9368.2px;white-space:nowrap">1,421,270</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4335.64px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:432px;white-space:nowrap">George </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:1009.5px;letter-spacing:-2.97px;white-space:nowrap">L
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:1136.38px;white-space:nowrap">Smith </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:1589.2px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:1721.94px;white-space:nowrap">Congress
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:2450.54px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:2965.78px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:3585.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:3673.59px;white-space:nowrap">Signia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:4162.19px;white-space:nowrap">Hotel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:4579.54px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:5557.28px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:5850.79px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4332.43px;left:5939.08px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:576px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:1160.22px;letter-spacing:-3.69px;white-space:nowrap">Tier</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:1421px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:1509.91px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:1972.48px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:2372.88px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:2479.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:2568.5px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:2657.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:2799.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:2888.66px;white-space:nowrap">1/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:3422.48px;letter-spacing:51.12px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:7352.2px;white-space:nowrap">2,980,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4524.43px;left:9368.2px;white-space:nowrap">2,728,495</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4764.6px;left:432px;white-space:nowrap">Main </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4764.6px;left:823.25px;white-space:nowrap">Street </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4764.6px;left:1294.58px;white-space:nowrap">Natural </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4764.6px;left:1854.81px;white-space:nowrap">Gas, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4764.6px;left:2237.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4764.6px;left:2495.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:1305.38px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:1892.56px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:2212.72px;white-space:nowrap">5/15/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:7352.2px;white-space:nowrap">3,345,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4961.08px;left:9368.2px;white-space:nowrap">3,401,140</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5160.78px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:1305.38px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:1705.77px;white-space:nowrap">E-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:2043.66px;white-space:nowrap">Mandatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:2844.05px;white-space:nowrap">Put, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:3173.11px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:3493.27px;white-space:nowrap">6/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:7352.2px;white-space:nowrap">2,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5157.57px;left:9368.2px;white-space:nowrap">2,308,054</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5441.33px;left:9279.22px;white-space:nowrap">17,175,522</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5768.78px;left:432px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5768.78px;left:983.17px;white-space:nowrap">8.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.95px;left:432px;white-space:nowrap">Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.95px;left:1063.48px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.95px;left:1534.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.95px;left:1712.78px;white-space:nowrap">Education</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.95px;left:2424.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:913.81px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:1314.2px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:1518.66px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:2061.23px;white-space:nowrap">12/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6205.43px;left:9368.2px;white-space:nowrap">1,446,194</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:913.81px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:1314.2px;white-space:nowrap">H, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:1518.66px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:1838.81px;white-space:nowrap">12/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:7352.2px;white-space:nowrap">2,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:9368.2px;white-space:nowrap">2,034,425</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:913.81px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:1305.38px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:1501px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:1821.16px;white-space:nowrap">12/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:9501.64px;white-space:nowrap">497,265</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:432px;white-space:nowrap">Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:1063.48px;white-space:nowrap">Midway </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:1650.28px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:2566.53px;white-space:nowrap">Airport</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:3037.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:3126.69px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:3856.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:4363.02px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:4665.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:4754.42px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:5154.81px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:5270.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:5359.27px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:6088.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:6177.63px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:6266.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6794.88px;left:6408.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:576px;white-space:nowrap">1/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:9368.2px;white-space:nowrap">1,278,120</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7227.05px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7227.05px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7227.05px;left:929.89px;white-space:nowrap">Chicago</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7227.05px;left:1516.92px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:913.81px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:1305.38px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:1501px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:1954.59px;white-space:nowrap">1/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:2488.42px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7423.53px;left:9368.2px;white-space:nowrap">1,001,901</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:913.81px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:1305.38px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:1501px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:2319.36px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:2639.52px;white-space:nowrap">1/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:7352.2px;white-space:nowrap">1,800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7620.02px;left:9368.2px;white-space:nowrap">1,879,797</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:913.81px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:1314.2px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:1509.83px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:2328.19px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:2648.34px;white-space:nowrap">1/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:7352.2px;white-space:nowrap">2,747,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.5px;left:9368.2px;white-space:nowrap">2,476,636</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8016.2px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:576px;white-space:nowrap">Lakeshore </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:1367.64px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:1732.25px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:2292.64px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:3199.67px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:3626.55px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:4186.94px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:5147.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8012.99px;left:5609.83px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:1538.36px;white-space:nowrap">3.04%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:2080.94px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:7485.64px;white-space:nowrap">241,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:9501.64px;white-space:nowrap">228,501</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8404.68px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:576px;white-space:nowrap">Lakeshore </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:1367.64px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:1732.25px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:2292.64px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:3199.67px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:3626.55px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:4186.94px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:5147.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:5609.83px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8593.47px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8593.47px;left:1538.36px;white-space:nowrap">3.38%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8593.47px;left:2080.94px;white-space:nowrap">12/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8593.47px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8593.47px;left:7485.64px;white-space:nowrap">341,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8593.47px;left:9501.64px;white-space:nowrap">314,825</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:432px;white-space:nowrap">Du </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:680.98px;white-space:nowrap">Page </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:1099.11px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:1650.52px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:2219.73px;white-space:nowrap">Service </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:2788.88px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:3171.3px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:3464.73px;white-space:nowrap">31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:3642.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:3731.61px;white-space:nowrap">Monarch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:4398.56px;white-space:nowrap">Landing,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:5056.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:5314.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:5403.72px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:5970.05px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.96px;left:6219.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:576px;white-space:nowrap">2006</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:1020.84px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:1421.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:1563.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:1652.41px;white-space:nowrap">3/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:2206.85px;letter-spacing:50.51px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:7485.64px;white-space:nowrap">233,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.96px;left:9501.64px;white-space:nowrap">227,202</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9222.12px;left:432px;white-space:nowrap">Illinois </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9222.12px;left:921.06px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9222.12px;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:9222.12px;left:2145.44px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:576px;white-space:nowrap">CHF-Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:1589.59px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:1972.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:2701.39px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:3092.95px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:3288.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:3608.73px;white-space:nowrap">2/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:7352.2px;white-space:nowrap">1,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9418.61px;left:9368.2px;white-space:nowrap">1,181,423</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:576px;white-space:nowrap">CHF-Chicago </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:1589.59px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:1972.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:2701.39px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:3092.95px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:3288.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:3608.73px;white-space:nowrap">2/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9615.09px;left:9368.2px;white-space:nowrap">1,417,080</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:576px;white-space:nowrap">Plymouth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:1287.41px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:1732.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:2461.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:2995.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:3724.44px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:4116px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:4311.63px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:5129.98px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:5450.14px;white-space:nowrap">5/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9811.57px;left:9501.64px;white-space:nowrap">374,207</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:576px;white-space:nowrap">Plymouth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:1287.41px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:1732.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:2461.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:2995.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:3724.44px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:4116px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:4311.63px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:5129.98px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:5450.14px;white-space:nowrap">5/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10008.06px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">865,911</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:576px;white-space:nowrap">Plymouth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:1287.41px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:1732.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:2461.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:2995.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:3724.44px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:4116px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:4311.63px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:5129.98px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:5450.14px;white-space:nowrap">5/15/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:7485.64px;white-space:nowrap">815,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10204.54px;left:9501.64px;white-space:nowrap">691,054</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:576px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:1269.83px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:1758.89px;white-space:nowrap">Healthcare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:2577.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:3306.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:3840.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:4569.44px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:4969.83px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:5174.28px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10401.03px;left:5992.64px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10593.03px;left:720px;white-space:nowrap">3/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10593.03px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10593.03px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10593.03px;left:9501.64px;white-space:nowrap">704,571</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10833.19px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10833.19px;left:1356.92px;white-space:nowrap">Pier </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10833.19px;left:1685.91px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10833.19px;left:1837.08px;white-space:nowrap">Exposition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10833.19px;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:10833.19px;left:3230.44px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11032.89px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:576px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:994.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:1171.94px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:1661px;white-space:nowrap">McCormick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:2505.38px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:2950.06px;white-space:nowrap">Expansion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:3741.7px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:4284.13px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:4737.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:5467.09px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11029.68px;left:5867.48px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11221.68px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11221.68px;left:1538.36px;white-space:nowrap">4.792%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11221.68px;left:2169.92px;white-space:nowrap">12/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11221.68px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11221.68px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11221.68px;left:9368.2px;white-space:nowrap">1,036,737</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:576px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:994.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:1171.94px;white-space:nowrap">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:1661px;white-space:nowrap">McCormick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:2505.38px;white-space:nowrap">Place </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:2950.06px;white-space:nowrap">Expansion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:3741.7px;white-space:nowrap">Project </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:4284.13px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:4737.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:5467.09px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11418.16px;left:5858.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11610.16px;left:720px;white-space:nowrap">Refunding, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11610.16px;left:1538.36px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11610.16px;left:1858.52px;white-space:nowrap">6/15/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11610.16px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11610.16px;left:7352.2px;white-space:nowrap">2,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11610.16px;left:9368.2px;white-space:nowrap">1,692,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11850.33px;left:432px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11850.33px;left:850.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11850.33px;left:1027.94px;white-space:nowrap">Illinois</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11850.33px;left:1472.55px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:913.81px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:1305.38px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:1501px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:1821.16px;white-space:nowrap">5/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12046.81px;left:9368.2px;white-space:nowrap">1,017,388</div></div>
</div> </div></div>

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

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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">

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">Illinois
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:983.17px;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">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:850.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1027.94px;white-space:nowrap">Illinois,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1561.45px;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">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:913.81px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1314.2px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1509.83px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2052.41px;white-space:nowrap">5/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2673.91px;letter-spacing:50.7px;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">2,100,000</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">2,196,450</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1508.32px;left:9279.22px;white-space:nowrap">22,561,769</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1835.77px;left:432px;white-space:nowrap">Indiana
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1835.77px;left:1036.53px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:432px;white-space:nowrap">Indiana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:1001.38px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:1606.22px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:2225.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:2314.66px;white-space:nowrap">CHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:2687.94px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:2782.78px;letter-spacing:-0.54px;white-space:nowrap">Tippecanoe
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:3657.47px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:3950.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:4039.89px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:4680.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:4769.27px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5160.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5267.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5356.45px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5756.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5899.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5988.02px;white-space:nowrap">6/01/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:9501.64px;white-space:nowrap">493,526</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2403.38px;left:432px;white-space:nowrap">Iowa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2403.38px;left:832.08px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:432px;white-space:nowrap">Iowa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:814.42px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;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:2643.55px;left:2038.8px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:576px;white-space:nowrap">Lifespace </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:1305.38px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:2327.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:2630.22px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:3359.59px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:3893.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:4622.56px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:5022.95px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:5218.58px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.03px;left:6036.94px;white-space:nowrap">7.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:720px;white-space:nowrap">5/15/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.03px;left:9501.64px;white-space:nowrap">667,048</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:576px;white-space:nowrap">Lifespace </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:1305.38px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:2327.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:2630.22px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:3359.59px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:3893.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:4622.56px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:5014.13px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:5209.75px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3228.52px;left:6028.11px;white-space:nowrap">5.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3420.52px;left:720px;white-space:nowrap">5/15/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3420.52px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3420.52px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3420.52px;left:9368.2px;white-space:nowrap">1,421,050</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3704.28px;left:9368.2px;white-space:nowrap">2,088,098</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4031.73px;left:432px;white-space:nowrap">Kansas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4031.73px;left:1045.67px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:432px;letter-spacing:-0.14px;white-space:nowrap">Wyandotte
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:1239.89px;white-space:nowrap">County-Kansas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:2378.25px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:2698.25px;text-rendering:optimizeLegibility;white-space:nowrap">Unified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:3240.75px;white-space:nowrap">Government</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4121.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4210.05px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4850.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:4939.42px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:5295.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:5384.27px;white-space:nowrap">4.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:5606.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:5748.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:5837.86px;white-space:nowrap">6/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.21px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:7485.64px;white-space:nowrap">315,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:9501.64px;white-space:nowrap">296,194</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4599.34px;left:432px;white-space:nowrap">Kentucky
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4599.34px;left:1196.69px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:432px;white-space:nowrap">Kentucky </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:1134.58px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:1881.53px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:2868.72px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:3473.56px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4839.51px;left:4093.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:576px;white-space:nowrap">Masonic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:1216.23px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:1767.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:1945.38px;letter-spacing:-1.19px;white-space:nowrap">Kentucky,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:2680.53px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:2982.88px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:3712.25px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:4245.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:4975.22px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:5366.78px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.99px;left:5562.41px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5227.99px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5227.99px;left:1040.16px;white-space:nowrap">5/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5227.99px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5227.99px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5227.99px;left:9501.64px;white-space:nowrap">782,398</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:576px;white-space:nowrap">Owensboro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:1438.66px;white-space:nowrap">Health, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:1990.06px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:2292.41px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:3021.78px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:3555.38px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:4284.75px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:4676.31px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:4871.94px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:5690.3px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5616.47px;left:720px;white-space:nowrap">6/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5616.47px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5616.47px;left:7485.64px;white-space:nowrap">125,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5616.47px;left:9501.64px;white-space:nowrap">125,433</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5900.24px;left:9501.64px;white-space:nowrap">907,831</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6227.69px;left:432px;white-space:nowrap">Louisiana
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6227.69px;left:1223.25px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6427.38px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:432px;white-space:nowrap">Louisiana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:1161.45px;white-space:nowrap">Local </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:1588.41px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:2513.25px;white-space:nowrap">Environmental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:3580.44px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:4247.23px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:4398.41px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.17px;left:5251.92px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:576px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:1195.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:1284.44px;white-space:nowrap">Christwood
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:2129.2px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:2858.58px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:3303.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:3392.17px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:4032.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:4121.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:4584.13px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:4940.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:5028.97px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:5758.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:5847.33px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:6158.73px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6616.17px;left:6301px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.17px;left:576px;letter-spacing:-1.48px;white-space:nowrap">11/15/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.17px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.17px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6808.17px;left:9368.2px;white-space:nowrap">1,214,057</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:432px;white-space:nowrap">Louisiana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:1161.45px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:1641.69px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;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:7048.34px;left:2919.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:576px;white-space:nowrap">Calcasieu </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:1323.03px;white-space:nowrap">Bridge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:1829.98px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:2479.13px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:2861.55px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:3590.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:4097.88px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:4489.28px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:4934.13px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:5387.72px;white-space:nowrap">9/01/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:9368.2px;white-space:nowrap">1,534,253</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:576px;letter-spacing:-0.85px;white-space:nowrap">Tulane
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:1103.73px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:1883.11px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:2612.48px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:3004.05px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:3199.67px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:4284.75px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:4604.91px;white-space:nowrap">12/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:5289.48px;letter-spacing:54.44px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:7574.63px;white-space:nowrap">20,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:9590.63px;white-space:nowrap">20,428</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7725.07px;left:9368.2px;white-space:nowrap">2,768,738</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8052.52px;left:432px;white-space:nowrap">Maine
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8052.52px;left:929.89px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8252.21px;left:307.57px;white-space:nowrap">a,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:432px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:1036.84px;white-space:nowrap">Authority </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:1712.7px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:1890.59px;white-space:nowrap">Maine</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:2326.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:2415.28px;white-space:nowrap">Casella </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:2993.33px;letter-spacing:-0.99px;white-space:nowrap">Waste
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:3485.28px;white-space:nowrap">Systems, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:4187.63px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:4445.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:4534.42px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:5174.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:5263.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:5726.38px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249px;left:6082.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:576px;white-space:nowrap">Mandatory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:1376.39px;white-space:nowrap">Put</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:1616.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:1705.45px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:2105.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:2248.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:2337.02px;white-space:nowrap">8/01/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:2954.15px;letter-spacing:50.83px;white-space:nowrap">......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441px;left:9525.39px;letter-spacing:-3.39px;white-space:nowrap">498,111</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8768.45px;left:432px;white-space:nowrap">Maryland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8768.45px;left:1178.88px;white-space:nowrap">1.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:929.89px;white-space:nowrap">Brunswick</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:1658.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:1747.86px;white-space:nowrap">Brunswick
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:2521.38px;white-space:nowrap">Crossing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:3197.16px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:3763.48px;letter-spacing:-2.53px;white-space:nowrap">Taxing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:4270.44px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:4759.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:4848.17px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:5414.5px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:5663.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:5752.39px;white-space:nowrap">2019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8964.93px;left:6108.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:1714.52px;white-space:nowrap">7/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:7485.64px;white-space:nowrap">548,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9156.93px;left:9501.64px;white-space:nowrap">548,272</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:929.89px;letter-spacing:-1.07px;white-space:nowrap">Westminster</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:1807.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:1896.06px;white-space:nowrap">Lutheran
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:2572.16px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:3094.03px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:3271.92px;white-space:nowrap">Miller&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:3809.11px;white-space:nowrap">Grant, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:4298.17px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:4600.52px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:5329.89px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:5819.03px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9353.42px;left:6201.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:1305.38px;white-space:nowrap">2014 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:1696.94px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:1803.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:1892.56px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:1981.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:2123.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:2212.72px;white-space:nowrap">7/01/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9545.42px;left:9501.64px;white-space:nowrap">250,088</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9785.58px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9785.58px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9785.58px;left:1161.3px;white-space:nowrap">Frederick</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9785.58px;left:1828.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9985.28px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:576px;white-space:nowrap">Mount </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:1065.14px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:1305.22px;white-space:nowrap">Mary&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:1815.77px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:2595.14px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:2941.94px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:3671.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:4133.89px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:4525.45px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:4721.08px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:5539.44px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:5859.59px;white-space:nowrap">9/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.07px;left:9501.64px;white-space:nowrap">481,574</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:576px;white-space:nowrap">Oakdale-Lake
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:1616.63px;white-space:nowrap">Linganore
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:2372.8px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:3359.98px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:3937.72px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:4504.05px;letter-spacing:-3.55px;white-space:nowrap">Tax,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:4841.94px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:5286.78px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10178.55px;left:6105.14px;white-space:nowrap">3.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10370.55px;left:720px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10370.55px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10370.55px;left:7352.2px;white-space:nowrap">1,410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10370.55px;left:9368.2px;white-space:nowrap">1,227,942</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10570.24px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:1161.3px;white-space:nowrap">Prince </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:1659.27px;white-space:nowrap">George&#39;s</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:2303.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:2392.39px;letter-spacing:-0.26px;white-space:nowrap">Westphalia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:3222.55px;letter-spacing:-3.55px;white-space:nowrap">Town
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:3640.52px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:4165.2px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:5152.39px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:5641.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10567.03px;left:5727.23px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:576px;white-space:nowrap">Allocation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:1269.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:1358.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:1821.23px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:2177.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:2266.08px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:2666.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:2808.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:2897.64px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10759.03px;left:9501.64px;white-space:nowrap">987,025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.2px;left:432px;white-space:nowrap">Maryland </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.2px;left:1134.5px;white-space:nowrap">Economic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.2px;left:1881.45px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.2px;left:2868.64px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10999.2px;left:3259.89px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:576px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:1073.89px;white-space:nowrap">Baltimore
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:1794.13px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:2132.02px;white-space:nowrap">Covington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:2896.94px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:3884.13px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:4458.97px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:4743.58px;white-space:nowrap">Allocation,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:5526.23px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11195.68px;left:5971.08px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11387.68px;left:720px;white-space:nowrap">9/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11387.68px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11387.68px;left:7485.64px;white-space:nowrap">755,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11387.68px;left:9501.64px;white-space:nowrap">667,296</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;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:7739.38px;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:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(7986.106px,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:3572.9px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">13</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUDCAYAAABvckO4AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcoW0lSRhG0f+tGg6YECYEZ2BtJg5pabENxUENryXLq8EdyW2dQx75wAMNWldV/dp7DwAAAEDhr9MAAAAA4C6hAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJlrrfV5Gn1BP2bm92kEAMC35p2QP+Fpz9WP/3+f9J/55q6ZeT+NAAAAAO64Zubv0+gLelplBACg552QP+Fpz5UTDXw5r733aQMAAABwi49BAgAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAzHUaAAAA8ExrrX9m5u20g5LQAAAA8H39OzM/TyMovfbepw0AAADALb7RAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACBznQYAAAA801rrbWZ+nnZQEhoAAAC+r4+ZeTuNoPTae582AAAAALf4RgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEDmOg0AAAB4prXWx8z8Oswg5UQDAAAAkHntvU8bAAAAgFucaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAzHUaAAAA8Exrrc+ZeT/toPTae582AAAAALe4OgEAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAw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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">Maryland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1178.88px;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">Maryland </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1134.5px;white-space:nowrap">Economic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1881.45px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2868.64px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3348.8px;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">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:896px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1073.89px;white-space:nowrap">Baltimore
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1794.13px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2132.02px;white-space:nowrap">Covington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2896.94px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3884.12px;white-space:nowrap">District,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4458.97px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4743.58px;white-space:nowrap">Allocation,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5526.23px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5971.08px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:720px;white-space:nowrap">9/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9501.64px;white-space:nowrap">594,367</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1700.32px;left:9368.2px;white-space:nowrap">4,756,564</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:432px;white-space:nowrap">Massachusetts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2027.77px;left:1623.64px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:432px;white-space:nowrap">Collegiate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:1188.02px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:1765.98px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:2299.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:2477.55px;white-space:nowrap">Lowell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:2931.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:3020.05px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:3660.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:3749.42px;white-space:nowrap">2019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:4105.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:4194.27px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:4283.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:4425.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:4514.42px;white-space:nowrap">6/15/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2224.25px;left:5102.66px;letter-spacing:53.71px;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">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2267.94px;left:9501.64px;white-space:nowrap">998,888</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2508.1px;left:432px;white-space:nowrap">Massachusetts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2508.1px;left:1543.56px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2508.1px;left:2530.75px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2508.1px;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:2508.1px;left:3657.39px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2707.8px;left:302.33px;white-space:nowrap">a,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:576px;white-space:nowrap">Adventcare </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:1429.83px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:2159.2px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:2692.8px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:3422.17px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:3884.75px;white-space:nowrap">2007, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:4329.59px;white-space:nowrap">6.65%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:4872.17px;white-space:nowrap">10/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:7485.64px;white-space:nowrap">995,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:9902.03px;white-space:nowrap">10</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2904.28px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:576px;white-space:nowrap">CHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:949.28px;white-space:nowrap">Merrimack,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:1784.83px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:2131.63px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:2861px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:3323.58px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:3715.14px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:3910.77px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:4230.92px;white-space:nowrap">7/01/60</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:9501.64px;white-space:nowrap">954,279</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:576px;white-space:nowrap">Lasell </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:1038.5px;letter-spacing:-0.99px;white-space:nowrap">University,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:1817.88px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:2547.25px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:2992.09px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:3810.45px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:4130.61px;white-space:nowrap">7/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:9501.64px;white-space:nowrap">825,233</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.32px;left:9368.2px;white-space:nowrap">2,778,410</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3708.77px;left:432px;white-space:nowrap">Michigan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3708.77px;left:1169.81px;white-space:nowrap">4.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:929.89px;white-space:nowrap">Detroit</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:1401.14px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:913.81px;white-space:nowrap">2018, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:1358.66px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:1678.81px;white-space:nowrap">4/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:9501.64px;white-space:nowrap">761,991</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:913.81px;white-space:nowrap">B-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:1251.7px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:1571.86px;white-space:nowrap">4/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:2113.44px;letter-spacing:50.47px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:7352.2px;white-space:nowrap">3,952,414</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4341.9px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">3,113,030</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:432px;white-space:nowrap">Flint </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:778.72px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:1401.22px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:2006.14px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:2625.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:2714.58px;white-space:nowrap">Hurley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:3221.38px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:3817.16px;letter-spacing:-1.47px;white-space:nowrap">Center</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:4288.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:4377.47px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:5017.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:5106.84px;white-space:nowrap">2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:5498.41px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:5605.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:5694.03px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:6005.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4538.38px;left:6147.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:576px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4730.38px;left:9501.64px;white-space:nowrap">723,655</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:432px;white-space:nowrap">Michigan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:1116.77px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;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:4970.55px;left:2341.14px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:576px;white-space:nowrap">Aquinas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:1198.66px;white-space:nowrap">College,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:1830.14px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:2559.52px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:3004.36px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:3822.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:4142.88px;white-space:nowrap">5/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.04px;left:9501.64px;white-space:nowrap">374,894</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:576px;white-space:nowrap">Lawrence </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;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:5363.52px;left:2325.3px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:3072.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:3801.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:4335.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:5064.44px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:5509.28px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5363.52px;left:6327.64px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5555.52px;left:720px;white-space:nowrap">2/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5555.52px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5555.52px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5555.52px;left:9501.64px;white-space:nowrap">609,615</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:432px;white-space:nowrap">Michigan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:1116.77px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:1534.81px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:2166.3px;white-space:nowrap">Development </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;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:5752px;left:3764.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:3853.09px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:4493.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:4582.47px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:4974.03px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5080.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5169.66px;white-space:nowrap">2.73</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5481.06px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5623.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5752px;left:5712.23px;white-space:nowrap">10/01/59</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:5795.69px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5795.69px;left:9501.64px;white-space:nowrap">626,647</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6039.06px;left:432px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6035.85px;left:483.88px;white-space:nowrap">Pontiac </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6035.85px;left:1062px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6035.85px;left:1595.67px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6035.85px;left:2084.5px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:913.81px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:1358.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:1678.81px;white-space:nowrap">5/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:7352.2px;white-space:nowrap">3,576,470</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.34px;left:9368.2px;white-space:nowrap">3,326,234</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:913.81px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:1358.66px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:1678.81px;white-space:nowrap">5/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:7352.2px;white-space:nowrap">4,023,530</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6428.82px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">3,611,833</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6712.58px;left:9279.22px;white-space:nowrap">13,147,899</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7040.03px;left:432px;white-space:nowrap">Minnesota
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7040.03px;left:1267.63px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7239.73px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:929.89px;white-space:nowrap">Eagan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:1392.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:1481.45px;white-space:nowrap">Great </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:1926.06px;white-space:nowrap">Oaks </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:2335.13px;letter-spacing:-1.7px;white-space:nowrap">Academy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:2990.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:3079.11px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:3719.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:3808.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:4271.06px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:4662.63px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:4769.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:4858.25px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:5080.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:5222.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:5311.84px;white-space:nowrap">2/01/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7236.52px;left:9501.64px;white-space:nowrap">287,367</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:929.89px;white-space:nowrap">Ham </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:1312.16px;white-space:nowrap">Lake</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:1659.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:1748.02px;letter-spacing:-0.36px;white-space:nowrap">DaVinci
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:2332.08px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:3043.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:3212.55px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:3541.45px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:3852.86px;white-space:nowrap">Science</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:4422.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:4510.98px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:5151.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:5240.36px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:5631.92px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:5738.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:5827.55px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:5916.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7433px;left:6058.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7625px;left:576px;white-space:nowrap">7/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7625px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7625px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7625px;left:9501.64px;white-space:nowrap">429,471</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;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:7821.48px;left:1504.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;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:7821.48px;left:2050.13px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:2628.09px;white-space:nowrap">School</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:3117.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:3206.22px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:3846.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:3935.59px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:4327.16px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:4433.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:4522.78px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:5252.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:5341.14px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:5430.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:5572.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:5661.3px;white-space:nowrap">6/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7821.48px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.17px;left:7485.64px;white-space:nowrap">575,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7865.17px;left:9501.64px;white-space:nowrap">548,355</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:432px;white-space:nowrap">Minnesota </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:1214.55px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:1730.22px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:2486.21px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:3144.07px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:3763.6px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:3843.57px;white-space:nowrap">Augsburg
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:4572.84px;letter-spacing:-1.19px;white-space:nowrap">University</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:5263.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:5352.11px;letter-spacing:0px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:5992.57px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:6081.37px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:6472.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8061.65px;left:6579.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:576px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:896.16px;white-space:nowrap">5/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8253.65px;left:9501.64px;white-space:nowrap">856,360</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:432px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:672.08px;white-space:nowrap">Paul </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:1036.77px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:1365.83px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:1985.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:2074.27px;white-space:nowrap">HealthPartners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:3185.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:3915.28px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:4359.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:4448.88px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:5089.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:5178.25px;white-space:nowrap">2007-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:5676.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:5765.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:5854.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:5996.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8450.13px;left:6085.52px;white-space:nowrap">8/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8493.82px;left:7485.64px;white-space:nowrap">965,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8493.82px;left:9501.64px;white-space:nowrap">965,269</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:432px;letter-spacing:-1.97px;white-space:nowrap">Township
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:1143.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:1321.38px;white-space:nowrap">Baytown</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:1935.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:2023.95px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:2264.03px;white-space:nowrap">Croix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:2681.84px;white-space:nowrap">Preparatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:3553.41px;letter-spacing:-1.7px;white-space:nowrap">Academy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:4208.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:4297.39px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:4937.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:5026.77px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:5418.33px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:5525.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:5613.95px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8690.3px;left:6343.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:576px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:896.16px;white-space:nowrap">8/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:1459.54px;letter-spacing:50.28px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:7485.64px;white-space:nowrap">380,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8882.3px;left:9501.64px;white-space:nowrap">326,732</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9166.07px;left:9368.2px;white-space:nowrap">3,413,554</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9493.51px;left:432px;white-space:nowrap">Missouri
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9493.51px;left:1134.34px;white-space:nowrap">4.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:432px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:938.95px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:1090.13px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:1970.75px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:2628.72px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:3304.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:3482.47px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:3749.34px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:4167.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:4345.28px;white-space:nowrap">Missouri</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.68px;left:4940.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:576px;white-space:nowrap">BJC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:922.72px;white-space:nowrap">Healthcare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:1740.92px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:2470.3px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:3003.89px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:3733.27px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:4124.83px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:4320.45px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:5138.81px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:5458.97px;white-space:nowrap">7/01/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9930.16px;left:9501.64px;white-space:nowrap">890,621</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:576px;white-space:nowrap">Children&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:1326.86px;white-space:nowrap">Mercy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:1806.86px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:2429.36px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:3158.73px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:3692.33px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:4421.7px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:4813.27px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:5008.89px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:5329.05px;white-space:nowrap">5/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:7352.2px;white-space:nowrap">5,600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.65px;left:9368.2px;white-space:nowrap">5,026,224</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:2007.64px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:2852.48px;white-space:nowrap">Pharmacy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:4497.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:5618.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10323.13px;left:5814.2px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10515.13px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10515.13px;left:1040.16px;white-space:nowrap">5/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10515.13px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10515.13px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10515.13px;left:9501.64px;white-space:nowrap">740,251</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:2007.64px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:2852.48px;white-space:nowrap">Pharmacy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:4497.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:5618.58px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.62px;left:5814.2px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.62px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.62px;left:1040.16px;white-space:nowrap">5/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.62px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.62px;left:7352.2px;white-space:nowrap">2,270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.62px;left:9368.2px;white-space:nowrap">1,740,650</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:1500.69px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:2007.64px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:2701.31px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:2852.48px;white-space:nowrap">Pharmacy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:3617.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:3786.16px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:4026.23px;white-space:nowrap">Louis, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:4497.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:5227.02px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:5627.41px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.1px;left:5823.03px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.1px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.1px;left:1040.16px;white-space:nowrap">5/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.1px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.1px;left:7352.2px;white-space:nowrap">1,900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.1px;left:9368.2px;white-space:nowrap">1,416,482</div></div>
</div> </div></div>

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<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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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:1470.08px;letter-spacing:9.36px;white-space:nowrap">Municipal
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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:2969.47px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:11px;white-space:nowrap">Investments
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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">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;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:1541.64px;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:2781.72px;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:3007.81px;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:3190.23px;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:3657.03px;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:3919.61px;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:4065.55px;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:4423.05px;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:4940.94px;white-space:nowrap">statements.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">14</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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">Missouri
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1134.34px;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">Industrial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1125.67px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2104.03px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2779.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2957.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3224.66px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3544.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3722.55px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3962.63px;white-space:nowrap">Louis </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4389.58px;white-space:nowrap">Missouri </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5029.66px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5411.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5500.83px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6141.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6230.2px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:682.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:771.63px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1501.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1589.98px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1901.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2043.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2132.56px;letter-spacing:-1.48px;white-space:nowrap">11/15/47</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">875,000</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">738,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:672.08px;white-space:nowrap">Louis </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1099.03px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1650.44px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2344.11px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3322.47px;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:3942px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4030.91px;white-space:nowrap">Friendship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4822.39px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5344.27px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5584.34px;white-space:nowrap">Louis </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">2018 </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">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3466.94px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3609.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3698.11px;white-space:nowrap">9/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:4261.94px;letter-spacing:51.93px;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">3,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9368.2px;white-space:nowrap">3,128,965</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1848.64px;left:9279.22px;white-space:nowrap">13,682,067</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.09px;left:432px;white-space:nowrap">Nevada
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2176.09px;left:1045.67px;white-space:nowrap">1.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:929.89px;white-space:nowrap">Las </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;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:2416.25px;left:1677.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:2950.06px;white-space:nowrap">812, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:4826.63px;white-space:nowrap">2015, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:5271.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:5591.63px;white-space:nowrap">12/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2612.74px;left:9501.64px;white-space:nowrap">200,719</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:2950.06px;white-space:nowrap">814, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:4826.63px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:5271.47px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:5591.63px;white-space:nowrap">6/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:7485.64px;white-space:nowrap">415,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:9501.64px;white-space:nowrap">374,335</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:2950.06px;white-space:nowrap">814, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:4826.63px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:5271.47px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:5591.63px;white-space:nowrap">6/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:7485.64px;white-space:nowrap">590,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:9501.64px;white-space:nowrap">491,528</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:2950.06px;white-space:nowrap">815, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:4826.63px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:5271.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:5591.63px;white-space:nowrap">12/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:7485.64px;white-space:nowrap">595,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:9501.64px;white-space:nowrap">561,213</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:2950.06px;white-space:nowrap">816, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:4826.63px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:5271.47px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:5591.63px;white-space:nowrap">6/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3398.68px;left:9501.64px;white-space:nowrap">478,589</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:2950.06px;white-space:nowrap">817, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:4826.63px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:5271.47px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:5725.06px;white-space:nowrap">6/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:6317.03px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:7485.64px;white-space:nowrap">375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.16px;left:9501.64px;white-space:nowrap">390,848</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:2950.06px;white-space:nowrap">817, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:4826.63px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:5271.47px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:5814.05px;white-space:nowrap">6/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3791.64px;left:9501.64px;white-space:nowrap">513,694</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:2950.06px;white-space:nowrap">817, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:4826.63px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:5271.47px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:5591.63px;white-space:nowrap">6/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3988.13px;left:9501.64px;white-space:nowrap">361,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:1145.22px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:2123.34px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:2656.63px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:2950.06px;white-space:nowrap">817, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:3305.92px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:3866.31px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:4826.63px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:5271.47px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:5591.63px;white-space:nowrap">6/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:6130.2px;letter-spacing:66.76px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">511,909</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:1161.3px;white-space:nowrap">Clark</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:1534.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:1623.56px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:2192.78px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:3170.91px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:3704.19px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:3997.63px;white-space:nowrap">159</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:4264.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:4353.48px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:4913.88px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:5785.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:5874.19px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:6230.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:6319.03px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:6408.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:6550.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4573.1px;left:576px;white-space:nowrap">8/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4573.1px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4573.1px;left:7485.64px;white-space:nowrap">375,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4573.1px;left:9501.64px;white-space:nowrap">375,636</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4856.86px;left:9368.2px;white-space:nowrap">4,260,057</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5184.31px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5184.31px;left:805.44px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5184.31px;left:1676.84px;white-space:nowrap">1.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:796.53px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:1614.58px;white-space:nowrap">Business
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;left:2308.25px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.47px;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:5424.47px;left:3532.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:1305.38px;white-space:nowrap">2024-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:2079.28px;white-space:nowrap">3.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:2710.84px;white-space:nowrap">8/20/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:7352.2px;white-space:nowrap">2,237,421</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5620.96px;left:9368.2px;white-space:nowrap">2,049,336</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5820.65px;left:406.08px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:1305.38px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:1723.11px;white-space:nowrap">2024-3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:2301.39px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:2497.02px;white-space:nowrap">4.163%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:3128.58px;white-space:nowrap">10/20/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:3794.87px;letter-spacing:51.41px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:7485.64px;white-space:nowrap">995,516</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5817.44px;left:9501.64px;white-space:nowrap">920,606</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:796.53px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:1614.58px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:2121.53px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:2432.94px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:3189.03px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:3847px;white-space:nowrap">Authority </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:4514.03px;white-space:nowrap">Act</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.61px;left:4745.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:576px;white-space:nowrap">Elliot </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:967.25px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:1589.75px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:2319.13px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:2852.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:3582.09px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:4026.94px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:4845.3px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:5165.45px;white-space:nowrap">10/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.09px;left:9501.64px;white-space:nowrap">250,334</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:576px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:1269.83px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:1634.36px;white-space:nowrap">Hampshire
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:2452.41px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:2959.36px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:3688.73px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:4222.33px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:4951.7px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:5396.55px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.58px;left:6214.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.58px;left:720px;white-space:nowrap">10/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.58px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.58px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6642.58px;left:9368.2px;white-space:nowrap">1,004,277</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6926.34px;left:9368.2px;white-space:nowrap">4,224,553</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7253.79px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7253.79px;left:805.44px;white-space:nowrap">Jersey
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7253.79px;left:1357.08px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.96px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.96px;left:796.53px;white-space:nowrap">Jersey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.96px;left:1312.23px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.96px;left:2059.19px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.96px;left:3037.55px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7493.96px;left:3657.08px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:576px;white-space:nowrap">Friends </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:1153.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:1328.97px;white-space:nowrap">TEAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:1809.05px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:2520.45px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:3098.42px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:3632.09px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:4361.47px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:4895.06px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:5624.44px;white-space:nowrap">2013, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.44px;left:6069.28px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7882.44px;left:720px;white-space:nowrap">10/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7882.44px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7882.44px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7882.44px;left:9501.64px;white-space:nowrap">901,256</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:576px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:1074.13px;white-space:nowrap">Airlines,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:1687.64px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:2034.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:2763.81px;white-space:nowrap">2000 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:3164.2px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:3359.83px;white-space:nowrap">5.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:3991.39px;letter-spacing:-1.48px;white-space:nowrap">11/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8078.92px;left:9501.64px;white-space:nowrap">500,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:432px;white-space:nowrap">Passaic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:1036.69px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:1588.09px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:2557.39px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:3233.25px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:3615.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:3704.42px;white-space:nowrap">Paterson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:4380.44px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:4709.34px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:4860.52px;white-space:nowrap">Science </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:5474.19px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:6052.16px;white-space:nowrap">School</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8275.41px;left:6541.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:1305.38px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:1750.22px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:1972.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:2114.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:2203.81px;white-space:nowrap">7/01/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8467.41px;left:9501.64px;white-space:nowrap">456,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8751.17px;left:9368.2px;white-space:nowrap">1,857,926</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9078.62px;left:432px;white-space:nowrap">New
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9078.62px;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:9078.62px;left:1190.83px;white-space:nowrap">8.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:432px;white-space:nowrap">Metropolitan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;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:9275.1px;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:9275.1px;left:3034.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:3123.8px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:3764.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:3853.17px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:4253.56px;white-space:nowrap">C-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:4511.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:4600.28px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:5329.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:5418.64px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:5507.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:5649.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:5738.8px;letter-spacing:-1.48px;white-space:nowrap">11/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.1px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9318.79px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9318.79px;left:9368.2px;white-space:nowrap">2,948,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9558.95px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9558.95px;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:9558.95px;left:1152.39px;white-space:nowrap">Counties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9558.95px;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:9558.95px;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:9558.95px;left:2865.91px;white-space:nowrap">VI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9558.95px;left:3017.08px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:1305.38px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:1696.94px;white-space:nowrap">A-2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:2141.55px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:2959.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:3280.06px;white-space:nowrap">6/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9755.44px;left:9368.2px;white-space:nowrap">2,639,640</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:1305.38px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:1696.94px;white-space:nowrap">A-2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:2141.55px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:2959.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:3280.06px;white-space:nowrap">6/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9951.92px;left:9501.64px;white-space:nowrap">603,389</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.09px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.09px;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:10192.09px;left:1152.39px;white-space:nowrap">Liberty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.09px;left:1677.08px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.09px;left:2664.27px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10192.09px;left:3055.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:2710.92px;white-space:nowrap">2.875%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:3342.48px;letter-spacing:-1.48px;white-space:nowrap">11/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:3981.7px;letter-spacing:51.6px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:7352.2px;white-space:nowrap">1,860,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10388.57px;left:9368.2px;white-space:nowrap">1,301,175</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:2710.92px;white-space:nowrap">BAM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:3102.09px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:3724.67px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;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:10585.05px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.05px;left:9368.2px;white-space:nowrap">2,089,675</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:2710.92px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:3031.08px;letter-spacing:-1.48px;white-space:nowrap">11/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:7352.2px;white-space:nowrap">4,215,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.54px;left:9368.2px;white-space:nowrap">2,907,652</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10981.23px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:576px;white-space:nowrap">3 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;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:10978.02px;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:10978.02px;left:1622.41px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:2147.09px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:2529.52px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:3258.89px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:3721.47px;white-space:nowrap">2014, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:4166.31px;white-space:nowrap">2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:4344.2px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:5162.56px;white-space:nowrap">5.375%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:5794.13px;letter-spacing:-1.48px;white-space:nowrap">11/15/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.02px;left:9501.64px;white-space:nowrap">750,027</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:576px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:905.06px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:1580.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:1758.81px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:2120.45px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:2479.2px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:2630.38px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:2994.91px;letter-spacing:-1.48px;white-space:nowrap">Jersey,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:3543.19px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:4272.56px;white-space:nowrap">1WTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:4770.3px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:5215.14px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11174.51px;left:6033.5px;white-space:nowrap">2.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.51px;left:720px;white-space:nowrap">2/15/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.51px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.51px;left:7352.2px;white-space:nowrap">1,835,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.51px;left:9368.2px;white-space:nowrap">1,293,301</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11606.67px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11606.67px;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:11606.67px;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:11606.67px;left:2219.66px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11606.67px;left:3206.84px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11606.67px;left:3598.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:576px;white-space:nowrap">Delta </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:985.14px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:1225.14px;white-space:nowrap">Lines, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:1696.55px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:2043.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:2772.72px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:3217.56px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:3537.72px;white-space:nowrap">10/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:4168.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11803.16px;left:9368.2px;white-space:nowrap">1,252,885</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:576px;white-space:nowrap">Delta </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:985.14px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:1225.14px;white-space:nowrap">Lines, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:1696.55px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:2043.34px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:2772.72px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:3217.56px;white-space:nowrap">5.625%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:3849.13px;white-space:nowrap">4/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:4448.76px;letter-spacing:52.2px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11999.64px;left:9368.2px;white-space:nowrap">1,035,765</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;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:7739.38px;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:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="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(7986.106px,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:3572.9px;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:3835.48px;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:4718.06px;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:5075.56px;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:5301.65px;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:5484.08px;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:5950.87px;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:6213.45px;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:6359.39px;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:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
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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">15</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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:802.55px;letter-spacing:-1.98px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1190.83px;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:984.39px;left:432px;white-space:nowrap">Oneida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:992.39px;white-space:nowrap">Indian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1472.78px;white-space:nowrap">Nation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1979.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2157.63px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;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:984.39px;left:2833.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2922.47px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3562.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3651.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4114.42px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4505.98px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4612.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4701.61px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4790.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4932.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5021.77px;white-space:nowrap">9/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7263.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9368.2px;white-space:nowrap">1,012,294</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:432px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:761.06px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1436.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1614.81px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;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:1180.88px;left:2335.2px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2486.38px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;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:1180.88px;left:3310.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3399.19px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4039.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4128.56px;white-space:nowrap">218th</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4528.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4617.86px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4706.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4849.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4938.02px;letter-spacing:-1.48px;white-space:nowrap">11/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7352.2px;white-space:nowrap">2,460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9368.2px;white-space:nowrap">2,450,174</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Suffolk
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:962.16px;white-space:nowrap">Regional </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;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:1377.36px;left:2339.89px;white-space:nowrap">Betting </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2882.47px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3131.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3220.36px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3860.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3949.73px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4305.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4394.58px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4483.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4625.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4714.73px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9368.2px;white-space:nowrap">2,043,854</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Suffolk
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:959.27px;letter-spacing:-2.22px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1590.83px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2035.44px;white-space:nowrap">Securitization
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3040.36px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3431.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3520.52px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4160.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4249.89px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4641.45px;white-space:nowrap">A-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4890.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4979.34px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5708.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5797.7px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5886.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:6028.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:576px;white-space:nowrap">6/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1179.3px;letter-spacing:50.21px;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">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:9501.64px;white-space:nowrap">685,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2093.29px;left:9279.22px;white-space:nowrap">23,014,352</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2420.74px;left:432px;white-space:nowrap">North
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2420.74px;left:903.02px;white-space:nowrap">Carolina
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2420.74px;left:1587.63px;white-space:nowrap">1.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:432px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:867.7px;white-space:nowrap">Carolina </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:1508.02px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:2103.8px;white-space:nowrap">Care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:2495.05px;white-space:nowrap">Commission</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2660.9px;left:3375.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:576px;white-space:nowrap">Lutheran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:1252.09px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:1910.06px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:2141.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:2399.28px;white-space:nowrap">Aging, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:2897.41px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:3199.75px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:3929.12px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:4462.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:5192.09px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:5592.48px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2857.39px;left:5796.94px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1040.16px;white-space:nowrap">3/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:7352.2px;white-space:nowrap">2,320,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3049.39px;left:9368.2px;white-space:nowrap">2,177,863</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:576px;text-rendering:optimizeLegibility;white-space:nowrap">Maryfield,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:1313.97px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:1616.31px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:2345.69px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:2879.28px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:3608.66px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:4000.22px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:4195.84px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:4516px;white-space:nowrap">10/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.87px;left:9501.64px;white-space:nowrap">471,425</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:576px;letter-spacing:-0.63px;white-space:nowrap">Southminster,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:1598.73px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:1901.08px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:2630.45px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:3164.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:3893.42px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:4338.27px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5156.63px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:5476.78px;white-space:nowrap">10/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:6130.2px;letter-spacing:66.76px;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">965,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3442.36px;left:9501.64px;white-space:nowrap">965,723</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3726.12px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">3,615,011</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4053.57px;left:432px;white-space:nowrap">North
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4053.57px;left:903.02px;white-space:nowrap">Dakota
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4053.57px;left:1480.98px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:929.89px;white-space:nowrap">Grand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:1419.03px;white-space:nowrap">Forks</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4293.73px;left:1819.03px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:576px;white-space:nowrap">Altru </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:949.44px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:1456.39px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:2034.28px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:2763.66px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:3297.25px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:4026.62px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:4418.19px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:4604.98px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:5129.44px;white-space:nowrap">Insured,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4490.22px;left:5752.02px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.22px;left:720px;white-space:nowrap">12/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.22px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.22px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4682.22px;left:9501.64px;white-space:nowrap">354,748</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:576px;white-space:nowrap">Altru </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:949.44px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:1456.39px;white-space:nowrap">System </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:2034.28px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:2763.66px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:3297.25px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:4026.62px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:4418.19px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:4604.98px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:5129.44px;white-space:nowrap">Insured, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.7px;left:5752.02px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:720px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:9368.2px;white-space:nowrap">2,012,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:929.89px;white-space:nowrap">Horace</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:1445.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:1534.58px;white-space:nowrap">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:1783.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:1872.39px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:2272.78px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:2388.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:2477.23px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:3206.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:3295.59px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:3607px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:3749.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:3838.17px;white-space:nowrap">5/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:4448.76px;letter-spacing:52.2px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:7352.2px;white-space:nowrap">1,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.87px;left:9368.2px;white-space:nowrap">1,058,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.63px;left:9368.2px;white-space:nowrap">3,426,265</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5922.08px;left:432px;white-space:nowrap">Ohio
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5922.08px;left:840.83px;white-space:nowrap">2.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:432px;white-space:nowrap">Buckeye </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6162.25px;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:6162.25px;left:1727.63px;white-space:nowrap">Settlement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6162.25px;left:2536.92px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6162.25px;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:6162.25px;left:3885.83px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:1812.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2203.73px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2595.3px;white-space:nowrap">A-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:2933.19px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:3111.08px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:3929.44px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:4249.59px;white-space:nowrap">6/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6358.73px;left:9501.64px;white-space:nowrap">902,021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:1812.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:2203.73px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:2604.12px;white-space:nowrap">B-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:2942.02px;white-space:nowrap">2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:3119.91px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:3938.27px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:4258.42px;white-space:nowrap">6/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:7485.64px;white-space:nowrap">470,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.21px;left:9501.64px;white-space:nowrap">410,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:432px;white-space:nowrap">Cleveland-Cuyahoga
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:1970.75px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:2522.16px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;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:6751.7px;left:3470.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:3559.66px;white-space:nowrap">Playhouse
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:4351.3px;white-space:nowrap">Square </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:4911.69px;white-space:nowrap">Foundation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:5712.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:5801.22px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6751.7px;left:6441.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:576px;white-space:nowrap">2018</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1020.84px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1750.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:1839.2px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:2061.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:2203.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:2292.8px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:2954.15px;letter-spacing:50.83px;white-space:nowrap">......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6943.7px;left:9368.2px;white-space:nowrap">1,467,571</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:1161.3px;letter-spacing:-0.59px;white-space:nowrap">Washington</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2000.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2089.19px;white-space:nowrap">Marietta
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:2702.78px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:3085.2px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:3592.16px;white-space:nowrap">Care, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:4027.86px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:4330.2px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:5059.58px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:5504.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:5593.17px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.18px;left:6233.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:576px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:1020.84px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:1750.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:1839.2px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:2150.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:2292.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:2381.78px;white-space:nowrap">12/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.18px;left:9501.64px;white-space:nowrap">535,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7572.35px;left:432px;white-space:nowrap">Northeast </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7572.35px;left:1170.13px;white-space:nowrap">Ohio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7572.35px;left:1552.55px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7572.35px;left:2148.33px;letter-spacing:-1.19px;white-space:nowrap">University</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7572.35px;left:2838.8px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:2710.92px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:3031.08px;white-space:nowrap">12/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:7352.2px;white-space:nowrap">1,575,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7768.83px;left:9368.2px;white-space:nowrap">1,225,131</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:1696.94px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:1892.56px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:2710.92px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:3031.08px;white-space:nowrap">12/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7965.32px;left:9501.64px;white-space:nowrap">383,978</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:432px;white-space:nowrap">Ohio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:814.42px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:1330.2px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:2210.83px;white-space:nowrap">Facility </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:2753.09px;white-space:nowrap">Commission</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:3633.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:3722.16px;white-space:nowrap">Xavier </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:4220.13px;letter-spacing:-1.19px;white-space:nowrap">University</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:4910.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:4999.5px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:5639.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:5728.88px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8161.8px;left:6084.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:1394.36px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:1705.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:1848.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:1936.94px;white-space:nowrap">5/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:2487.09px;letter-spacing:50.62px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8353.8px;left:9368.2px;white-space:nowrap">1,504,595</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8553.5px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:432px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:769.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:947.78px;white-space:nowrap">Greater </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:1534.66px;white-space:nowrap">Cincinnati
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:2281.69px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;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:8550.29px;left:3879.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:3968.48px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:4288.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:4466.38px;white-space:nowrap">Cincinnati
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:5204.58px;white-space:nowrap">Assigned
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.29px;left:5907.23px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:576px;white-space:nowrap">Residual </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:1243.03px;white-space:nowrap">Funds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:1687.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:1776.63px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:2417.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:2506px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:2968.58px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:3324.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:3413.42px;white-space:nowrap">4.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:3724.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:3867.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:3956px;white-space:nowrap">12/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:7352.2px;white-space:nowrap">1,320,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8742.29px;left:9368.2px;white-space:nowrap">1,206,161</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:432px;white-space:nowrap">Southeastern
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:1428.25px;white-space:nowrap">Ohio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:1810.67px;white-space:nowrap">Port </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;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:8938.77px;left:2759.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:2848.17px;white-space:nowrap">Marietta
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:3461.77px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:3844.19px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:4351.14px;white-space:nowrap">Care, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:4786.84px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:5089.19px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:5818.56px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8938.77px;left:6263.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:1305.38px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:1661.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:1750.22px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:2479.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:2568.58px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:2657.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:2799.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:2888.73px;white-space:nowrap">12/01/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9130.77px;left:9501.64px;white-space:nowrap">128,932</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9414.54px;left:9368.2px;white-space:nowrap">7,764,642</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9741.98px;left:432px;white-space:nowrap">Oregon
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9741.98px;left:1045.36px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:432px;white-space:nowrap">Hospital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:1054.5px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:1712.47px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:2388.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:2566.22px;white-space:nowrap">Multnomah
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:3402.16px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:3953.56px;white-space:nowrap">Oregon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:4487.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;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:9938.47px;left:5328.95px;white-space:nowrap">Plaza, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9938.47px;left:5818.09px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:2568.34px;white-space:nowrap">2012</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:2924.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:3013.19px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:3742.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:3831.55px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:3920.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:4062.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:4151.7px;white-space:nowrap">12/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:7485.64px;white-space:nowrap">260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.47px;left:9501.64px;white-space:nowrap">260,025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10457.91px;left:432px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10457.91px;left:1499.19px;white-space:nowrap">4.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10698.08px;left:432px;white-space:nowrap">Chester </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10698.08px;left:1036.69px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10698.08px;left:1588.09px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10698.08px;left:2281.77px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10698.08px;left:3260.13px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10698.08px;left:3879.66px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:576px;white-space:nowrap">Collegium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:1331.86px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:1909.83px;white-space:nowrap">School,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:2487.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:3217.33px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:3608.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:3804.52px;white-space:nowrap">5.125%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:4436.08px;white-space:nowrap">10/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10894.56px;left:9501.64px;white-space:nowrap">727,103</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:1322.8px;white-space:nowrap">Student </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:1918.81px;white-space:nowrap">Housing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:2550.3px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:2932.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:3662.09px;white-space:nowrap">2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:4053.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:4249.28px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:4569.44px;white-space:nowrap">8/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:5103.27px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11091.05px;left:9501.64px;white-space:nowrap">910,976</div></div>
</div> </div></div>

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

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;letter-spacing:9.36px;white-space:nowrap">Municipal
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:11px;white-space:nowrap">Investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div 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="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(1196.093px,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">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;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:1541.64px;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:2424.22px;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:2781.72px;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:3007.81px;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:3190.23px;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:3657.03px;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:3919.61px;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:4065.55px;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:4423.05px;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:4940.94px;white-space:nowrap">statements.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">16</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,iVBORw0KGgoAAAANSUhEUgAABBoAAAUCCAYAAACkLpAdAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsW2EQABFwcUidBHu5ORO3NZ2c0U5XyfOl+BZOqyZhOQHBAToaeFYaw0AAACAwttuAAAAAHCV0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAIDMOed87kYv6H2M8b0bAQDwr3kn5C/c7bl6/73e6Z75584xxmM3AgAAALjiHGN87kYv6G6VEQCAnndC/sLdnisnGng5x1prtwEAAAC4xM8gAQAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgMy5GwAAAHBPc87nGOOx20HpWGvtNgAAAACX+HQCAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADLnbgAAAMA9zTm/xhgfmxmknGgAAAAAMsdaa7cBAAAAuMSJBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMuduAAAAwD3NOb/GGB+bGaScaAAAAAAyx1prtwEAAAC4xIkGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMicuwEAAAD3NOd8jjEeux2UjrXWbgMAAABwiU8nAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAADw084d0yAABFEUXBIEIAEJSEIS7XU4PSQcxWsgM/VX8LJZACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSupwEAAAC/aa31nJn7YQYpFw0AAABA5rL3Pm0AAAAAvuKiAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAy19MAAACA37TWes3M47SDktAAAADwv94zczuNoHTZe582AAAAAF/xowEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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:160px;position:absolute;top:984.39px;left:432px;white-space:nowrap">Cumberland </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1348.02px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1899.42px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;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:984.39px;left:3230.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3310.52px;white-space:nowrap">Asbury </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3852.94px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4849.11px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5578.48px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6023.17px;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">2019</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">1/01/45</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">500,000</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">446,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">Dallas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:912.23px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1294.66px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2006.14px;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:2625.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2714.58px;white-space:nowrap">Misericordia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3621.45px;letter-spacing:-1.19px;white-space:nowrap">University</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4311.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4400.83px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5041.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5130.2px;white-space:nowrap">2019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5486.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5575.05px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6304.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:664.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:807.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:896.16px;white-space:nowrap">5/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1459.54px;letter-spacing:50.28px;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">2,040,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9368.2px;white-space:nowrap">1,779,337</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:432px;white-space:nowrap">Lancaster </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1179.11px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1890.59px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2510.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2599.03px;white-space:nowrap">Garden </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3177.16px;white-space:nowrap">Spot </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3550.75px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4072.63px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4802px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5246.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5335.59px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5976.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6064.97px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6420.91px;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:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1714.52px;white-space:nowrap">5/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:9501.64px;white-space:nowrap">897,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:432px;white-space:nowrap">Lehigh </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:956.92px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:1508.33px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2202px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:3180.36px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:3799.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:3888.8px;white-space:nowrap">Seven </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:4386.92px;white-space:nowrap">Generations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5303.02px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5880.98px;white-space:nowrap">School</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:6370.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1696.94px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1803.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1892.56px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:1981.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:2123.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:2212.72px;white-space:nowrap">5/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:2767.33px;letter-spacing:50.74px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2341.85px;left:9501.64px;white-space:nowrap">767,994</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:432px;white-space:nowrap">Maxatawny </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1282.78px;letter-spacing:-1.97px;white-space:nowrap">Township
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1994.27px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:2705.75px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:3325.28px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:576px;white-space:nowrap">Lutheran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:1252.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:1759.05px;white-space:nowrap">Services </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2417.02px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2781.63px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:3511px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4044.59px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4773.97px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5165.53px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5361.16px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5681.31px;white-space:nowrap">1/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:7352.2px;white-space:nowrap">1,400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:9368.2px;white-space:nowrap">1,381,842</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:576px;white-space:nowrap">Lutheran </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1252.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1759.05px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:2417.02px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:2781.63px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:3511px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:4044.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:4773.97px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:5165.53px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:5361.16px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:5681.31px;white-space:nowrap">1/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:6223.61px;letter-spacing:72.69px;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">1,450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:9368.2px;white-space:nowrap">1,424,215</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:432px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:1428.17px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:2175.13px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:3162.31px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;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:3215.15px;left:4511.22px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:576px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:1732.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:1909.91px;white-space:nowrap">Pennsylvania
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:2906.08px;white-space:nowrap">Motor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:3359.52px;white-space:nowrap">License </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:3955.45px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:4409.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:5138.42px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:5583.27px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:5903.42px;white-space:nowrap">6/30/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3411.63px;left:9368.2px;white-space:nowrap">1,046,291</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3611.33px;left:385.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Talen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:1002.95px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:1554.36px;white-space:nowrap">Supply </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:2088.03px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:2470.45px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:3199.83px;white-space:nowrap">2009 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:3600.22px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:3804.67px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:4623.03px;white-space:nowrap">Mandatory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:5423.42px;white-space:nowrap">Put, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3608.12px;left:5752.48px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.12px;left:720px;white-space:nowrap">6/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.12px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.12px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.12px;left:9501.64px;white-space:nowrap">500,866</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3999.81px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.28px;left:432px;white-space:nowrap">Philadelphia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.28px;left:1339.42px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.28px;left:2015.28px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.28px;left:2246.45px;white-space:nowrap">Industrial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.28px;left:2940.13px;white-space:nowrap">Development</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.28px;left:3882.86px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4239.98px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:1500.69px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:1758.73px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:2087.64px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:2558.81px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:3288.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:3750.77px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:4195.61px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:4515.77px;white-space:nowrap">3/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:7352.2px;white-space:nowrap">2,582,526</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.77px;left:9368.2px;white-space:nowrap">2,014,370</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:1322.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:1500.69px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:1758.73px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:2087.64px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:2558.81px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:3288.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:3750.77px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:4195.61px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:5280.69px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:5600.84px;white-space:nowrap">3/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:7574.63px;white-space:nowrap">40,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4433.25px;left:9590.63px;white-space:nowrap">42,130</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:576px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:1322.8px;white-space:nowrap">Plaza </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:1758.66px;white-space:nowrap">Associates,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:2621.23px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:3350.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:3813.19px;white-space:nowrap">2017, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:4258.03px;white-space:nowrap">III, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:4480.3px;white-space:nowrap">Pre-Refunded,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4629.73px;left:5565.38px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.73px;left:720px;white-space:nowrap">12/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.73px;left:1366.13px;letter-spacing:50.25px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.73px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.73px;left:9368.2px;white-space:nowrap">1,340,292</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5105.5px;left:9279.22px;white-space:nowrap">13,279,662</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5432.95px;left:432px;white-space:nowrap">South
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5432.95px;left:929.66px;white-space:nowrap">Carolina
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5432.95px;left:1614.27px;white-space:nowrap">5.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:1161.3px;letter-spacing:-1.48px;white-space:nowrap">Berkeley</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:1771.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:1860.83px;white-space:nowrap">Nexton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:2412.23px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:3390.36px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:3879.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:3968.09px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:4528.48px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:5399.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:5488.8px;white-space:nowrap">2019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:5844.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:5933.64px;white-space:nowrap">4.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:6334.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.43px;left:6476.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:576px;letter-spacing:-1.48px;white-space:nowrap">11/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:9501.64px;white-space:nowrap">836,783</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.6px;left:432px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.6px;left:894.58px;white-space:nowrap">Carolina </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.6px;left:1534.89px;white-space:nowrap">Jobs-Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.6px;left:2673.09px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.6px;left:3651.45px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6061.6px;left:4270.98px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:576px;white-space:nowrap">Beaufort </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:1225.3px;white-space:nowrap">Memorial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:1927.64px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:2550.14px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:3279.52px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:3813.11px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:4542.48px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:4987.33px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:5529.91px;letter-spacing:-1.48px;white-space:nowrap">11/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.08px;left:9368.2px;white-space:nowrap">1,018,567</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6457.77px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:576px;white-space:nowrap">Greenville </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:1340.77px;white-space:nowrap">Renewable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:2185.77px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:2737.17px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:3493.27px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:4071.23px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:4604.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:5334.28px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6454.56px;left:5867.88px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:720px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:1182.58px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:1574.14px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:1769.77px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:2588.13px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:2908.28px;white-space:nowrap">6/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:7352.2px;white-space:nowrap">1,020,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6646.56px;left:9501.64px;white-space:nowrap">687,662</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6846.26px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:576px;white-space:nowrap">High </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:949.52px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:1349.83px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:2093.81px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:2440.61px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:3169.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:3632.56px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:4024.13px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:4219.75px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:4762.33px;white-space:nowrap">6/15/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.05px;left:9501.64px;white-space:nowrap">459,559</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7042.74px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:576px;white-space:nowrap">High </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:949.52px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:1349.83px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:2093.81px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:2440.61px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:3169.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:3632.56px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:4024.13px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:4219.75px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:4762.33px;white-space:nowrap">6/15/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.53px;left:9501.64px;white-space:nowrap">883,801</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7239.23px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7279.7px;left:432px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7279.7px;left:894.58px;white-space:nowrap">Carolina </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7279.7px;left:1534.89px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7279.7px;left:2015.13px;white-space:nowrap">Service </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7279.7px;left:2584.27px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7279.7px;left:3203.8px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:1705.77px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:1901.39px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:2221.55px;white-space:nowrap">12/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:7352.2px;white-space:nowrap">4,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7476.18px;left:9368.2px;white-space:nowrap">3,754,345</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:1705.77px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:1901.39px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:2221.55px;white-space:nowrap">12/01/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:7352.2px;white-space:nowrap">5,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7672.67px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">4,893,811</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:1305.38px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:1705.77px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:1901.39px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:2221.55px;white-space:nowrap">12/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7869.15px;left:9368.2px;white-space:nowrap">2,602,540</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8152.92px;left:9279.22px;white-space:nowrap">15,137,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8480.36px;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:8480.36px;left:1291.69px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:1356.92px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:2281.77px;white-space:nowrap">Nashville
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:2975.36px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:3126.53px;white-space:nowrap">Davidson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:3838.02px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:4389.42px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:4896.38px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:5047.55px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8676.85px;left:5928.17px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:576px;white-space:nowrap">Board</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:1002.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:1091.86px;white-space:nowrap">Blakeford
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:1812.25px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:1990.14px;white-space:nowrap">Green </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:2479.28px;white-space:nowrap">Hills </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:2825.92px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:3555.3px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:3999.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:4088.89px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:4729.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:4818.27px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:5209.83px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:5316.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:5405.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:5494.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:5636.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;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:8868.85px;left:6410.44px;letter-spacing:120.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:7352.2px;white-space:nowrap">1,750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8868.85px;left:9368.2px;white-space:nowrap">1,290,504</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:1356.92px;white-space:nowrap">Nashville
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:2041.69px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:2548.56px;white-space:nowrap">Authority
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:3224.42px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:3606.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:3695.59px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:4336.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:4424.97px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:4825.36px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:4932.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:5020.98px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:5243.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:5385.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:5474.58px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.33px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.01px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9109.01px;left:9368.2px;white-space:nowrap">1,076,348</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9392.78px;left:9368.2px;white-space:nowrap">2,366,852</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9720.22px;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:9720.22px;left:918.25px;letter-spacing:-1.77px;white-space:nowrap">11.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9960.39px;left:432px;white-space:nowrap">Arlington </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9960.39px;left:1107.94px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9960.39px;left:1623.72px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9960.39px;left:2379.81px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9960.39px;left:2993.48px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9960.39px;left:3384.73px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10160.09px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:576px;white-space:nowrap">BASIS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;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:10156.88px;left:1551.31px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:2129.28px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:2787.41px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:3134.2px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:3863.58px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:4326.16px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:4771px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:5091.16px;white-space:nowrap">6/15/64</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:7352.2px;white-space:nowrap">1,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10156.88px;left:9368.2px;white-space:nowrap">1,099,029</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10356.57px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:576px;white-space:nowrap">Magellan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:1269.75px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:1803.42px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:2274.59px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:3003.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:3466.55px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:3911.39px;white-space:nowrap">6.375%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:4542.95px;white-space:nowrap">6/01/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:7352.2px;white-space:nowrap">1,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10353.36px;left:9391.95px;letter-spacing:-2.64px;white-space:nowrap">1,111,630</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:576px;letter-spacing:-0.74px;white-space:nowrap">Wayside
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:1228.03px;white-space:nowrap">Schools,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:1886.16px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:2615.53px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:3007.09px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:3202.72px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:4021.08px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:4341.23px;white-space:nowrap">8/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:4915.83px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:7485.64px;white-space:nowrap">610,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10549.84px;left:9501.64px;white-space:nowrap">509,394</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10749.54px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:921.06px;letter-spacing:-1.98px;white-space:nowrap">Aubrey</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:1416.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:1505.05px;white-space:nowrap">Duck </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:1914.03px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:2323.17px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:2803.41px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:3781.53px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:4270.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:4359.27px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:4919.66px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:5791.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.33px;left:5879.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:576px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:1020.84px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:1421.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:1563.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:1652.41px;white-space:nowrap">12/31/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">110,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.33px;left:9501.64px;white-space:nowrap">101,820</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11138.02px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11178.49px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11178.49px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11178.49px;left:921.06px;white-space:nowrap">Austin</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11178.49px;left:1365.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:576px;white-space:nowrap">Whisper </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:1207.25px;letter-spacing:-1.7px;white-space:nowrap">Valley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:1675.61px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:2155.84px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:3133.97px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:3667.25px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:4636.55px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:5018.97px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:5312.41px;white-space:nowrap">3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11374.98px;left:5490.3px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:720px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:1680.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:2142.89px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:2587.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:2907.89px;letter-spacing:-1.48px;white-space:nowrap">11/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:7485.64px;white-space:nowrap">555,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11566.98px;left:9501.64px;white-space:nowrap">517,497</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:576px;white-space:nowrap">Whisper </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:1207.25px;letter-spacing:-1.7px;white-space:nowrap">Valley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:1675.61px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:2155.84px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:3133.97px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:3667.25px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:4636.55px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:5018.97px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:5312.41px;white-space:nowrap">3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11763.46px;left:5490.3px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:720px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:1680.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:2142.89px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:2587.73px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:3130.31px;letter-spacing:-1.48px;white-space:nowrap">11/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:3794.87px;letter-spacing:51.41px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11955.46px;left:9501.64px;white-space:nowrap">693,583</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;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:7739.38px;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:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(7986.106px,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:3572.9px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</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>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(527.260px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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: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">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:929.89px;white-space:nowrap">Celina</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1383.48px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:576px;white-space:nowrap">Sutton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1083.03px;white-space:nowrap">Fields </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1554.28px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1918.89px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2399.13px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3377.25px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3910.53px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4408.66px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4702.09px;white-space:nowrap">2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4879.98px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5440.38px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:720px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1182.58px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:1627.42px;white-space:nowrap">5.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2258.98px;white-space:nowrap">9/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:2860.74px;letter-spacing:50.79px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1416.56px;left:9501.64px;white-space:nowrap">142,204</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:576px;white-space:nowrap">Sutton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1083.03px;white-space:nowrap">Fields </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1554.28px;white-space:nowrap">East </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1918.89px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2399.13px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3377.25px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:3910.53px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4408.66px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4702.09px;white-space:nowrap">2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:4879.98px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5440.38px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:720px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1182.58px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1627.42px;white-space:nowrap">5.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2258.98px;white-space:nowrap">9/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2860.74px;letter-spacing:50.79px;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">270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:9501.64px;white-space:nowrap">254,219</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:929.89px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:1561.45px;white-space:nowrap">Airport </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:2077.16px;white-space:nowrap">System</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2045.21px;left:2610.59px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:576px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:1074.13px;white-space:nowrap">Airlines,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:1687.64px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:2034.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:2763.81px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:3164.2px;white-space:nowrap">B-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:3502.09px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:3822.25px;white-space:nowrap">7/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:4356.08px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2241.69px;left:9368.2px;white-space:nowrap">2,460,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:576px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:1074.13px;white-space:nowrap">Airlines,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:1687.64px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:2034.44px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:2763.81px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:3155.37px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:3351px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:3671.16px;white-space:nowrap">7/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:4261.94px;letter-spacing:51.93px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2438.18px;left:9368.2px;white-space:nowrap">1,124,237</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2637.87px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:929.89px;white-space:nowrap">Hutto</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:1312.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:1401.22px;white-space:nowrap">Prairie </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:1908.02px;white-space:nowrap">Winds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:2397px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:2877.23px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:3855.36px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:4388.64px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:5357.94px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:5740.36px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:6033.8px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2634.66px;left:6122.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:1136.39px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:2007.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:2096.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:2559.28px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:2915.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:3004.12px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:3404.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:3546.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:3635.69px;white-space:nowrap">9/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:4169.52px;letter-spacing:51.81px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:7485.64px;white-space:nowrap">390,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2826.66px;left:9501.64px;white-space:nowrap">362,138</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:432px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:752px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:929.89px;white-space:nowrap">San </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:1250.2px;white-space:nowrap">Antonio</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:1792.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:1881.77px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:2450.75px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:2601.92px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:2939.81px;white-space:nowrap">Systems</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:3553.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:3642.16px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:4282.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:4371.53px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:4771.92px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:4887.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:4976.38px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:5705.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:5794.73px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:6017.16px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3023.15px;left:6159.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:576px;white-space:nowrap">2/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:1179.3px;letter-spacing:50.21px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3215.15px;left:9368.2px;white-space:nowrap">5,391,432</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3455.31px;left:432px;white-space:nowrap">Clifton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3455.31px;left:929.97px;white-space:nowrap">Higher </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3455.31px;left:1445.75px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3455.31px;left:2201.84px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3455.31px;left:2815.52px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3455.31px;left:3206.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:576px;letter-spacing:-1.77px;white-space:nowrap">IDEA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:985.06px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:1465.3px;white-space:nowrap">Schools, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:2123.42px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:2852.8px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:3244.36px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:3439.98px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:3760.14px;white-space:nowrap">8/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:7352.2px;white-space:nowrap">1,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3651.8px;left:9368.2px;white-space:nowrap">1,012,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:576px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:1501.08px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:2337.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;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:3848.28px;left:3019.12px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:3365.92px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:4095.3px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:4495.69px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:4700.14px;white-space:nowrap">6.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:5331.7px;white-space:nowrap">8/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:5943.37px;letter-spacing:60.82px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.28px;left:9368.2px;white-space:nowrap">2,500,447</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4047.98px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:432px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:983.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:1161.3px;white-space:nowrap">Denton</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4088.45px;left:1677.23px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:576px;white-space:nowrap">Green </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:1065.14px;white-space:nowrap">Meadows </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:1794.36px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:2274.59px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:3252.72px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:3786px;white-space:nowrap">Major </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:4230.53px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:5199.83px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4284.93px;left:5626.7px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:720px;white-space:nowrap">Assessment, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:1680.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:2142.89px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:2587.73px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:3219.3px;white-space:nowrap">12/31/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:7485.64px;white-space:nowrap">125,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4476.93px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">118,332</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:576px;white-space:nowrap">Green </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:1065.14px;white-space:nowrap">Meadows </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:1794.36px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:2274.59px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:3252.72px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:3786px;white-space:nowrap">Major </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:4230.53px;white-space:nowrap">Improvement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:5199.83px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.42px;left:5626.7px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:720px;white-space:nowrap">Assessment, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:1680.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:2142.89px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:2587.73px;white-space:nowrap">6.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:3219.3px;white-space:nowrap">12/31/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:3888.29px;letter-spacing:51.5px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4865.42px;left:9501.64px;white-space:nowrap">235,147</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:432px;white-space:nowrap">Dallas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:912.23px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:1294.66px;white-space:nowrap">Rapid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:1754.27px;letter-spacing:-0.85px;white-space:nowrap">Transit</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:2237.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:2326.22px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:3055.59px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:3562.55px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:3865.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:3953.95px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:4345.52px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:4452.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:4541.14px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:5270.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:5359.5px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:5448.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:5590.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:5679.66px;white-space:nowrap">12/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5061.9px;left:6317.03px;letter-spacing:84.55px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5105.58px;left:7352.2px;white-space:nowrap">7,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5105.58px;left:9368.2px;white-space:nowrap">7,194,878</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:432px;white-space:nowrap">Harris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:903.09px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:1454.5px;white-space:nowrap">Cultural </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:2050.28px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:2806.38px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:3473.17px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:4086.84px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5345.75px;left:4478.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:576px;white-space:nowrap">Brazos </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:1118.42px;white-space:nowrap">Presbyterian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:2061.08px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:2612.33px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:3341.7px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:3875.3px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:4604.67px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:5049.52px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5542.23px;left:5867.88px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5734.23px;left:720px;white-space:nowrap">1/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5734.23px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5734.23px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5734.23px;left:9501.64px;white-space:nowrap">251,080</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:576px;letter-spacing:-1.77px;white-space:nowrap">YMCA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:1073.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:1251.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:1518.66px;white-space:nowrap">Greater </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:2105.53px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:2737.09px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:3163.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:3893.34px;white-space:nowrap">2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:4284.91px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:4480.53px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:5298.89px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:5619.05px;white-space:nowrap">6/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5930.72px;left:9501.64px;white-space:nowrap">961,882</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:432px;white-space:nowrap">Matagorda </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:1241.38px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:1792.78px;white-space:nowrap">Navigation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:2593.25px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:3126.53px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:3419.97px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:3508.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;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:6127.2px;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:6127.2px;left:4454.73px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:4712.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:4801.53px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:5442px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:5530.91px;white-space:nowrap">2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:5922.47px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6127.2px;left:6029.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:1385.53px;white-space:nowrap">AMBAC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:1998.97px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:2532.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:2621.55px;white-space:nowrap">4.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:2843.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:2986.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:3075.14px;white-space:nowrap">5/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:3608.97px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.2px;left:9368.2px;white-space:nowrap">1,260,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:432px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:796.53px;white-space:nowrap">Hope </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:1223.48px;white-space:nowrap">Cultural
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:1819.27px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:2575.36px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:3242.16px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:3855.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:4247.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:4335.98px;white-space:nowrap">CHF-Collegiate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:5474.11px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.69px;left:6105.59px;white-space:nowrap">Denton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:576px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:869.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:958.42px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:1598.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:1687.8px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:2079.36px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:2328.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:2408.42px;white-space:nowrap">AGMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:2932.88px;white-space:nowrap">Insured</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:3466.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:3555.45px;white-space:nowrap">4.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:3955.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:4098.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:4187.02px;white-space:nowrap">7/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:4729px;letter-spacing:52.71px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6707.69px;left:9501.64px;white-space:nowrap">873,594</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:432px;letter-spacing:-2.22px;white-space:nowrap">Tarrant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:974.42px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:1525.83px;white-space:nowrap">Cultural
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:2121.61px;white-space:nowrap">Education
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:2877.7px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:3544.5px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:4158.17px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:4549.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:4638.33px;white-space:nowrap">Cumberland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:5554.34px;white-space:nowrap">Rest, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6904.17px;left:5972.23px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:576px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:1305.38px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:1750.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:1838.97px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:2479.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:2568.34px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:2924.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:3013.19px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:3742.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:3831.55px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:3920.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:4062.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:4151.7px;white-space:nowrap">10/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:4822.42px;letter-spacing:52.91px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7096.17px;left:9501.64px;white-space:nowrap">986,546</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7295.86px;left:302.33px;white-space:nowrap">a,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:894.42px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:1747.94px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:2379.42px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:2530.59px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:3277.55px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:4264.73px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:4655.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:4736.06px;white-space:nowrap">Agape </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:5243.17px;white-space:nowrap">Helotes,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:5874.58px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.65px;left:6132.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:1305.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:1812.33px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:2114.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:2203.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:2666.31px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:3057.88px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:3306.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:3395.77px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:3707.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:3849.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:3938.34px;white-space:nowrap">1/01/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:7485.64px;white-space:nowrap">575,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7484.65px;left:9501.64px;white-space:nowrap">531,182</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:894.42px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:1614.73px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:1943.8px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:2762px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:2913.17px;white-space:nowrap">Supply </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:3446.84px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:3882.55px;white-space:nowrap">III</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:4015.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:4104.81px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:4745.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:4834.19px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:5190.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:5279.03px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:6008.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:6097.39px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:6186.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7681.14px;left:6328.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.14px;left:576px;white-space:nowrap">12/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.14px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.14px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7873.14px;left:9368.2px;white-space:nowrap">1,041,074</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8072.83px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Texas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:891.53px;letter-spacing:-0.4px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:1961.69px;white-space:nowrap">Commission
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:2886.3px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:3304.34px;white-space:nowrap">Highway </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:3962.39px;white-space:nowrap">249 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:4273.8px;white-space:nowrap">System</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:4807.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:4896.14px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:5625.52px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:5978.09px;letter-spacing:-3.69px;white-space:nowrap">Tier</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8069.62px;left:6238.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:576px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:967.56px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:1074.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:1163.19px;white-space:nowrap">4.77</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:1474.59px;white-space:nowrap">%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:1705.77px;white-space:nowrap">8/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8261.62px;left:9501.64px;white-space:nowrap">360,081</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:432px;white-space:nowrap">Uptown </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:1018.95px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;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:8458.11px;left:2616.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:2705.75px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:3025.75px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:3203.64px;white-space:nowrap">Houston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:3844.03px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:4866.69px;white-space:nowrap">Zone </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:5275.83px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:5569.27px;white-space:nowrap">16</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:5747.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8458.11px;left:5833.25px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:576px;white-space:nowrap">Allocation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:1269.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:1358.66px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:1714.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:1803.5px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:2532.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:2621.86px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:2710.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:2853.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:2942.02px;white-space:nowrap">9/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:3514.63px;letter-spacing:51.18px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:7485.64px;white-space:nowrap">900,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8650.11px;left:9501.64px;white-space:nowrap">727,844</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8933.87px;left:9279.22px;white-space:nowrap">31,822,778</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9261.32px;left:432px;white-space:nowrap">Utah
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9261.32px;left:832px;white-space:nowrap">2.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9461.01px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:432px;white-space:nowrap">Black </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:867.7px;white-space:nowrap">Desert </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:1383.41px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:1863.64px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:2850.67px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:3339.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:3419.58px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:4326.61px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:4709.03px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:5002.47px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:5091.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9457.8px;left:5180.36px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:1536.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:1998.89px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:2354.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:2443.73px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:2844.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:2986.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:3075.3px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9649.8px;left:9368.2px;white-space:nowrap">1,266,055</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9849.5px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:432px;white-space:nowrap">Mida </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:823.25px;white-space:nowrap">Mountain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;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:9846.29px;left:2047.78px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:2528.02px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:3515.05px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:4003.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:4092.78px;white-space:nowrap">Mountain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;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:9846.29px;left:5308.48px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9846.29px;left:6215.52px;white-space:nowrap">Area </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:576px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:869.44px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:958.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:1047.33px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:1607.72px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:2479.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:2568.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:3030.61px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:3386.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:3475.45px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:3564.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:3706.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:3795.61px;white-space:nowrap">8/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:7352.2px;white-space:nowrap">1,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10038.29px;left:9501.64px;white-space:nowrap">992,874</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10237.98px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:432px;letter-spacing:-1.77px;white-space:nowrap">MIDA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:867.62px;white-space:nowrap">Mountain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:1570.28px;letter-spacing:-0.36px;white-space:nowrap">Village
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:2092.16px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:2572.39px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:3559.42px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10278.45px;left:4048.25px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:576px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:1136.39px;white-space:nowrap">Assessment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:2096.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:2559.28px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:2950.84px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:3146.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:3466.62px;white-space:nowrap">8/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:4075.11px;letter-spacing:51.7px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:7352.2px;white-space:nowrap">1,045,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10474.94px;left:9501.64px;white-space:nowrap">967,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:576px;white-space:nowrap">Military </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:1127.09px;white-space:nowrap">Recreation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:1945.3px;white-space:nowrap">Facility
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:2487.56px;white-space:nowrap">Project
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:3021.16px;white-space:nowrap">Area, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:3445.14px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:3729.75px;white-space:nowrap">Allocation,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:4512.41px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:4974.98px;white-space:nowrap">2024-2,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:5562.09px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:5882.25px;white-space:nowrap">6/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10671.42px;left:9501.64px;white-space:nowrap">500,927</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10871.12px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:432px;white-space:nowrap">SkyRidge </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:1161.22px;white-space:nowrap">Pegasus
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:1828.33px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:2815.36px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:3553.56px;white-space:nowrap">District</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:4042.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:4122.47px;white-space:nowrap">Assessment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:5029.5px;white-space:nowrap">Area</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:5367.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.91px;left:5456.38px;white-space:nowrap">Special
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:576px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:1447.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:1536.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:1998.89px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:2354.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:2443.73px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:2755.14px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:2897.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:2986.31px;white-space:nowrap">12/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:3609.12px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.91px;left:9501.64px;white-space:nowrap">281,940</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:432px;white-space:nowrap">Utah </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:814.42px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;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:11256.39px;left:2314.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:2403.33px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3043.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3132.7px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3488.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3577.55px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3666.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3808.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:3897.7px;white-space:nowrap">10/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11256.39px;left:4542.18px;letter-spacing:52.35px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11300.07px;left:7352.2px;white-space:nowrap">1,350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11300.07px;left:9368.2px;white-space:nowrap">1,446,686</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11583.84px;left:9368.2px;white-space:nowrap">5,456,249</div></div>
</div> </div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:11px;white-space:nowrap">Investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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:-0.22px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1060.36px;white-space:nowrap">1.4%</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:984.39px;left:432px;white-space:nowrap">Cherry </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:956.53px;white-space:nowrap">Hill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1223.17px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2076.69px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3055.05px;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:3674.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3763.48px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4323.88px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5195.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5284.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5746.77px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6102.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6191.61px;white-space:nowrap">5.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6414.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6556.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:576px;white-space:nowrap">3/01/45</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: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">995,000</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">995,340</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1376.09px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:432px;white-space:nowrap">Farms </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:929.73px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1294.27px;white-space:nowrap">Kent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1667.86px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2521.38px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3499.73px;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:4119.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4208.17px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4768.56px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5639.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5728.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6191.45px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:576px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:682.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:771.63px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1501.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1589.98px;white-space:nowrap">3.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1901.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2043.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2132.56px;white-space:nowrap">3/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2673.91px;letter-spacing:50.7px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7485.64px;white-space:nowrap">360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">332,114</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:432px;white-space:nowrap">James </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:947.7px;white-space:nowrap">City </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1267.7px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:1819.11px;white-space:nowrap">Economic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:2566.06px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:3544.42px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1805.04px;left:4163.95px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:576px;letter-spacing:-0.32px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1151.16px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:1658.11px;white-space:nowrap">Methodist
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:2396.23px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:2947.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:3125.38px;white-space:nowrap">Williamsburg,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:4129.98px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:4432.33px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:5161.7px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2001.53px;left:5695.3px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:720px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1111.56px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:1307.19px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2125.55px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:2445.7px;white-space:nowrap">6/01/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2193.53px;left:9501.64px;white-space:nowrap">768,717</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:576px;white-space:nowrap">Williamsburg
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:1536.16px;white-space:nowrap">Landing,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:2194.52px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:2496.86px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:3226.23px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:3759.83px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4489.2px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:4880.77px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:5076.39px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2390.01px;left:5894.75px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:720px;white-space:nowrap">12/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:1366.13px;letter-spacing:50.25px;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">1,235,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2582.01px;left:9501.64px;white-space:nowrap">947,056</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2781.71px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:432px;white-space:nowrap">Lower </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:912.23px;white-space:nowrap">Magnolia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:1605.98px;white-space:nowrap">Green </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2095.13px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:2948.64px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:3927px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4546.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:4635.44px;white-space:nowrap">Special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:5195.83px;white-space:nowrap">Assessment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:6067.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2778.5px;left:6156.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:576px;white-space:nowrap">2015</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:931.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1020.84px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1109.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1252.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1341px;white-space:nowrap">3/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:1926.61px;letter-spacing:50.41px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2970.5px;left:9501.64px;white-space:nowrap">449,618</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Suffolk
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:962.16px;white-space:nowrap">Economic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:1709.11px;white-space:nowrap">Development
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:2687.47px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:3307px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:3395.91px;white-space:nowrap">EveryAge
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4134.03px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:4863.41px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5308.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:5397px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:6037.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:6126.38px;white-space:nowrap">2016</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3166.98px;left:6482.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:576px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1305.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1394.36px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1483.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1625.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:1714.52px;white-space:nowrap">9/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:2300.26px;letter-spacing:50.54px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3358.98px;left:9501.64px;white-space:nowrap">491,875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.75px;left:9368.2px;white-space:nowrap">3,984,720</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3970.19px;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:3970.19px;left:1385.91px;white-space:nowrap">5.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:432px;white-space:nowrap">Grays </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:903.17px;white-space:nowrap">Harbor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:1436.69px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:1988.09px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:2468.33px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:3090.83px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:3624.11px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:3917.55px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:4006.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:4095.44px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:4735.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:4824.81px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:5180.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:5269.66px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4166.68px;left:5999.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:576px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:976.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:1118.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:1207.56px;white-space:nowrap">12/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4358.68px;left:9368.2px;white-space:nowrap">3,286,022</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4558.37px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:432px;white-space:nowrap">Kalispel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:1033.88px;letter-spacing:-0.99px;white-space:nowrap">Tribe
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:1436.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:1614.81px;white-space:nowrap">Indians</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:2130.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:2219.66px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:2860.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:2949.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:3411.61px;white-space:nowrap">2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:3803.17px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:3909.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:3998.8px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:4310.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:4452.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:4541.38px;white-space:nowrap">1/01/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:5102.66px;letter-spacing:53.71px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.16px;left:9501.64px;white-space:nowrap">760,582</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:432px;white-space:nowrap">Skagit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:921.14px;white-space:nowrap">County </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:1472.55px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:1952.78px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:2575.28px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3108.56px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3402px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3490.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:3579.89px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4220.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4309.27px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4665.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4754.11px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:4976.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:5118.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:5207.7px;white-space:nowrap">12/01/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4751.64px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.33px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.33px;left:9368.2px;white-space:nowrap">1,026,296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.49px;left:432px;letter-spacing:-0.54px;white-space:nowrap">Washington
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.49px;left:1315.44px;white-space:nowrap">State </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.49px;left:1733.48px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.49px;left:2364.97px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.49px;left:2978.64px;white-space:nowrap">Commission</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5035.49px;left:3858.8px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:1305.38px;white-space:nowrap">2021-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:2079.28px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:2532.88px;white-space:nowrap">12/20/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:7485.64px;white-space:nowrap">103,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5231.98px;left:9590.63px;white-space:nowrap">95,321</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:1305.38px;white-space:nowrap">2023-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:2079.28px;white-space:nowrap">3.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:2710.84px;white-space:nowrap">4/20/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:3327.81px;letter-spacing:51.05px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:7352.2px;white-space:nowrap">3,158,127</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.46px;left:9368.2px;white-space:nowrap">2,846,664</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5628.16px;left:406.08px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:1305.38px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:1723.11px;white-space:nowrap">2024-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:2301.39px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:2497.02px;white-space:nowrap">3.812%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:3128.58px;white-space:nowrap">3/20/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:3701.46px;letter-spacing:51.33px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:7485.64px;white-space:nowrap">747,401</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5624.95px;left:9501.64px;white-space:nowrap">688,069</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:576px;white-space:nowrap">Eastside </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:1234.13px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:2052.25px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:2914.91px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:3644.28px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:4177.88px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:4907.25px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:5298.81px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:5494.44px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.43px;left:6312.8px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6013.43px;left:720px;white-space:nowrap">7/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6013.43px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6013.43px;left:7352.2px;white-space:nowrap">1,200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6013.43px;left:9368.2px;white-space:nowrap">1,200,744</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6213.12px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:576px;white-space:nowrap">Presbyterian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:1518.66px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:2345.61px;white-space:nowrap">Communities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:3323.66px;white-space:nowrap">Northwest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:4088.34px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:4817.72px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:5351.31px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6209.91px;left:6080.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:720px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:1111.56px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:1307.19px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:2125.55px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:2445.7px;white-space:nowrap">1/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:7352.2px;white-space:nowrap">1,175,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6401.91px;left:9368.2px;white-space:nowrap">1,160,497</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6601.61px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:576px;white-space:nowrap">Seattle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:1109.75px;white-space:nowrap">Academy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:1821.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:1990.22px;white-space:nowrap">Arts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:2319.13px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:2470.3px;white-space:nowrap">Sciences, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:3208.42px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:3937.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:4400.38px;white-space:nowrap">2023, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:4845.22px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6598.4px;left:5663.58px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6790.4px;left:720px;white-space:nowrap">7/01/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6790.4px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6790.4px;left:7485.64px;white-space:nowrap">660,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6790.4px;left:9501.64px;white-space:nowrap">710,898</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6990.09px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:576px;white-space:nowrap">Spokane </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:1252.09px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:2168.34px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:2912.33px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:3641.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:4104.28px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:4495.84px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:4691.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:5011.63px;white-space:nowrap">7/01/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6986.88px;left:9501.64px;white-space:nowrap">459,979</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7186.58px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:576px;white-space:nowrap">Spokane </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:1252.09px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:2168.34px;letter-spacing:-1.32px;white-space:nowrap">Academy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:2912.33px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:3641.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:4104.28px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:4495.84px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:4691.47px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:5011.63px;white-space:nowrap">7/01/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:5569.72px;letter-spacing:56.08px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:7352.2px;white-space:nowrap">1,130,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7183.37px;left:9368.2px;white-space:nowrap">1,017,153</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7383.06px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:576px;letter-spacing:-0.41px;white-space:nowrap">Wesley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:1142.09px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:1693.34px;white-space:nowrap">Lea </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:2004.75px;white-space:nowrap">Hill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:2271.39px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:2653.81px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:3383.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:3845.77px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:4290.61px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:5108.97px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:5429.13px;white-space:nowrap">7/01/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:7485.64px;white-space:nowrap">580,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7379.85px;left:9501.64px;white-space:nowrap">522,598</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7579.55px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:576px;letter-spacing:-0.41px;white-space:nowrap">Wesley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:1142.09px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:1693.34px;white-space:nowrap">Lea </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:2004.75px;white-space:nowrap">Hill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:2271.39px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:2653.81px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:3383.19px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:3845.77px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:4290.61px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:5108.97px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:5429.13px;white-space:nowrap">7/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:6036.79px;letter-spacing:63.2px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7576.34px;left:9501.64px;white-space:nowrap">424,795</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7860.1px;left:9279.22px;white-space:nowrap">14,199,618</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8187.55px;left:432px;letter-spacing:-0.58px;white-space:nowrap">West
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8187.55px;left:855.83px;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:8187.55px;left:1484.19px;white-space:nowrap">2.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:432px;letter-spacing:-0.58px;white-space:nowrap">West
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:838.02px;letter-spacing:-0.32px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:1413.17px;white-space:nowrap">Hospital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:2035.67px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:2640.52px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:3260.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:3348.95px;letter-spacing:-1.32px;white-space:nowrap">Vandalia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:4004.27px;white-space:nowrap">Health, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:4555.67px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:4858.02px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:5587.39px;white-space:nowrap">Group</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.03px;left:6032.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:576px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:1216.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:1305.38px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:1705.77px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:1812.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:1901.39px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:2630.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:2719.75px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:2808.73px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:2951px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:3039.91px;white-space:nowrap">9/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:7352.2px;white-space:nowrap">5,250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8576.03px;left:9368.2px;white-space:nowrap">5,676,373</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8903.48px;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:8903.48px;left:1275.13px;white-space:nowrap">8.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9143.64px;left:432px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9143.64px;left:912.23px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9143.64px;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:9143.64px;left:2136.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:576px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:1305.38px;white-space:nowrap">2023-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:1883.66px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:2079.28px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:2621.86px;white-space:nowrap">7/01/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:3234.39px;letter-spacing:50.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:7352.2px;white-space:nowrap">2,141,407</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9340.13px;left:9368.2px;white-space:nowrap">2,169,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:576px;white-space:nowrap">Celanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:1296.47px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:1563.19px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:2230.22px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:2612.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:3342.02px;white-space:nowrap">2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:3742.41px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:3946.86px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:4765.22px;white-space:nowrap">4.3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:5218.81px;letter-spacing:-1.48px;white-space:nowrap">11/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9536.61px;left:9501.64px;white-space:nowrap">294,331</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9736.31px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;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:9733.1px;left:1207.17px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:1589.59px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:2318.97px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:2692.56px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:3083.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:3546.55px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:3946.94px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:4142.56px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:4462.72px;white-space:nowrap">2/01/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.1px;left:9368.2px;white-space:nowrap">1,026,803</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9932.79px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:576px;white-space:nowrap">CHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:949.28px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:1047.02px;white-space:nowrap">Manoa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:1580.69px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:1963.11px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:2692.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:3199.44px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:3590.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:4053.42px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:4444.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:4640.61px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:5183.19px;white-space:nowrap">7/01/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9929.58px;left:9368.2px;white-space:nowrap">1,017,027</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10129.28px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:576px;white-space:nowrap">Church </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:1136.23px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:1607.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:1785.38px;white-space:nowrap">Hartford
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:2407.8px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:3137.17px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:3670.77px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:4400.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:4862.72px;white-space:nowrap">2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:5254.28px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:5449.91px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10126.07px;left:6268.27px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10318.07px;left:720px;white-space:nowrap">9/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10318.07px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10318.07px;left:7485.64px;white-space:nowrap">945,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10318.07px;left:9501.64px;white-space:nowrap">928,274</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10517.76px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:576px;white-space:nowrap">Dominium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:1340.61px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:2007.64px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:2096.55px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:2478.97px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:3208.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:3670.92px;white-space:nowrap">2024-1,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:4258.03px;white-space:nowrap">B-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:4595.92px;white-space:nowrap">6.81%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:5138.5px;white-space:nowrap">4/28/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:7352.2px;white-space:nowrap">1,425,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10514.55px;left:9368.2px;white-space:nowrap">1,445,019</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10714.24px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:576px;white-space:nowrap">Foundation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:1412.25px;white-space:nowrap">Academy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:2123.66px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:2701.63px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:3226.47px;letter-spacing:-4.41px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:3368.81px;white-space:nowrap">NJ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:3608.81px;text-rendering:optimizeLegibility;white-space:nowrap">Nonprofit
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:4302.48px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:4782.64px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:5512.02px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10711.03px;left:5974.59px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.03px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.03px;left:1040.16px;white-space:nowrap">7/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.03px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.03px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.03px;left:9501.64px;white-space:nowrap">901,349</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:576px;white-space:nowrap">KSU </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:949.44px;white-space:nowrap">Bixby </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:1385.14px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:1758.66px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:2256.7px;white-space:nowrap">Foundation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:3101.78px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:3484.2px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:4213.58px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:4613.97px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:4809.59px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:5263.19px;white-space:nowrap">6/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:5849.96px;letter-spacing:59.13px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11099.52px;left:9501.64px;white-space:nowrap">413,864</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11299.21px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:576px;white-space:nowrap">Mary&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;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:11296px;left:1626.08px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:1803.97px;white-space:nowrap">Marylhurst
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:2595.22px;white-space:nowrap">Obligated </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:3324.59px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:3858.19px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:4587.56px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:5050.14px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:5441.7px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11296px;left:5637.33px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488px;left:720px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488px;left:1262.58px;white-space:nowrap">5/15/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488px;left:1833.2px;letter-spacing:50.38px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488px;left:7485.64px;white-space:nowrap">380,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488px;left:9501.64px;white-space:nowrap">380,200</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11687.7px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:576px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:1011.7px;white-space:nowrap">Carolina
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:1652.02px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:2488.19px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;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:11684.49px;left:3801.31px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:4148.11px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:4877.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:5340.06px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:5731.63px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.49px;left:5927.25px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11876.49px;left:720px;white-space:nowrap">6/15/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11876.49px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11876.49px;left:7485.64px;white-space:nowrap">910,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11876.49px;left:9501.64px;white-space:nowrap">820,147</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:576px;white-space:nowrap">Piedmont </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:1296.39px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:2149.91px;white-space:nowrap">Charter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:2727.88px;white-space:nowrap">School,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:3306px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:3652.8px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:4382.17px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:4827.02px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:5147.17px;white-space:nowrap">6/15/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:7352.2px;white-space:nowrap">1,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12072.97px;left:9368.2px;white-space:nowrap">1,076,299</div></div>
</div> </div></div>

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<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;text-transform:uppercase;position:absolute;top:-21.41px;left:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;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:7739.38px;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:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3572.9px;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:3835.48px;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:4718.06px;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:5075.56px;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:5301.65px;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:5484.08px;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:5950.87px;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:6213.45px;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:6359.39px;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:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">19</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left: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:-0.13px;white-space:nowrap">Wisconsin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1275.13px;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">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:912.23px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1517.08px;letter-spacing:-0.85px;white-space:nowrap">Authority,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2225.52px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1227.77px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:576px;white-space:nowrap">Roseman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1305.22px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2052.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2229.91px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2736.86px;white-space:nowrap">Sciences,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3474.98px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4204.36px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:4666.94px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5111.78px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5431.94px;white-space:nowrap">4/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6036.79px;letter-spacing:63.2px;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">1,085,000</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">1,058,108</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1424.25px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:576px;letter-spacing:-0.63px;white-space:nowrap">Southminster,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1598.73px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1901.08px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2630.45px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3164.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3893.42px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4356px;white-space:nowrap">2018, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4800.84px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:5121px;white-space:nowrap">10/01/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:5756.55px;letter-spacing:57.86px;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">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9501.64px;white-space:nowrap">733,470</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1620.74px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:576px;white-space:nowrap">UHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:949.28px;white-space:nowrap">Promenade
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1812.09px;white-space:nowrap">Apts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2176.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2514.67px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2985.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3715.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4177.8px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4622.64px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5165.22px;white-space:nowrap">2/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:9501.64px;white-space:nowrap">804,027</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1817.22px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:576px;white-space:nowrap">UHF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:949.28px;white-space:nowrap">RISE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1367.17px;white-space:nowrap">Student </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1963.19px;white-space:nowrap">Housing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:2594.67px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:2977.09px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:3706.47px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:4169.05px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:4560.61px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:4898.5px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:5218.66px;white-space:nowrap">7/01/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:5756.55px;letter-spacing:57.86px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:9501.64px;white-space:nowrap">444,658</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2013.71px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:576px;white-space:nowrap">UNC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:967.09px;white-space:nowrap">Charlotte </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1660.77px;white-space:nowrap">Marriott </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2247.48px;white-space:nowrap">Hotel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2665.45px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2816.62px;white-space:nowrap">Conference
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;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:2010.5px;left:4248.58px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:4977.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:5440.53px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:5832.09px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:6027.72px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:720px;white-space:nowrap">9/01/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:9368.2px;white-space:nowrap">1,381,012</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2402.19px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:576px;white-space:nowrap">WFCS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:1091.47px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:1758.5px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2140.92px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2870.3px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:3332.87px;white-space:nowrap">2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:3724.44px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:4062.33px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:4382.48px;white-space:nowrap">1/01/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:4916.31px;letter-spacing:53.15px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:7352.2px;white-space:nowrap">1,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:9368.2px;white-space:nowrap">1,503,192</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.15px;left:432px;white-space:nowrap">Wisconsin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.15px;left:1205.52px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.15px;left:1712.47px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.15px;left:1863.64px;white-space:nowrap">Educational
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.15px;left:2744.27px;white-space:nowrap">Facilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.15px;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:2639.15px;left:4021.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:576px;white-space:nowrap">Froedtert </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:1266.7px;white-space:nowrap">ThedaCare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:2111.63px;white-space:nowrap">Health </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:2618.58px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:3347.95px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:3881.55px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:4610.92px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:5002.48px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:5198.11px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2835.63px;left:6016.47px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3027.63px;left:720px;white-space:nowrap">4/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3027.63px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3027.63px;left:7352.2px;white-space:nowrap">4,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3027.63px;left:9368.2px;white-space:nowrap">3,742,293</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:576px;white-space:nowrap">Oakwood </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:1296.39px;white-space:nowrap">Lutheran
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:1972.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:2479.44px;white-space:nowrap">Ministries
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:3199.52px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:3928.89px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:4462.48px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:5191.86px;white-space:nowrap">2021, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3224.12px;left:5636.7px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3416.12px;left:720px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3416.12px;left:1040.16px;white-space:nowrap">1/01/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3416.12px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3416.12px;left:7485.64px;white-space:nowrap">650,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3416.12px;left:9501.64px;white-space:nowrap">487,486</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:576px;white-space:nowrap">PHW </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:993.73px;white-space:nowrap">Menomonee </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:1927.64px;white-space:nowrap">Falls, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:2354.36px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:2701.16px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:3430.53px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:3875.37px;white-space:nowrap">6.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:4506.94px;white-space:nowrap">10/01/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3612.6px;left:9501.64px;white-space:nowrap">300,147</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:816.08px;white-space:nowrap">John&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:1318.03px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:2340.53px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:2642.87px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:3372.25px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:3905.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:4635.22px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:5080.06px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3809.08px;left:5898.42px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.08px;left:720px;white-space:nowrap">9/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.08px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.08px;left:7485.64px;white-space:nowrap">270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4001.08px;left:9501.64px;white-space:nowrap">237,298</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:576px;white-space:nowrap">St. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:816.08px;white-space:nowrap">John&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:1318.03px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:2340.53px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:2642.87px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:3372.25px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:3905.84px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:4635.22px;white-space:nowrap">2022, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:5080.06px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.57px;left:5898.42px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.57px;left:720px;white-space:nowrap">9/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.57px;left:1272.72px;letter-spacing:50.23px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.57px;left:7352.2px;white-space:nowrap">1,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.57px;left:9501.64px;white-space:nowrap">960,558</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4673.33px;left:9279.22px;white-space:nowrap">22,124,877</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5000.78px;left:432px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5000.78px;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:5000.78px;left:1611.61px;white-space:nowrap">10.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5240.95px;left:432px;white-space:nowrap">District
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5240.95px;left:1027.7px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5240.95px;left:1223.17px;white-space:nowrap">Columbia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5240.95px;left:1996.53px;white-space:nowrap">6.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5481.11px;left:432px;white-space:nowrap">District </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5481.11px;left:965.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5481.11px;left:1143.17px;white-space:nowrap">Columbia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5481.11px;left:1819.03px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:913.81px;white-space:nowrap">2023 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:1305.38px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:1501px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:1821.16px;white-space:nowrap">1/01/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:2393.68px;letter-spacing:50.58px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:7352.2px;white-space:nowrap">6,675,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5677.6px;left:9368.2px;white-space:nowrap">6,945,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:576px;white-space:nowrap">Ingleside </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:1260.92px;white-space:nowrap">Presbyterian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:2203.58px;white-space:nowrap">Retirement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:3030.53px;white-space:nowrap">Community
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:3884.05px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:4613.42px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:5147.02px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:5876.39px;white-space:nowrap">2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.08px;left:6267.95px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:720px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:1040.16px;white-space:nowrap">7/01/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:1646.37px;letter-spacing:50.33px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6066.08px;left:9501.64px;white-space:nowrap">883,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:576px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:1501.08px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:2034.75px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:2764.12px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:3297.72px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:4027.09px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:4471.94px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:4792.09px;white-space:nowrap">7/01/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:5382.9px;letter-spacing:54.89px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6262.56px;left:9501.64px;white-space:nowrap">404,892</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:576px;letter-spacing:-0.58px;white-space:nowrap">KIPP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:982.17px;white-space:nowrap">DC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:1257.72px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:1987.09px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:2520.69px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:3250.06px;white-space:nowrap">2019, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:3694.91px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:4015.06px;white-space:nowrap">7/01/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:4635.59px;letter-spacing:52.52px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:7485.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6459.05px;left:9501.64px;white-space:nowrap">660,770</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:576px;white-space:nowrap">Latin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:958.58px;white-space:nowrap">American </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:1678.81px;white-space:nowrap">Montessori
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:2505.77px;white-space:nowrap">Bilingual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:3155.06px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:3635.3px;white-space:nowrap">Charter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:4213.27px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:4746.94px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6655.53px;left:5476.31px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:720px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:1449.38px;white-space:nowrap">2020, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:1894.22px;white-space:nowrap">Refunding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:2712.58px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:3032.73px;white-space:nowrap">6/01/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:3608.05px;letter-spacing:51.26px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.53px;left:9368.2px;white-space:nowrap">2,404,916</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:576px;white-space:nowrap">Plenary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:1162.95px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:2149.98px;white-space:nowrap">DC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:2425.53px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:2807.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:3537.33px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:3928.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:4124.52px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:4578.11px;white-space:nowrap">8/31/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:7352.2px;white-space:nowrap">1,140,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7044.02px;left:9368.2px;white-space:nowrap">1,256,860</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:576px;white-space:nowrap">Plenary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:1162.95px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:2149.98px;white-space:nowrap">DC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:2425.53px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:2807.95px;white-space:nowrap">Revenue, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:3537.33px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:3928.89px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:4124.52px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:4578.11px;white-space:nowrap">8/31/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:5196.07px;letter-spacing:54.04px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:7352.2px;white-space:nowrap">1,365,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7240.5px;left:9368.2px;white-space:nowrap">1,504,658</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7440.2px;left:380.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:576px;white-space:nowrap">Rocketship </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:1411.94px;white-space:nowrap">DC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:1687.48px;white-space:nowrap">Obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:2416.86px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:2950.45px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:3679.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:4142.41px;white-space:nowrap">2021 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:4533.97px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:4729.59px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:5049.75px;white-space:nowrap">6/01/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7436.99px;left:9501.64px;white-space:nowrap">350,345</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7636.68px;left:380.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:576px;letter-spacing:-2.22px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:1216.39px;white-space:nowrap">Settlement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:2025.69px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:2763.89px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:3244.05px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:3973.42px;white-space:nowrap">2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:4364.98px;white-space:nowrap">A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:4560.61px;white-space:nowrap">6.79%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:5103.19px;white-space:nowrap">6/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:5663.13px;letter-spacing:56.87px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:7352.2px;white-space:nowrap">7,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7633.47px;left:9368.2px;white-space:nowrap">1,871,324</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7833.17px;left:380.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:432px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;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:7829.96px;left:2231.53px;white-space:nowrap">Airports
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;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:7829.96px;left:3437.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:3526.84px;white-space:nowrap">Dulles </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:4013.02px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:4297.55px;white-space:nowrap">Road</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:4680.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:4768.95px;white-space:nowrap">Revenue,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:5498.33px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:5871.92px;white-space:nowrap">Lien</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:6174.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.96px;left:6263.33px;white-space:nowrap">2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:576px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:682.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:771.63px;white-space:nowrap">Refunding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:1501.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:1589.98px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:1678.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:1821.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:1910.14px;white-space:nowrap">10/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:2580.5px;letter-spacing:50.65px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:7352.2px;white-space:nowrap">1,065,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.96px;left:9501.64px;white-space:nowrap">896,142</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8305.72px;left:9279.22px;white-space:nowrap">17,179,635</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8633.17px;left:432px;white-space:nowrap">Puerto
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8633.17px;left:983.17px;white-space:nowrap">Rico
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8633.17px;left:1374.34px;white-space:nowrap">4.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8873.33px;left:432px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8873.33px;left:1588.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8873.33px;left:1765.91px;white-space:nowrap">Puerto </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8873.33px;left:2281.77px;white-space:nowrap">Rico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8873.33px;left:2601.84px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:913.81px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:1305.38px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:1643.27px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:1963.42px;white-space:nowrap">7/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:2580.5px;letter-spacing:50.65px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:7352.2px;white-space:nowrap">1,920,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9069.82px;left:9368.2px;white-space:nowrap">1,834,812</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:913.81px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:1305.38px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:1643.27px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:1963.42px;white-space:nowrap">7/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:2580.5px;letter-spacing:50.65px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:7352.2px;white-space:nowrap">3,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9266.3px;left:9368.2px;white-space:nowrap">2,753,351</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:576px;white-space:nowrap">GO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:913.81px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:1305.38px;white-space:nowrap">A-1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:1643.27px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:1963.42px;white-space:nowrap">7/01/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:2580.5px;letter-spacing:50.65px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:7352.2px;white-space:nowrap">3,388,447</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9462.79px;left:9368.2px;white-space:nowrap">2,888,187</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9662.48px;left:380.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:432px;white-space:nowrap">Puerto </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:947.86px;white-space:nowrap">Rico </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:1312.39px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:1881.38px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:2370.52px;letter-spacing:-1.32px;white-space:nowrap">Authority</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:2990.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:3078.95px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:3719.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:3805.44px;letter-spacing:-8.87px;white-space:nowrap">TT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:3983.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:4072.08px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:4161.06px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:4303.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:4392.23px;white-space:nowrap">7/01/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:5009.24px;letter-spacing:53.41px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:7352.2px;white-space:nowrap">2,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9659.27px;left:9368.2px;white-space:nowrap">1,218,750</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:432px;white-space:nowrap">Puerto </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:947.86px;white-space:nowrap">Rico </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:1312.39px;white-space:nowrap">Sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:1754.19px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:2047.63px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:2785.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:3177.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:3265.98px;white-space:nowrap">Sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:3707.78px;letter-spacing:-5.91px;white-space:nowrap">Tax</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:3956.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:4045.67px;white-space:nowrap">Revenue</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:4686.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:4766.22px;white-space:nowrap">A-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:5015.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:5104.11px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:5415.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:5557.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:5646.69px;white-space:nowrap">7/01/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9855.75px;left:6223.61px;letter-spacing:72.69px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9899.44px;left:7352.2px;white-space:nowrap">4,700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9899.44px;left:9368.2px;white-space:nowrap">4,369,680</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10183.2px;left:9279.22px;white-space:nowrap">13,064,780</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10466.96px;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:10466.96px;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:10466.96px;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:10466.96px;left:2020.02px;letter-spacing:50.06px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10466.96px;left:9279.22px;white-space:nowrap">30,244,415</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10745.98px;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:10745.98px;left:950.46px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10745.98px;left:1928.29px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10745.98px;left:2606.02px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10745.98px;left:3172.63px;white-space:nowrap">$389,159,424)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10745.98px;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:10779.85px;left:9190.23px;white-space:nowrap">374,256,803</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:11073.11px;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:11073.11px;left:432px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:11073.11px;left:8451.51px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:11073.11px;left:8496px;white-space:nowrap">a</div></div>
</div> </div></div>

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

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:11px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2226.91px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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">20</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.43px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:432px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;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:30.83px;left:1539.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:2762.18px;white-space:nowrap">3.8%</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:552.92px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:552.92px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:485.18px;left:7459.7px;white-space:nowrap">Amount</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:552.92px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:485.18px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:772.94px;left:432px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:772.94px;left:876.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:772.94px;left:2110.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:772.94px;left:2513.84px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:772.94px;left:3291.86px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:772.94px;left:4303.48px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1006.5px;left:302.33px;white-space:nowrap">b,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:432px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;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:1003.29px;left:1454.5px;white-space:nowrap">Bills, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:1836.77px;white-space:nowrap">4.13%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:2379.34px;white-space:nowrap">10/02/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:3047.57px;letter-spacing:50.88px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:7396.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1003.29px;left:9501.64px;white-space:nowrap">393,019</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;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:1282.31px;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:1282.31px;left:1394.99px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;left:2628.58px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;left:3032.29px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;left:3810.32px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;left:4821.94px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;left:5388.54px;white-space:nowrap">$393,200)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1282.31px;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:1316.17px;left:9501.64px;white-space:nowrap">393,019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1599.94px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:1813.03px;left:432px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1900.8px;left:432px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1900.8px;left:1120.96px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1900.8px;left:1821.26px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1900.8px;left:2476.73px;white-space:nowrap">3.6%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2134.36px;left:364.64px;white-space:nowrap">i,j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:432px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:1027.86px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;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:2131.15px;left:1851.84px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:2678.88px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:3132.47px;white-space:nowrap">Class </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:3577px;letter-spacing:-6.87px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:3752px;white-space:nowrap">4.468%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:4355.35px;letter-spacing:52.06px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:7191.22px;letter-spacing:0px;white-space:nowrap">10,089,309</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2131.15px;left:9279.22px;white-space:nowrap">10,089,309</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2410.17px;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:2410.17px;left:950.46px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2410.17px;left:1639.42px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2410.17px;left:2339.71px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2410.17px;left:2995.18px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2410.17px;left:3561.79px;white-space:nowrap">$10,089,309)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2410.17px;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:2444.04px;left:9279.22px;white-space:nowrap">10,089,309</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2804.51px;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:2804.51px;left:950.46px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2804.51px;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:2804.51px;left:2057.98px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2804.51px;left:3280.63px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2804.51px;left:3847.23px;white-space:nowrap">$10,482,509)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2804.51px;left:5032.92px;letter-spacing:51.12px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2838.38px;left:9279.22px;white-space:nowrap">10,482,328</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3234.5px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3299.24px;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:3299.24px;left:950.46px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3299.24px;left:2173.11px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3299.24px;left:2739.71px;white-space:nowrap">$399,641,933)
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3299.24px;left:4085.32px;white-space:nowrap">138.3%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3299.24px;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:3333.1px;left:9101.25px;white-space:nowrap">$384,739,131</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3524.84px;left:432px;white-space:nowrap">Remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3524.84px;left:1632.59px;white-space:nowrap">Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3524.84px;left:2577.51px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3524.84px;left:3300.16px;white-space:nowrap">(35.7)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3524.84px;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:3558.71px;left:9172.66px;white-space:nowrap">(99,350,000)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3750.45px;left:432px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3750.45px;left:1265.2px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3750.45px;left:1754.27px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3750.45px;left:2365.5px;white-space:nowrap">Issued
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3750.45px;left:3054.66px;white-space:nowrap">(4.4)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3750.45px;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:3784.31px;left:9172.66px;white-space:nowrap">(12,300,075)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3976.05px;left:432px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3976.05px;left:1013.54px;white-space:nowrap">Assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3976.05px;left:1780.63px;white-space:nowrap">less
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3976.05px;left:2225.46px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3976.05px;left:3203.48px;white-space:nowrap">1.8%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3976.05px;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:4009.92px;left:9368.2px;white-space:nowrap">5,263,886</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4296.22px;left:432px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4296.22px;left:802.41px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4296.22px;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:4296.22px;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:4330.09px;left:9101.25px;white-space:nowrap">$278,352,942</div></div>
</div>

<div style="height:143.83px;left:0px;position:absolute;top:0px;transform:translate(36.000px,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>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:553.01px;white-space:nowrap">was
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:822.77px;white-space:nowrap">purchased
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1471.99px;white-space:nowrap">pursuant
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2019.1px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2165.04px;white-space:nowrap">Rule
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2806.99px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2960.12px;white-space:nowrap">Regulation
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:4119.88px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:4338.79px;white-space:nowrap">Securities
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:5170.27px;white-space:nowrap">of
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:6891.84px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:7074.26px;white-space:nowrap">sold
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:7351.45px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:7490.04px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:8234.02px;white-space:nowrap">exempt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:8700.82px;white-space:nowrap">from
</div>

<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>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:1947.58px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:2086.17px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:2195.63px;white-space:nowrap">public
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:6263.67px;white-space:nowrap">S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:6387.66px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:6978.36px;white-space:nowrap">cannot
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:7408.83px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:7591.25px;white-space:nowrap">sold
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:7868.44px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:210.59px;left:8007.03px;white-space:nowrap">the
</div>

<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 style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:3215.82px;white-space:nowrap">collateral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:4397.31px;white-space:nowrap">derivative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:4995.35px;letter-spacing:0px;white-space:nowrap">contracts.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:5593.56px;white-space:nowrap">At
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:5746.84px;white-space:nowrap">April
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:6045.74px;white-space:nowrap">30,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:6264.65px;white-space:nowrap">2025,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:6848.4px;white-space:nowrap">value
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:7585.2px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:8073.79px;white-space:nowrap">pledged
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:8577.23px;white-space:nowrap">amounted
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1969.98px;left:9343.24px;white-space:nowrap">$312,450,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:0px;white-space:nowrap">representing
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:765.86px;white-space:nowrap">0.1%
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:1101.41px;white-space:nowrap">net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2161.98px;left:1320.31px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2362.69px;left:0px;white-space:nowrap">i</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:16.99px;white-space:nowrap">See
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:286.91px;white-space:nowrap">Note
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:600.5px;white-space:nowrap">4</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:673.47px;white-space:nowrap">(</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:870.27px;white-space:nowrap">regarding
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:1461.05px;white-space:nowrap">investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:2197.69px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:2336.29px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:2861.52px;white-space:nowrap">management
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:3663.86px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2358.47px;left:4334.88px;white-space:nowrap">companies.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:16.99px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:279.57px;white-space:nowrap">rate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:1089.1px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:1308px;white-space:nowrap">annualized
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:1979.18px;white-space:nowrap">seven-day
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:2621.05px;white-space:nowrap">yield
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:3073.32px;white-space:nowrap">period
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2554.95px;left:3474.49px;white-space:nowrap">end.</div></div>
</div> </div></div>

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<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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6880.67px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7739.38px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7994.13px;letter-spacing:11px;white-space:nowrap">Investments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="width: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="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(7986.106px,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:3572.9px;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:3835.48px;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:4718.06px;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:5075.56px;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:5301.65px;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:5484.08px;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:5950.87px;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:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;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:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</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">

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</div>

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

<div style="width:10080px;height:12268.8px;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, sans-serif;font-size:180px;position:absolute;top:982.08px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:1420.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:1721.16px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:2181.45px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:2531.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:2832.01px;white-space:nowrap">following&#160;futures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:4182.71px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:4963.01px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:5993.79px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:6364.07px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:982.08px;left:6794.3px;white-space:nowrap">1(c).&#160;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:0px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:269.92px;white-space:nowrap">Note&#160;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:583.52px;white-space:nowrap">9</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:656.48px;white-space:nowrap">&#160;regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:1283.75px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:1619.3px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4983.75px;left:2217.34px;white-space:nowrap">information.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:0px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:262.73px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:350.23px;white-space:nowrap">bbreviations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:1094.22px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:1276.64px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:1605px;white-space:nowrap">34</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5483.75px;left:1750.94px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1442.75px;left:0px;white-space:nowrap">Futures
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1442.75px;left:788.96px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:4362.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2425.27px;left:4960px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2425.27px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:5013.2px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2425.27px;left:6632.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:6605.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:7209.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2425.27px;left:7713.66px;white-space:nowrap">Expiration</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:8149.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2041.27px;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:2233.27px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2425.27px;left:9030.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2617.27px;left:8932.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2976.72px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2976.72px;left:622.42px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2976.72px;left:960.39px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:352.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:1022.5px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:1404.77px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:1868.26px;letter-spacing:50.4px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:4341.58px;white-space:nowrap">Short</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:5582.03px;white-space:nowrap">59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:6543.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:6632.2px;white-space:nowrap">7,140,844</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:7962.17px;white-space:nowrap">6/18/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3173.2px;left:9590.63px;white-space:nowrap">12,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3401.69px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3401.69px;left:670.42px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3401.69px;left:1257.3px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3401.69px;left:1961.68px;letter-spacing:50.25px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3401.69px;left:9501.64px;white-space:nowrap">$12,315</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3721.97px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3717.75px;left:29.74px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3717.75px;left:219.35px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3717.75px;left:365.29px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3717.75px;left:766.46px;white-space:nowrap">end.</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:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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">Statement </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1532.07px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2384.56px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2890.6px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:410.1px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:710.33px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1160.77px;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:17.16px;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(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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size: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:9386.56px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9342.19px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top: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">$389,552,624</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:9279.22px;white-space:nowrap">10,089,309</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">$374,649,822</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:9279.22px;white-space:nowrap">10,089,309</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:9501.64px;white-space:nowrap">791,142</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">6,048,625</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">42,455</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">68,043</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">391,689,396</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">526,240</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:288px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:1266.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.68px;left:1588.02px;letter-spacing:49.51px;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">387,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:288px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:1337.22px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4318.16px;left:9679.61px;white-space:nowrap">1,386</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:288px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:922.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4520.65px;left:1367.06px;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:9590.63px;white-space:nowrap">37,537</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:288px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:1212.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4723.13px;left:9501.64px;white-space:nowrap">124,193</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;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:4925.62px;left:979.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:1326.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:1637.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4925.62px;left:2335.33px;letter-spacing:49.57px;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">104,433</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:288px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:901.67px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:1221.83px;white-space:nowrap">notes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:1657.69px;white-space:nowrap">issued</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.1px;left:9279.22px;white-space:nowrap">12,300,075</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:288px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:1212.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:1390.66px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:2084.33px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:3053.78px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:3489.48px;white-space:nowrap">1f)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:3736.52px;letter-spacing:49.76px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5330.58px;left:9590.63px;white-space:nowrap">35,145</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:288px;white-space:nowrap">Preferred </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:999.41px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:1444.09px;white-space:nowrap">remarketing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:2333.31px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:2778.16px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:3082.63px;letter-spacing:49.66px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5533.07px;left:9590.63px;white-space:nowrap">96,866</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:288px;white-space:nowrap">Accrued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:919.41px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:1488.55px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:1924.25px;white-space:nowrap">1d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5735.55px;left:2241.91px;letter-spacing:49.56px;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">318,331</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:144px;white-space:nowrap">Accrued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:775.41px;white-space:nowrap">expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:1504.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:1816.19px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:2225.33px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.04px;left:9590.63px;white-space:nowrap">54,794</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6169.52px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6169.52px;left:958.42px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6169.52px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6169.52px;left:9279.22px;white-space:nowrap">13,986,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:144px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:633.14px;letter-spacing:-4.41px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:775.48px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:1629.16px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:2322.83px;white-space:nowrap">shares: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:2891.97px;white-space:nowrap">(240 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:3256.66px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:3781.34px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:4572.98px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:4884.39px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:5391.34px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:5569.23px;white-space:nowrap">$100,000
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:6281.03px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:6556.73px;white-space:nowrap">share) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:7054.7px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:7490.41px;white-space:nowrap">3)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:7659.88px;letter-spacing:53.94px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6430.01px;left:9279.22px;white-space:nowrap">24,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:144px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:641.97px;white-space:nowrap">C </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:801.97px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:1655.64px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:2349.31px;white-space:nowrap">shares: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:2918.45px;white-space:nowrap">(1,507 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:3416.58px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:3941.27px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:4732.91px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:5044.31px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:5551.27px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:5729.16px;white-space:nowrap">$50,000 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:6351.97px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:6627.67px;white-space:nowrap">share) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:7125.64px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:7561.34px;white-space:nowrap">3)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:7753.29px;letter-spacing:54.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6690.49px;left:9279.22px;white-space:nowrap">75,350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:1157.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:1664.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:2429.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:2607.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:3265.17px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:3834.31px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:4012.2px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.97px;left:9101.25px;white-space:nowrap">$278,352,942</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:800.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:1565.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:1743.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:2401.17px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:2925.86px;white-space:nowrap">consist </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7356.92px;left:3468.28px;white-space:nowrap">of:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7588.4px;left:144px;white-space:nowrap">Paid-in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7588.4px;left:686.5px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7588.4px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7588.4px;left:9101.25px;white-space:nowrap">$319,759,368</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:526.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:1433.61px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:2091.81px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7790.88px;left:9172.66px;white-space:nowrap">(41,406,426)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:1157.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:1664.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:2429.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:2607.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:3265.17px;white-space:nowrap">shares, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:3834.31px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:4012.2px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8022.37px;left:9101.25px;white-space:nowrap">$278,352,942</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8282.85px;left:144px;white-space:nowrap">Common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8282.85px;left:837.52px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8282.85px;left:1362.2px;white-space:nowrap">outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8282.85px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8282.85px;left:9279.22px;white-space:nowrap">42,985,233</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:437.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:864.31px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:1291.27px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:1566.97px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:2224.94px;white-space:nowrap">share</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8546.55px;left:2625.17px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8543.34px;left:9679.61px;white-space:nowrap">$6.48</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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2617.15px;white-space:nowrap">recalculate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3288.17px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3543.56px;white-space:nowrap">to
</div>

<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>
</div> </div></div>

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

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

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Statement </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left: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">six </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:830.3px;white-space:nowrap">months </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1470.59px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2011.2px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2421.3px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2721.53px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:3171.97px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,739.230px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(7986.106px,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:3572.9px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3835.48px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4718.06px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5075.56px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5301.65px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5484.08px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5950.87px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6213.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6359.39px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6716.89px;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:7234.78px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">23</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

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

<div style="width:10080px;height: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:9386.56px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9342.19px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top: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">$126,271</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:9368.2px;white-space:nowrap">9,217,284</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:9368.2px;white-space:nowrap">9,343,555</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">1,077,043</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">3,346</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:9590.63px;white-space:nowrap">75,244</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:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3021.8px;left:9679.61px;white-space:nowrap">5,713</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">43,603</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:9602.5px;letter-spacing:-1.98px;white-space:nowrap">11,963</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">156,529</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:9679.61px;white-space:nowrap">5,159</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:9590.63px;white-space:nowrap">74,927</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">(Note</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">254,993</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">31,943</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">1,740,463</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: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">(1,205)</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">(271,729)</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:9368.2px;white-space:nowrap">1,467,529</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:9368.2px;white-space:nowrap">7,876,026</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:9395.08px;white-space:nowrap">(539,765)</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:9501.64px;white-space:nowrap">132,689</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:9395.08px;white-space:nowrap">(407,076)</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:9172.66px;white-space:nowrap">(14,097,555)</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:9484.06px;white-space:nowrap">(98,568)</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:9172.66px;white-space:nowrap">(14,196,123)</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:9172.66px;white-space:nowrap">(14,603,199)</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:9172.66px;white-space:nowrap">$(6,727,173)</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">shareholder</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:3495px;white-space:nowrap">s </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.39px;left:3619.45px;white-space:nowrap">(Note1f)</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">(2,496,000)</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:9172.66px;white-space:nowrap">$(9,223,173)</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:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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(1196.093px,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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4423.05px;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:4940.94px;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">24</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

<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,iVBORw0KGgoAAAANSUhEUgAABBoAAAUBCAYAAAAiuuKzAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsY0bSRRF0c8FTRoMQSEogx1lolSUgdyOZhSCQtgQxqDfayiAonEhsAbn2M8s66L7X87zHAAAAIDCP6sBAAAAwLOEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAACZ62oAAACv5jiOLzPzfTGDXdxn5mM1gl0IDQAA7Og+M2+rEWziNjOP1Qh2cTnPc7UBAAAAeIobDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMhcj+P4tRoBAMCLuc3MYzWCTXjPfCrXmfl3NQIAAAB4xnVmfqxGAADwYu4z87EawSa8Zz6Vy3meqw0AAADAUxyDBAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkrqsBAAC8muM43mbmfbUD4O8TGgAA2NHvmfm2GsEmbjPzWI1gF5fzPFcbAAAAgKe40QAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyFxXAwAAeDXHcbzNzPtqB8DfJzQAALCj/2bmx2oEm7jPzMdqBLu4nOe52gAAAAA8xY0GAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAzHU1AACAV3Mcx9eZ+bnawSZuM/NYjWAXQgMAADv6mJlfqxFs4j5/3jR8CpfzPFcbAAAAgKe40QAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAIDMdTUAAIBXcxzHl5n5vpjBLu4z87EawS6EBgAAdnSfmbfVCDZxm5nHagS7uJznudoAAAAAPMWNBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAACZ62oAAACv5jiOLzPzfTGDXdxn5mM1gl0IDQAA7Og+M2+rEWziNjOP1Qh2cTnPc7UBAAAAeIobDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZK6rAQAAvJrjOL7OzM/VDjZxm5nHagS7EBoAANjRx8z8Wo1gE/f586bhU7ic57naAAAAADzFjQYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkrqsBAAC8muM43mbmfbUD4O/zRQMAAACQ8UUDAAA7+j0z31Yj2MRtZh6rEezicp7nagMAAADwFL9OAAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6778.45px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7409.62px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8147.51px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8929.77px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9534.38px;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:6965.28px;white-space:nowrap">Six
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7249.89px;white-space:nowrap">Months
</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:697.5px;left:7481.06px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;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:505.5px;left:9591.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:8799.3px;white-space:nowrap">October
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:9457.19px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:9724.06px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:935.98px;left:0px;white-space:nowrap">Increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:935.98px;left:658.13px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:935.98px;left:1467.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:935.98px;left:1636.33px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:935.98px;left:1903.2px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1138.47px;left:144px;white-space:nowrap">Operations:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1340.95px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1340.95px;left:581.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1340.95px;left:1399.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1340.95px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1340.95px;left:7551.22px;white-space:nowrap">$7,876,026</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1340.95px;left:9190.23px;white-space:nowrap">$16,232,652</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:581.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:1186.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:1533.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:7667.08px;white-space:nowrap">(407,076)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1543.44px;left:9261.64px;white-space:nowrap">(5,691,926)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:581.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:1150.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:1319.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:2102.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:3018.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:7444.66px;white-space:nowrap">(14,196,123)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1745.92px;left:9279.22px;white-space:nowrap">56,610,789</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:288px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:1212.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:1390.66px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:2244.33px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:2938px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:3923.35px;letter-spacing:50.25px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:7533.64px;white-space:nowrap">(2,496,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1948.41px;left:9261.64px;white-space:nowrap">(5,878,858)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:2763.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:3270.61px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:4035.61px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:4213.5px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:4871.47px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:5396.16px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2179.89px;left:6045.38px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2371.89px;left:720px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2371.89px;left:1494.61px;letter-spacing:49.63px;white-space:nowrap">......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2371.89px;left:7533.64px;white-space:nowrap">(9,223,173)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2371.89px;left:9279.22px;white-space:nowrap">61,272,657</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:1246.66px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:1904.63px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:2895.81px;letter-spacing:49.89px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:7533.64px;white-space:nowrap">(6,241,927)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.38px;left:9261.64px;white-space:nowrap">(9,772,548)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:1246.66px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:1904.63px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:2874.08px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:3238.53px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:3496.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:3958.84px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:4136.73px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:4670.66px;letter-spacing:50.77px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:8192px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2805.86px;left:9261.64px;white-space:nowrap">(3,296,993)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:526.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:1424.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:1602.52px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:2260.48px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:7533.64px;white-space:nowrap">(6,241,927)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3037.34px;left:9172.66px;white-space:nowrap">(13,069,541)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:144px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:686.5px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:1131.19px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:2038.3px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:2402.75px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:2500.48px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:3345.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:3523.3px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:4047.98px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:4483.69px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:4572.67px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:4670.66px;letter-spacing:50.77px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:7444.66px;white-space:nowrap">(10,336,904)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3268.83px;left:9172.66px;white-space:nowrap">(14,902,031)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:2763.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:7444.66px;white-space:nowrap">(25,802,004)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3552.77px;left:9279.22px;white-space:nowrap">33,301,085</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3755.25px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3755.25px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3755.25px;left:800.31px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3755.25px;left:1565.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3755.25px;left:1743.2px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3755.25px;left:2401.17px;white-space:nowrap">shares:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3957.74px;left:144px;white-space:nowrap">Beginning </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3957.74px;left:900.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3957.74px;left:1078.06px;white-space:nowrap">period</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3957.74px;left:1588.02px;letter-spacing:49.64px;white-space:nowrap">.....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3957.74px;left:7462.23px;white-space:nowrap">304,154,946</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3957.74px;left:9190.23px;white-space:nowrap">270,853,861</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.22px;left:144px;white-space:nowrap">End </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.22px;left:473.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.22px;left:651.03px;white-space:nowrap">period</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.22px;left:1120.96px;letter-spacing:49.58px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.22px;left:7373.25px;white-space:nowrap">$278,352,942</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.22px;left:9101.25px;white-space:nowrap">$304,154,946</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">25</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:5369.08px;white-space:nowrap">Semiannual
</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 style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4020.64px;white-space:nowrap">(unaudited)</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">Managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1470.94px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2281.29px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2918.32px;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:3951.83px;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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;letter-spacing:-1.48px;white-space:nowrap">company.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:813.78px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1173.96px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1634.24px;white-space:nowrap">follows </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2234.44px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2534.68px;white-space:nowrap">accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3455.33px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3805.66px;white-space:nowrap">reporting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:0px;white-space:nowrap">guidance </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:780.64px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:970.75px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:1731.18px;white-space:nowrap">Accounting </div>

<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)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:0px;white-space:nowrap">Accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:940.61px;white-space:nowrap">Standards </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594px;left:1811.16px;text-rendering:optimizeLegibility;white-space:nowrap">Codification
</div>

<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
</div>

<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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:890.33px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:1820.74px;white-space:nowrap">Companies </div>

<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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:3671.54px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844px;left:4021.88px;white-space:nowrap">applies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:300.23px;white-space:nowrap">specialized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:1240.75px;white-space:nowrap">accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:2161.41px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:2511.74px;white-space:nowrap">reporting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:3272.17px;white-space:nowrap">guidance </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:4052.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094px;left:4242.92px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:0px;white-space:nowrap">Generally </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:810.44px;white-space:nowrap">Accepted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:1601.02px;white-space:nowrap">Accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:2541.62px;white-space:nowrap">Principles </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3371.92px;white-space:nowrap">(U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344px;left:3831.94px;white-space:nowrap">GAAP), </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:0px;white-space:nowrap">including, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:810.53px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:1110.76px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:1411px;white-space:nowrap">limited </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:1981.14px;white-space:nowrap">to, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:2221.35px;white-space:nowrap">ASC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594px;left:2641.46px;white-space:nowrap">946.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:360.18px;white-space:nowrap">following </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:1110.59px;white-space:nowrap">summarizes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:2130.73px;white-space:nowrap">the&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:2430.97px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:2841.24px;white-space:nowrap">&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:3015.62px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3024px;left:3866.04px;white-space:nowrap">accounting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3274px;left:0px;white-space:nowrap">policies.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:211.25px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:1087.58px;white-space:nowrap">Instrument
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3777.54px;left:2122.1px;letter-spacing:-1.16px;white-space:nowrap">Valuation</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:360.18px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:944.82px;white-space:nowrap">investments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:1955.21px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:2145.32px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:2855.74px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3836.07px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:4146.24px;white-space:nowrap">carried </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:200.13px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:500.19px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:980.51px;letter-spacing:-1.91px;white-space:nowrap">daily.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1437.36px;white-space:nowrap">Fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1797.36px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2277.69px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2457.69px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2757.92px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3198.08px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3548.32px;white-space:nowrap">would </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:4068.63px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:0px;white-space:nowrap">received </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:730.37px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:930.5px;white-space:nowrap">sell </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:1250.6px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:1500.82px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:1981.05px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2191.11px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2581.44px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2781.56px;white-space:nowrap">transfer </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:3441.8px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:3591.91px;white-space:nowrap">liability </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:4182.1px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:4372.21px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:0px;white-space:nowrap">orderly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:600.21px;white-space:nowrap">transaction </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1530.7px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:2261.25px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:2861.37px;white-space:nowrap">participants
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:3831.86px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:4082.08px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:0px;white-space:nowrap">measurement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1150.49px;white-space:nowrap">date. </div>

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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:0px;white-space:nowrap">c.
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:211.25px;white-space:nowrap">Derivative
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:1172.38px;white-space:nowrap">Financial
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:2048.72px;white-space:nowrap">Instruments</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7961.75px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8261.98px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8849px;white-space:nowrap">portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9539.38px;white-space:nowrap">and </div>

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6280.75px;text-rendering:optimizeLegibility;white-space:nowrap">floating
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6911.19px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7271.37px;white-space:nowrap">bond </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7721.81px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7961.92px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8112.04px;white-space:nowrap">liability
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8702.23px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8892.33px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9192.57px;white-space:nowrap">Statement
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5410.2px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6000.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6350.71px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7181.19px;white-space:nowrap">At </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7701.5px;white-space:nowrap">close </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8171.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8371.85px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8672.08px;white-space:nowrap">reporting
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5820.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6120.62px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6707.64px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7718.03px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8088.13px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8238.25px;white-space:nowrap">value </div>

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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">$21,535,079
</div>

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6587.58px;letter-spacing:-0.81px;white-space:nowrap">TOB
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7004.36px;white-space:nowrap">trust </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:9355.52px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">$12,300,075
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6271px;white-space:nowrap">in </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7461.65px;white-space:nowrap">bonds </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8002.09px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:9032.87px;white-space:nowrap">For </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7831.93px;white-space:nowrap">incurred
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8532.25px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:9172.53px;white-space:nowrap">expense </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5420.13px;white-space:nowrap">$220,874
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5860.28px;white-space:nowrap">rate </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6420.59px;white-space:nowrap">3.01%.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3732.18px;left:5220px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3732.18px;left:5431.25px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3732.18px;left:6149.22px;letter-spacing:-2.35px;white-space:nowrap">Taxes
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4062.64px;left:5370.03px;white-space:nowrap">is&#160;the&#160;Fund&#39;s
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4062.64px;left:8906.4px;white-space:nowrap">investment
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4312.64px;left:7461.39px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4312.64px;left:8231.92px;letter-spacing:-0.22px;white-space:nowrap">Code.&#160;The&#160;Fund
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:6050.57px;white-space:nowrap">distribute
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:7031.07px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4562.64px;left:8121.71px;white-space:nowrap">substantially
</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:8041.64px;white-space:nowrap">gains </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4812.64px;left:8722.09px;white-space:nowrap">relieve </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:6939.9px;white-space:nowrap">applicable,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:7850.26px;white-space:nowrap">excise </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5062.64px;left:8410.2px;white-space:nowrap">taxes. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5312.64px;left:5990.36px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5312.64px;left:6250.43px;white-space:nowrap">U.S. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5312.64px;left:8361.39px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5312.64px;left:8541.39px;white-space:nowrap">required.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5742.64px;left:5220px;white-space:nowrap">The&#160;Fund
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5742.64px;left:8431.61px;white-space:nowrap">liability
</div>

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</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top: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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6428.83px;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:6987px;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:7239.48px;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:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</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>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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

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

<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:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(53.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1040.03px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1239.84px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1979.72px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2329.73px;white-space:nowrap">preferred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3109.78px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:4200.09px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:4609.78px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:0px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:920.39px;white-space:nowrap">income, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1600.66px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1740.67px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:2117.55px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:2427.71px;white-space:nowrap">recorded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3188.14px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3428.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3728.5px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:4188.78px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:4439px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:0px;white-space:nowrap">ex-dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:970.58px;white-space:nowrap">date. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:1420.93px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:2461.29px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:2871.3px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3441.62px;white-space:nowrap">gains, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3971.95px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:4111.96px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:4488.84px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:0px;white-space:nowrap">recorded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:760.43px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:1010.65px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:1310.89px;white-space:nowrap">ex-dividend
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:2281.46px;white-space:nowrap">date </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:2681.81px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:3032.14px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:3422.46px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:3622.59px;white-space:nowrap">least </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1998px;left:4052.81px;letter-spacing:-1.34px;white-space:nowrap">annually.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:820.46px;white-space:nowrap">pays </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:1250.68px;white-space:nowrap">targeted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:1961.19px;white-space:nowrap">distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:2881.67px;white-space:nowrap">rates </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:3331.85px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:3531.97px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2248px;left:3761.98px;white-space:nowrap">common </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:0px;white-space:nowrap">shareholders. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:1140.64px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:2181.01px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:2491.17px;white-space:nowrap">sourced </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:3181.55px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:3521.51px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2498px;left:3931.52px;white-space:nowrap">tax-exempt </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:350.33px;white-space:nowrap">ordinary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2748px;left:1050.64px;white-space:nowrap">income. </div>

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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7080.18px;left:5220px;white-space:nowrap">i.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7080.18px;left:5378.36px;white-space:nowrap">Guarantees
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7080.18px;left:6476.62px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7080.18px;left:6867.19px;text-rendering:optimizeLegibility;white-space:nowrap">Indemnifications</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7410.64px;left:5760.26px;white-space:nowrap">the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7410.64px;left:6645.15px;white-space:nowrap">organizational
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7410.64px;left:7815.94px;white-space:nowrap">documents,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7410.64px;left:9026.46px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7660.64px;left:6570.79px;text-rendering:optimizeLegibility;white-space:nowrap">indemnified
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7910.64px;left:5220px;white-space:nowrap">liabilities
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8160.64px;left:6020.6px;letter-spacing:-0.95px;white-space:nowrap">Additionally,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8160.64px;left:8708.64px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8160.64px;left:8908.77px;white-space:nowrap">business,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:5220px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:5680.28px;white-space:nowrap">enters </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:6230.57px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:6570.79px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:7351.08px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:7721.19px;white-space:nowrap">service </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:8341.35px;white-space:nowrap">providers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:9131.66px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8410.64px;left:9481.9px;white-space:nowrap">contain </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8660.64px;left:5870.48px;text-rendering:optimizeLegibility;white-space:nowrap">indemnification
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8660.64px;left:7121.16px;white-space:nowrap">clauses.
</div>

<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>

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</div>

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<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>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9160.64px;left:7771.2px;white-space:nowrap">may </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9410.64px;left:5220px;white-space:nowrap">the&#160;Fund
</div>

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<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>

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<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:200px;font-weight:bold;position:absolute;top:10243.71px;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:10243.71px;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:10243.71px;left:905.02px;letter-spacing:-2.67px;white-space:nowrap">of
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10243.71px;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:10611.44px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:1420.93px;white-space:nowrap">there </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:1881.21px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:2321.37px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:2571.59px;white-space:nowrap">unlimited
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:3341.95px;white-space:nowrap">number </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:4002.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:4202.4px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:4792.68px;white-space:nowrap">authorized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:5683.27px;white-space:nowrap">(without
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:6363.54px;white-space:nowrap">par </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:7263.98px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:7844.24px;white-space:nowrap">the&#160;periods
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:8784.84px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10611.44px;left:9325.46px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:0px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:300.23px;white-space:nowrap">2025&#160;and&#160;October
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:1791.3px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:2091.53px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:2591.98px;white-space:nowrap">there </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:3052.27px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:3492.42px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:3742.65px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:4332.92px;white-space:nowrap">issued;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:4953.25px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:5183.35px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:6063.84px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:7074.32px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:7514.47px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:8224.8px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:8594.91px;white-space:nowrap">previously
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10861.44px;left:9455.27px;white-space:nowrap">issued </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11111.44px;left:0px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11111.44px;left:590.27px;white-space:nowrap">purchased
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11111.44px;left:1480.87px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11111.44px;left:1670.98px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11111.44px;left:2421.65px;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:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;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">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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

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

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">In </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:200.13px;white-space:nowrap">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:1147.41px;white-space:nowrap">This </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1537.47px;white-space:nowrap">authorization
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2618.17px;white-space:nowrap">remains </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5145.47px;white-space:nowrap">are </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9734.94px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:480.23px;white-space:nowrap">value </div>

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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3614.46px;left:0px;letter-spacing:-2.67px;white-space:nowrap">3.
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3982.2px;left:1070.6px;white-space:nowrap">(240) </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4232.2px;left:2441.51px;white-space:nowrap">price </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4232.2px;left:3081.8px;white-space:nowrap">$100,000 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4232.2px;left:4903.15px;white-space:nowrap">remarketed
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4232.2px;left:7514.47px;white-space:nowrap">$50,000 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4732.2px;left:7974.49px;white-space:nowrap">a </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5162.2px;left:3842.4px;white-space:nowrap">remarketed
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5162.2px;left:4802.78px;white-space:nowrap">preferred
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5162.2px;left:7654.22px;white-space:nowrap">tax-exempt
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5162.2px;left:8594.56px;white-space:nowrap">dividends
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5412.2px;left:950.63px;white-space:nowrap">Revenue </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5412.2px;left:2201.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5412.2px;left:2401.61px;white-space:nowrap">1986. </div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7342.2px;left:8094.11px;white-space:nowrap">shares. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7342.2px;left:8724.46px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7342.2px;left:8934.61px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7342.2px;left:9344.71px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:0px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:500.45px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:750.67px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:1180.9px;white-space:nowrap">restrictions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:2101.11px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:2541.45px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:2991.88px;white-space:nowrap">placed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:3572.31px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:3822.54px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7592.2px;left:4122.77px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8175.26px;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:8175.26px;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:8175.26px;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:8175.26px;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:8543px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:690.21px;white-space:nowrap">Resources, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:1650.59px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:1990.72px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:2170.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:2470.96px;white-space:nowrap">holding </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:3101.48px;white-space:nowrap">company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:3881.87px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:4141.93px;white-space:nowrap">various </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:4772.2px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:5772.66px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:6122.9px;white-space:nowrap">together </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:6833.41px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:7143.57px;white-space:nowrap">referred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:7823.85px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:8023.97px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;left:8264.09px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8543px;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:8793px;left:0px;white-space:nowrap">Certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:630.26px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:1255.96px;white-space:nowrap">and&#160;trustees
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:2296.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;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:8793px;left:3567.39px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:3947.61px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:4573.3px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:5133.69px;white-space:nowrap">trustees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:5823.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:6024.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:6324.35px;white-space:nowrap">following </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8793px;left:7074.76px;white-space:nowrap">subsidiaries:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1809.42px;left:6324.37px;white-space:nowrap">Period
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1809.42px;left:6866.72px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2001.42px;left:6324.14px;white-space:nowrap">April
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2001.42px;left:6733.05px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2001.42px;left:6999.92px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1809.42px;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:1809.42px;left:8946.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2001.42px;left:8359.65px;white-space:nowrap">October
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2001.42px;left:9017.54px;white-space:nowrap">31,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2001.42px;left:9284.41px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2261.91px;left:6033.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2261.91px;left:7077.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2261.91px;left:8193.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2261.91px;left:9237.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:0px;white-space:nowrap">Shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:551.41px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:1494.61px;letter-spacing:49.25px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:6128.2px;white-space:nowrap">1,677,498</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:7030.23px;white-space:nowrap">$10,336,904</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:8288.2px;white-space:nowrap">2,435,269</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2603.85px;left:9190.23px;white-space:nowrap">$14,902,031</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:717.5px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:1340.16px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:1980.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:2158.44px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:2496.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:2674.22px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:3519.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:3697.03px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:3963.91px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:4390.78px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:4817.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.33px;left:4995.63px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.33px;left:144px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.33px;left:1120.96px;letter-spacing:49.22px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.33px;left:7389.22px;letter-spacing:-1.98px;white-space:nowrap">11.81%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.33px;left:9626.33px;white-space:nowrap">8.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9266.41px;left:0px;white-space:nowrap">Subsidiary</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9266.41px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9542.9px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9542.9px;left:604.69px;white-space:nowrap">Advisers, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9542.9px;left:1307.11px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9542.9px;left:1609.45px;white-space:nowrap">(Advisers)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9542.9px;left:5040px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9542.9px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9819.38px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9819.38px;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:9819.38px;left:1393.28px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9819.38px;left:2220.31px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9819.38px;left:3198.67px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9819.38px;left:3758.91px;white-space:nowrap">(FTIML)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9819.38px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:595.86px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:1422.89px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:2445.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:2783.67px;white-space:nowrap">(Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:3432.81px;white-space:nowrap">Management)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10095.87px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10372.35px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10372.35px;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:10372.35px;left:1393.28px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10372.35px;left:2095.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10372.35px;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:10372.35px;left:2723.98px;white-space:nowrap">Services)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10372.35px;left:5040px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10372.35px;left:6089.22px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10648.84px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10648.84px;left:613.52px;white-space:nowrap">Distributors,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10648.84px;left:1511.48px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10648.84px;left:1849.45px;white-space:nowrap">(Distributors)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10648.84px;left:5040px;white-space:nowrap">Principal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10648.84px;left:5698.05px;white-space:nowrap">underwriter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10925.32px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10925.32px;left:595.86px;white-space:nowrap">Investor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10925.32px;left:1209.45px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10925.32px;left:1911.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10925.32px;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:10925.32px;left:5040px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10925.32px;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)">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements
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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">29</div></div>
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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual
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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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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1425.37px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:820.46px;letter-spacing:-0.71px;white-space:nowrap">pays&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1980.97px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2241.04px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3341.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3692.02px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4612.41px;white-space:nowrap">advisory </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5332.68px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6042.83px;white-space:nowrap">quarterly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6793.15px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7333.59px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7583.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7884.05px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8584.54px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8884.78px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9455.01px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9655.14px;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:510.29px;white-space:nowrap">including </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1270.81px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1841.04px;white-space:nowrap">attributable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2781.65px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2981.78px;white-space:nowrap">preferred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3762.16px;white-space:nowrap">shares. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4402.44px;white-space:nowrap">Such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4862.72px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5162.96px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5342.96px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5883.4px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6133.62px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6433.86px;white-space:nowrap">following </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7184.27px;white-space:nowrap">annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7774.8px;white-space:nowrap">rates </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9315.88px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">weekly </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1470.67px;white-space:nowrap">attributable
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:1090.46px;white-space:nowrap">(i) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:1300.34px;white-space:nowrap">0.550% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:2861.46px;white-space:nowrap">net </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:3731.92px;white-space:nowrap">attributable
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:7333.86px;white-space:nowrap">outstanding,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:8364.64px;white-space:nowrap">or </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1928px;left:0px;white-space:nowrap">rates: </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5031.36px;left:1380.67px;white-space:nowrap">period, </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5031.36px;left:4943.06px;text-rendering:optimizeLegibility;white-space:nowrap">effective
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5031.36px;left:9251.37px;white-space:nowrap">waivers </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5281.36px;left:546.33px;white-space:nowrap">of&#160;0.550%
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5281.36px;left:2434.39px;white-space:nowrap">average </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5281.36px;left:4005.35px;white-space:nowrap">attributable
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5281.36px;left:6236.63px;white-space:nowrap">preferred
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5281.36px;left:7607.29px;white-space:nowrap">outstanding.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5711.36px;left:150.03px;white-space:nowrap">dividends
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5711.36px;left:1891.32px;white-space:nowrap">remarketed
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5711.36px;left:5112.95px;white-space:nowrap">dividend
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5711.36px;left:6573.87px;white-space:nowrap">period </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5711.36px;left:7844.68px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5711.36px;left:8665.22px;white-space:nowrap">attributable
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5961.36px;left:5009.41px;white-space:nowrap">gross </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5961.36px;left:5499.58px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5961.36px;left:6129.84px;white-space:nowrap">attributable
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6211.36px;left:2271.27px;white-space:nowrap">period, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6211.36px;left:3872.46px;white-space:nowrap">payable </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:1270.63px;white-space:nowrap">more </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:2431.32px;text-rendering:optimizeLegibility;white-space:nowrap">effective
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:4248.46px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:4638.69px;white-space:nowrap">rate </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:5809.48px;white-space:nowrap">contract
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:6499.78px;white-space:nowrap">multiplied
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:7850.48px;white-space:nowrap">liquidation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6461.36px;left:8711.1px;white-space:nowrap">preference
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:300.23px;white-space:nowrap">remarketed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:1260.62px;white-space:nowrap">preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:2041px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:2631.27px;white-space:nowrap">outstanding
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:4162.41px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:4462.65px;white-space:nowrap">period).
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:5122.97px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:5442.98px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:5743.21px;white-space:nowrap">reporting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:6503.64px;letter-spacing:-0.58px;white-space:nowrap">period,&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:7834.31px;white-space:nowrap">reimbursed
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6711.36px;left:8784.67px;white-space:nowrap">$271,729
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:300.23px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:800.6px;white-space:nowrap">Any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:1160.77px;white-space:nowrap">amount </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:2001.27px;white-space:nowrap">excess </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:3111.86px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:3412.09px;white-space:nowrap">payable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:4092.63px;letter-spacing:-0.83px;white-space:nowrap">to&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:5023.04px;white-space:nowrap">for </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:5913.54px;white-space:nowrap">period </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:8595.18px;white-space:nowrap">subsequent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6961.36px;left:9575.95px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:0px;white-space:nowrap">payable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:680.54px;letter-spacing:-0.76px;white-space:nowrap">to&#160;Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:1660.96px;white-space:nowrap">as </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:2541.36px;letter-spacing:-1.21px;white-space:nowrap">necessary.
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:3698.53px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:4198.89px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:4749.26px;white-space:nowrap">end, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:5149.6px;white-space:nowrap">this </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:5479.72px;white-space:nowrap">excess </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:6089.94px;white-space:nowrap">amounted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:6940.55px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7211.36px;left:7140.67px;white-space:nowrap">$3,033,522.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:0px;white-space:nowrap">Advisers </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:740.21px;white-space:nowrap">retained </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:1440.7px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:2111.04px;white-space:nowrap">Management
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:3451.82px;white-space:nowrap">sub-advisor
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:4692.3px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:4992.54px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:5452.82px;white-space:nowrap">pursuant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:6203.32px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:6403.45px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:6553.56px;white-space:nowrap">new </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:6933.78px;white-space:nowrap">sub-advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:8004.2px;white-space:nowrap">agreement.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7641.36px;left:8964.76px;white-space:nowrap">Pursuant
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:500.36px;white-space:nowrap">agreement,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:1460.92px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:2131.26px;white-space:nowrap">Management
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:3231.91px;white-space:nowrap">provides
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:3962.29px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:4552.56px;white-space:nowrap">advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:5272.82px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:5623.15px;white-space:nowrap">related </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:6223.54px;white-space:nowrap">services
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:6933.69px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:7133.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:7434.05px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:7934.41px;white-space:nowrap">Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:8674.63px;white-space:nowrap">pays </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:9104.85px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7891.36px;left:9254.97px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8141.36px;left:0px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8141.36px;left:300.23px;white-space:nowrap">to </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8141.36px;left:1170.7px;white-space:nowrap">Management
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8141.36px;left:2271.36px;white-space:nowrap">based </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8141.36px;left:4702.85px;white-space:nowrap">Management
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8391.36px;left:620.42px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8391.36px;left:770.54px;white-space:nowrap">mark-up </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8391.36px;left:1981.05px;white-space:nowrap">exceed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8391.36px;left:2611.49px;white-space:nowrap">15% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8391.36px;left:3421.93px;white-space:nowrap">such </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:540.26px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:690.38px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:1700.86px;white-space:nowrap">agreement,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:2661.42px;letter-spacing:-1.11px;white-space:nowrap">FTIML
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:3224.71px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:3955.08px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:4965.56px;white-space:nowrap">services
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:5875.84px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:6176.07px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:6683.12px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:7043.29px;white-space:nowrap">subadvisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:8053.77px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:8354px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:8534px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:8924.33px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8821.36px;left:9154.51px;white-space:nowrap">Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:0px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:540.44px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:790.66px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:1090.9px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:1791.39px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:2091.62px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:2661.86px;white-space:nowrap">managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:3462.45px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9071.36px;left:3702.57px;white-space:nowrap">FTIML, </div>

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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9574.9px;left:214.58px;white-space:nowrap">Administrative
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9574.9px;left:1587.17px;white-space:nowrap">Fees</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9905.36px;left:1750.78px;white-space:nowrap">Advisers
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9905.36px;left:8454.81px;text-rendering:optimizeLegibility;white-space:nowrap">officers
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10155.36px;left:5855.8px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10155.36px;left:6716.51px;white-space:nowrap">amount </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10155.36px;left:8227.35px;white-space:nowrap">reimbursements
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10405.36px;left:950.54px;white-space:nowrap">annually
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10835.36px;left:0px;letter-spacing:-1.08px;white-space:nowrap">FT
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10835.36px;left:266.66px;white-space:nowrap">Services
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10835.36px;left:7506.47px;white-space:nowrap">paid </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10835.36px;left:8437.15px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10835.36px;left:9024.17px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:0px;white-space:nowrap">manager </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:760.43px;white-space:nowrap">based </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:1851.33px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:2438.35px;white-space:nowrap">average
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:3138.84px;white-space:nowrap">daily </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:3559.04px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:3859.28px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:4479.52px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:5560.31px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:6380.95px;white-space:nowrap">expense
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:7111.49px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:7311.62px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11085.36px;left:7611.86px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2401.42px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2401.42px;left:897.81px;white-space:nowrap">Fee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2401.42px;left:1217.97px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2401.42px;left:5040px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2401.42px;left:5336.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:0px;white-space:nowrap">0.650%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:5484.77px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:5786.95px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:6187.34px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:6685.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:6863.13px;white-space:nowrap">average </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:8019.3px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2677.91px;left:8286.17px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:0px;white-space:nowrap">0.550%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:5217.89px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:5831.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:6232.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:6729.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:6907.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:7530.47px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:8063.98px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2954.39px;left:8330.86px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:0px;white-space:nowrap">0.500%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:5831.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:6232.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:6729.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:6907.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:7530.47px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:8063.98px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3230.87px;left:8330.86px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:0px;white-space:nowrap">0.450%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3507.36px;left:8108.59px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:0px;white-space:nowrap">0.425%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.84px;left:8108.59px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:0px;white-space:nowrap">0.405%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4060.33px;left:8108.59px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:0px;white-space:nowrap">0.390%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:5217.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:5484.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:5831.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:6054.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:6507.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:6685.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:7308.2px;white-space:nowrap">weekly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:7841.72px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:8108.59px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.81px;left:8615.47px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4613.3px;left:0px;white-space:nowrap">0.380%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4613.3px;left:5040px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4613.3px;left:5217.89px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4613.3px;left:5520.31px;white-space:nowrap">excess </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4613.3px;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:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;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">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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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>

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:511.15px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">c.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;letter-spacing:-1.16px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1006.78px;white-space:nowrap">Agent
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1597.84px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;letter-spacing:-2.83px;white-space:nowrap">PSERV,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:690.47px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:940.69px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1556.54px;letter-spacing:-0.76px;white-space:nowrap">of&#160;Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2536.96px;white-space:nowrap">provides </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3267.33px;white-space:nowrap">investor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3947.61px;white-space:nowrap">servicing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4707.86px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5208.31px;white-space:nowrap">functions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5978.76px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6178.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6479.12px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6989.41px;letter-spacing:-0.54px;white-space:nowrap">PSERV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7646.4px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8016.5px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8406.83px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8556.94px;white-space:nowrap">monthly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9237.22px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:260.07px;white-space:nowrap">investor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:940.34px;white-space:nowrap">servicing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1700.6px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1900.72px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2150.95px;white-space:nowrap">annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2741.48px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3101.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3301.79px;white-space:nowrap">0.05% </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3862.18px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4062.3px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4362.54px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4949.56px;white-space:nowrap">average </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11210.27px;left:8961.33px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11210.27px;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:11210.27px;left:9478.21px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11210.27px;left:9778.18px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11460.27px;left:0px;white-space:nowrap">recognized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11460.27px;left:930.59px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11460.27px;left:1170.7px;white-space:nowrap">income.</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;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:7751px;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:7751px;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:7943px;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:8135px;left:2383.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;left:2543.72px;white-space:nowrap">Period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;left:3382.33px;white-space:nowrap">Purchases</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;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:7943px;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:7943px;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:8135px;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:7559px;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:7559px;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:7559px;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:7751px;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:7943px;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:8135px;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:7751px;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:7943px;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:7943px;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:8135px;left:7782.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;left:7942.72px;white-space:nowrap">Period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7559px;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:7559px;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:7751px;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:7751px;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:7943px;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:7943px;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:8135px;left:8718.41px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8135px;left:8878.72px;white-space:nowrap">Period</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7943px;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:8135px;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:8383.55px;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:8383.55px;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:8383.55px;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:8383.55px;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:8383.55px;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:8383.55px;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:8383.55px;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:8383.55px;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:8482.76px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8482.76px;left:517.58px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8482.76px;left:1122.73px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8482.76px;left:1764.38px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8482.76px;left:2260.23px;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:8743.25px;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:8743.25px;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:8971.73px;left:9646.91px;white-space:nowrap">Dividends</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9232.22px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9232.22px;left:488.67px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9232.22px;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:9232.22px;left:1164.53px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:0px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:372.03px;white-space:nowrap">Class
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;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:9424.22px;left:880.23px;white-space:nowrap">4.468%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;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:9424.22px;left:2295.28px;white-space:nowrap">$3,560,890</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:3316.31px;white-space:nowrap">$42,254,989</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:4365.97px;white-space:nowrap">$(35,726,570)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:7621.31px;white-space:nowrap">$10,089,309</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:8583.28px;letter-spacing:0px;white-space:nowrap">10,089,309</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9424.22px;left:9675.73px;white-space:nowrap">$126,271</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9771.98px;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:9771.98px;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:9771.98px;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:9771.98px;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:9771.98px;left:2295.28px;white-space:nowrap">$3,560,890</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9771.98px;left:3316.31px;white-space:nowrap">$42,254,989</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9771.98px;left:4365.97px;white-space:nowrap">$(35,726,570)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9771.98px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9771.98px;left:7066.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9771.98px;left:7621.31px;white-space:nowrap">$10,089,309</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9771.98px;left:9675.73px;white-space:nowrap">$126,271</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6428.83px;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:6987px;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:7239.48px;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:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">31</div></div>
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<div style="background-image:url(data:image/png;base64,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:0px;white-space:nowrap">franklintempleton.com</div></div>
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<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:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:518.40px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">6.
</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">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;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:344px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:320.01px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:610.14px;white-space:nowrap">purposes, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1450.63px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2020.96px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2581.17px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2971.23px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3221.46px;white-space:nowrap">carried </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3821.66px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4221.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4421.95px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4908.34px;white-space:nowrap">future </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5418.63px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5988.96px;white-space:nowrap">gains.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:220.08px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:910.37px;white-space:nowrap">31, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:1210.61px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:2011.29px;white-space:nowrap">capital </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:2951.72px;white-space:nowrap">carryforwards
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4091.92px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4532.08px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4772.2px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:1420.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:1721.16px;white-space:nowrap">cost </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:2301.42px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:3311.81px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:3662.14px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:3962.37px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:4842.95px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:5873.64px;white-space:nowrap">(depreciation)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:7284.29px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:7914.55px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:8204.68px;white-space:nowrap">purposes
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:8995.17px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2435.94px;left:9435.32px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2685.94px;left:0px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4762.96px;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:4762.96px;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:4762.96px;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:5130.69px;left:0px;white-space:nowrap">Purchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:900.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:1250.77px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:1720.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:1921.11px;white-space:nowrap">investments&#160;(excluding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:3801.97px;white-space:nowrap">short </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:4252.15px;white-space:nowrap">term </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:4662.16px;white-space:nowrap">securities)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:5792.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:6092.67px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:6643.04px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:7183.65px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:7593.75px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:7893.98px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5130.69px;left:8394.43px;white-space:nowrap">aggregated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5380.69px;left:0px;white-space:nowrap">$25,989,900&#160;and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5380.69px;left:1401.33px;white-space:nowrap">$45,814,331,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5380.69px;left:2502.33px;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:5963.76px;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:5963.76px;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:5963.76px;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:5963.76px;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:5963.76px;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:5963.76px;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:6331.49px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:1420.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:1721.16px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:2181.45px;white-space:nowrap">had&#160;35.1%
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:3092.17px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:3522.3px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:4212.69px;white-space:nowrap">invested
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:5513.55px;white-space:nowrap">yield </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:6604.1px;white-space:nowrap">securities
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:8394.96px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6331.49px;left:9315.35px;white-space:nowrap">grade </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:350.33px;white-space:nowrap">unrated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:1010.83px;white-space:nowrap">securities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:1867.85px;white-space:nowrap">These </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:2418.13px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:3228.4px;white-space:nowrap">may </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:5079.11px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:5279.24px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:6099.61px;white-space:nowrap">conditions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:6960.15px;white-space:nowrap">causing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:7630.58px;white-space:nowrap">greater </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:8250.91px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:8691.06px;white-space:nowrap">volatility
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:9381.27px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6581.49px;left:9731.6px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:0px;white-space:nowrap">potentially </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:860.54px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:1480.87px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:1681px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:1831.11px;white-space:nowrap">greater </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:2451.45px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:2781.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:2981.51px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:3351.62px;white-space:nowrap">due </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:3902.08px;white-space:nowrap">default </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:4492.53px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:4892.87px;white-space:nowrap">higher </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:5443.24px;white-space:nowrap">rated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6831.49px;left:5903.53px;white-space:nowrap">securities.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:360.18px;white-space:nowrap">Fund&#160;held
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:1210.78px;white-space:nowrap">defaulted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:2001.45px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:2811.71px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:3372.1px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:3832.38px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:4642.65px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:4902.71px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:5412.92px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:5713.15px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:6343.42px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:6683.64px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:7134.08px;white-space:nowrap">deemed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:7834.57px;white-space:nowrap">uncollectible.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:8915.27px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7261.49px;left:9125.42px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:0px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:300.23px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:800.68px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:1100.92px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:1961.63px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:2441.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:2642.08px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:3132.42px;white-space:nowrap">securities&#160;was
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:4312.79px;white-space:nowrap">$3,233,131,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:5313.69px;white-space:nowrap">representing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:6364.34px;white-space:nowrap">1.2%&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:7024.75px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:7324.98px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:7909.63px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:8209.86px;white-space:nowrap">assets. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:8826.86px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7511.49px;left:9187.03px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:0px;white-space:nowrap">discontinues </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:1050.64px;white-space:nowrap">accruing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:1781.02px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:2411.28px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:2661.5px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:3471.77px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:3731.84px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:4242.04px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:4872.3px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:5212.53px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:5662.97px;white-space:nowrap">deemed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:6363.46px;white-space:nowrap">uncollectible
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:7404.08px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:7754.41px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:8484.79px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:8735.01px;white-space:nowrap">estimate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7761.49px;left:9465.29px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:0px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:560.21px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:810.44px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:1450.72px;white-space:nowrap">receivable.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:2367.95px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:2728.13px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:3538.39px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:3978.72px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:4429.16px;text-rendering:optimizeLegibility;white-space:nowrap">identified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:5199.7px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:5389.8px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:5690.04px;white-space:nowrap">accompanying&#160;Schedule
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:7701.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8011.49px;left:7901.46px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8594.56px;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:8594.56px;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:8594.56px;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:8594.56px;left:1743.05px;letter-spacing:-3.64px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:210.15px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:620.24px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:920.48px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:1420.93px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:2431.32px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:2621.43px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:3441.8px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:4222.09px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:4532.26px;text-rendering:optimizeLegibility;white-space:nowrap">reflected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:5272.65px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:5462.75px;white-space:nowrap">the&#160;Statement&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:6823.65px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:7413.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:7764.17px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:8554.57px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8962.29px;left:8794.69px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:0px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:542.5px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:871.48px;white-space:nowrap">carryforwards
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:1885px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:2151.88px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:2703.28px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1239.42px;left:2881.17px;white-space:nowrap">expiration:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1499.91px;left:144px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1499.91px;left:570.88px;white-space:nowrap">term</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1499.91px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1499.91px;left:9279.22px;white-space:nowrap">$8,312,755</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1760.39px;left:144px;white-space:nowrap">Long </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1760.39px;left:544.39px;white-space:nowrap">term</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1760.39px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1760.39px;left:9190.23px;white-space:nowrap">$16,017,531</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2020.87px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2020.87px;left:670.42px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2020.87px;left:1177.38px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2020.87px;left:1506.36px;white-space:nowrap">carryforwards</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2020.87px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2020.87px;left:9190.23px;white-space:nowrap">$24,330,286</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.36px;left:0px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.36px;left:373.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.36px;left:551.33px;white-space:nowrap">investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.36px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.36px;left:9101.25px;white-space:nowrap">$399,297,179</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3525.3px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3525.3px;left:809.3px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3525.3px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3525.3px;left:9279.22px;white-space:nowrap">$6,904,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3785.78px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3785.78px;left:809.3px;white-space:nowrap">depreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3785.78px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3785.78px;left:9172.66px;white-space:nowrap">(21,462,420)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4046.27px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4046.27px;left:293.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4046.27px;left:1076.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4046.27px;left:1992.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4046.27px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4046.27px;left:9083.67px;white-space:nowrap">$(14,558,048)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9471.39px;left:3508.93px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9471.39px;left:3989.16px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9471.39px;left:7456.55px;white-space:nowrap">Liability
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9471.39px;left:8105.54px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9731.88px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9731.88px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9731.88px;left:2304px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9731.88px;left:3121.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:2304px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:2873.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:3202.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;left:2304px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;left:5292.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;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:9731.88px;left:6408px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9731.88px;left:7225.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:6408px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:6977.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9923.88px;left:7306.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;left:6408px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;left:9324.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10115.88px;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:10431.64px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10431.64px;left:631.17px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10431.64px;left:1369.06px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10431.64px;left:2151.33px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10431.64px;left:2755.94px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10692.13px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10692.13px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10692.13px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10692.13px;left:1588.02px;letter-spacing:50.83px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:3724px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11144.61px;left:2448px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:5417.76px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:5506.75px;white-space:nowrap">12,315</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10955.82px;left:5996.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:7756px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11144.61px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:9831.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10952.61px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11453.61px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11453.61px;left:373.65px;letter-spacing:49.62px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11453.61px;left:5443.64px;white-space:nowrap">$12,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11453.61px;left:9805.02px;white-space:nowrap">$&#8212;</div></div>
</div> </div></div>

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

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

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;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">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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

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

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:620.24px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:1170.62px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:1711.23px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:2121.33px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:2421.56px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:2922.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:3222.25px;text-rendering:optimizeLegibility;white-space:nowrap">effect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:3708.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:3908.76px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:4729.13px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:5509.42px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:5699.53px;white-space:nowrap">the&#160;Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:6870.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:7070.36px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:8000.86px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:8370.97px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1035.44px;left:8611.08px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:620.24px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:1170.62px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:1711.23px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:2121.33px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:2421.56px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:2922.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:3222.25px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:3922.73px;white-space:nowrap">month </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:4473.02px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:4823.35px;white-space:nowrap">notional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:5503.89px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:6154.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:6354.4px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:6954.7px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:7734.99px;white-space:nowrap">represented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4425.82px;left:8745.64px;white-space:nowrap">$3,190,451.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4855.82px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4855.82px;left:370.28px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4855.82px;left:800.51px;white-space:nowrap">1(c)&#160;regarding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4855.82px;left:1971.04px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4855.82px;left:2791.41px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4855.82px;left:3501.83px;white-space:nowrap">instruments.&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5285.82px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5285.82px;left:360.35px;white-space:nowrap">Abbreviations
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5285.82px;left:1501px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5285.82px;left:1751.22px;white-space:nowrap">page </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5285.82px;left:2201.66px;white-space:nowrap">34.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5868.89px;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:5868.89px;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:5868.89px;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:5868.89px;left:1274.08px;letter-spacing:-3.67px;white-space:nowrap">Measurements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;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:6236.62px;left:1870.84px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:2351.16px;white-space:nowrap">hierarchy
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:3491.72px;white-space:nowrap">distinguishes
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:5312.9px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:5913.02px;white-space:nowrap">data </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:6313.36px;white-space:nowrap">obtained
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:7054.01px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:7464.02px;white-space:nowrap">independent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6236.62px;left:8505px;white-space:nowrap">sources </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:0px;white-space:nowrap">(observable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:990.53px;white-space:nowrap">inputs) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:1580.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;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:6486.62px;left:2816.02px;white-space:nowrap">own </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:3196.23px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:3796.35px;white-space:nowrap">assumptions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:4856.84px;white-space:nowrap">(unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:6047.58px;white-space:nowrap">inputs).
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:7234.89px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:7765.22px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:8075.39px;white-space:nowrap">used </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:8705.83px;white-space:nowrap">determining
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6486.62px;left:9696.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:0px;white-space:nowrap">value </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:2275.75px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:3256.08px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:3606.42px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:3916.58px;white-space:nowrap">summarized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:4946.84px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:5136.94px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:5437.18px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:6187.59px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:6487.65px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6736.62px;left:6967.97px;white-space:nowrap">hierarchy:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:1085.12px;white-space:nowrap">1 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:1235.24px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:1385.36px;white-space:nowrap">quoted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:1985.91px;white-space:nowrap">prices </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:2706.18px;white-space:nowrap">active </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:3226.4px;white-space:nowrap">markets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:3916.52px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:4176.59px;white-space:nowrap">identical
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:4887.01px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7166.62px;left:5597.43px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:1085.12px;white-space:nowrap">2 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:1235.24px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:1385.36px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:1845.64px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:2696.07px;white-space:nowrap">observable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:3626.66px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:4156.99px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:4977.45px;white-space:nowrap">quoted </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:6108.16px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:6368.23px;white-space:nowrap">similar </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:6938.2px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:7648.62px;white-space:nowrap">instruments,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:8678.96px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7596.62px;left:9319.24px;white-space:nowrap">rates, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7846.62px;left:604.8px;white-space:nowrap">prepayment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7846.62px;left:1605.35px;white-space:nowrap">speed, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7846.62px;left:2195.8px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7846.62px;left:2685.96px;white-space:nowrap">risk, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7846.62px;left:3065.91px;white-space:nowrap">etc.)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:1085.12px;white-space:nowrap">3 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:1235.24px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:1385.36px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:2235.79px;white-space:nowrap">unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:3366.59px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:3896.92px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:4717.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:5017.61px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:5602.26px;white-space:nowrap">own </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276.62px;left:5982.48px;white-space:nowrap">assumptions
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8526.62px;left:1315.22px;white-space:nowrap">instruments)</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:1310.71px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:1620.88px;white-space:nowrap">not </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:2871.47px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:3121.7px;white-space:nowrap">indication
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:4972.59px;white-space:nowrap">liquidity
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:6903.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:7613.96px;white-space:nowrap">instruments
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8956.62px;left:8794.42px;white-space:nowrap">that </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:160.14px;white-space:nowrap">summary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:950.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:1150.31px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:1680.64px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:2120.98px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:2361.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:2551.29px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:2961.39px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:3261.62px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:3762.07px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:3952.18px;white-space:nowrap">valuing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:4572.6px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;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:9386.62px;left:6627.92px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:6828.05px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:7128.11px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:7658.44px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:7838.44px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9386.62px;left:8078.55px;white-space:nowrap">follows:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:388.17px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:42.54px;white-space:nowrap">This
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:326.92px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;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:383.95px;left:1260.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:1479.42px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:2143.09px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:2894.42px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:3733.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:3879.02px;white-space:nowrap">futures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:4316.68px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:4885.59px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;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:383.95px;left:5585.82px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:5724.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:5943.32px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:6526.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:6672.85px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:7453.32px;white-space:nowrap">Only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:7759.65px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:7978.56px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:8510.98px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:383.95px;left:8948.48px;white-space:nowrap">receivable/payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:145.94px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:547.11px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:802.5px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:933.75px;white-space:nowrap">separately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:1575.63px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:2100.78px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:2472.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:2691.56px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:3326.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:3464.92px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:3895.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:4150.63px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:4763.28px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:5076.72px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:5609.14px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:6046.64px;white-space:nowrap">movements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:6761.33px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:7082.11px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:7636.41px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:7782.34px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:8096.02px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:8424.38px;white-space:nowrap">receipt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:8854.69px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:575.95px;left:9007.81px;white-space:nowrap">payment.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1884.86px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1884.86px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:2592px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:3409.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:2592px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:3481.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1884.86px;left:5240.59px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1884.86px;left:5542.86px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:5054.19px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:5454.27px;white-space:nowrap">(Loss)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:5978.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:5409.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:5694.11px;white-space:nowrap">Period</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:6480px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:7297.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:6480px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:7369.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1500.86px;left:9004.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1500.86px;left:9306.64px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1500.86px;left:9937.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1692.86px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1884.86px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2076.86px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:9039.92px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:9297.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2268.86px;left:9582.11px;white-space:nowrap">Period</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2591.91px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2591.91px;left:631.17px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2591.91px;left:1369.06px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2591.91px;left:2151.33px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2591.91px;left:2755.94px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:2592px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:2885.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:3490.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:3837.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:4272.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:6480px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:6773.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:7342.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.39px;left:7511.8px;white-space:nowrap">unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3012.39px;left:6480px;white-space:nowrap">&#160;&#160;appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3012.39px;left:7485.08px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3012.39px;left:8507.81px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3418.33px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3418.33px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3418.33px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3418.33px;left:1588.02px;letter-spacing:51.05px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:2592px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:3178.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:5613.64px;white-space:nowrap">132,689</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:6480px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:7058.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:7378.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3678.81px;left:9484.06px;white-space:nowrap">(98,568)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3939.3px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3939.3px;left:373.65px;letter-spacing:49.87px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3939.3px;left:5524.66px;white-space:nowrap">$132,689</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3939.3px;left:9395.08px;white-space:nowrap">$(98,568)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;left:4785.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;left:5239.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;left:6369.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;left:6823.02px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;left:7953.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9863.72px;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:10223.17px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10223.17px;left:631.17px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10223.17px;left:1369.06px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10223.17px;left:2151.33px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10223.17px;left:2755.94px;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:10463.33px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10659.82px;left:144px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10659.82px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10659.82px;left:1220.02px;white-space:nowrap">Securities:</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10663.03px;left:1966.97px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:288px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:1008.31px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:5079.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:5933.25px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:6022.23px;white-space:nowrap">374,256,803</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:9101.25px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10856.3px;left:9190.23px;white-space:nowrap">374,256,803</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;left:288px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;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:11052.79px;left:1111.98px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;left:4527.22px;white-space:nowrap">10,089,309</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;left:6333.64px;white-space:nowrap">393,019</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11052.79px;left:9279.22px;white-space:nowrap">10,482,328</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:958.42px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:1865.45px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:2034.44px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:4438.23px;white-space:nowrap">$10,089,309</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:5933.25px;white-space:nowrap">$374,649,822</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11249.27px;left:9101.25px;white-space:nowrap">$384,739,131</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:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

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

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

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:6428.83px;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:6987px;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:7239.48px;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:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
</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>

<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:5369.08px;white-space:nowrap">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
</div>

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

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

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2736.88px;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:2736.88px;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:2736.88px;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:3104.61px;left:0px;white-space:nowrap">The&#160;Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;left:820.46px;white-space:nowrap">has&#160;adopted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;left:1861.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;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:3104.61px;left:2661.86px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;left:3602.46px;white-space:nowrap">Standards
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;left:4473.02px;white-space:nowrap">Update </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;left:5103.46px;white-space:nowrap">(ASU) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3104.61px;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:3104.61px;left:6404.06px;white-space:nowrap">Segment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3104.61px;left:7174.51px;white-space:nowrap">Reporting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3104.61px;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:3104.61px;left:8538.57px;white-space:nowrap">280)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3104.61px;left:8948.85px;white-space:nowrap">-
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3354.61px;left:0px;white-space:nowrap">Improvements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3354.61px;left:1190.39px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3354.61px;left:1390.52px;white-space:nowrap">Reportable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3354.61px;left:2321.1px;white-space:nowrap">Segment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3354.61px;left:3091.55px;white-space:nowrap">Disclosures.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:4118.55px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:4478.73px;white-space:nowrap">update </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:5079.29px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:5259.29px;white-space:nowrap">limited </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:5829.43px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:6029.56px;white-space:nowrap">disclosure
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:6889.92px;white-space:nowrap">requirements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:7990.4px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:8340.73px;white-space:nowrap">does </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:8781.06px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:9081.3px;white-space:nowrap">impact </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3354.61px;left:9661.46px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6797.68px;left:0px;letter-spacing:-1.2px;white-space:nowrap">12.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6797.68px;left:317.59px;letter-spacing:-3.64px;white-space:nowrap">Subsequent
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6797.68px;left:1473.69px;letter-spacing:-3.33px;white-space:nowrap">Events</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:0px;white-space:nowrap">The&#160;Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:820.46px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:1160.68px;white-space:nowrap">evaluated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:1991.34px;white-space:nowrap">subsequent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:2972.11px;white-space:nowrap">events </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:3552.45px;white-space:nowrap">through </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:4212.95px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:4513.18px;white-space:nowrap">issuance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:5273.61px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:5473.74px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:5773.97px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:6484.39px;white-space:nowrap">statements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:7414.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:7765.14px;white-space:nowrap">determined
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:8715.67px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:9065.92px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.41px;left:9316.14px;white-space:nowrap">events </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.41px;left:0px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.41px;left:440.33px;white-space:nowrap">occurred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.41px;left:1190.65px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.41px;left:1540.9px;white-space:nowrap">require </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.41px;left:2151.21px;white-space:nowrap">disclosure.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;left:4785.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;left:5239.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;left:6369.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;left:6823.02px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;left:7953.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:430.06px;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:789.5px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:789.5px;left:631.17px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:789.5px;left:1369.06px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:789.5px;left:2151.33px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:789.5px;left:2755.94px;letter-spacing:-1.26px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:789.5px;left:3191.56px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1029.67px;left:0px;white-space:nowrap">Assets:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1029.67px;left:622.5px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1269.84px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1269.84px;left:588.61px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1269.84px;left:1273.38px;white-space:nowrap">Instruments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:874.88px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:4749.64px;white-space:nowrap">$12,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:6663.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1466.32px;left:9501.64px;white-space:nowrap">$12,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:958.42px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:1403.03px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:2087.8px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:4749.64px;white-space:nowrap">$12,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:6663.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1662.8px;left:9501.64px;white-space:nowrap">$12,315</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:2212.54px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:42.54px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:275.82px;white-space:nowrap">detailed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:771.92px;white-space:nowrap">categories,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:1450.27px;white-space:nowrap">see
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:1698.32px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:1917.23px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:2799.81px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;left:3383.4px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2208.32px;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:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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:9.16px;white-space:nowrap">Statements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2678.75px;letter-spacing:10.91px;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>

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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">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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
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<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

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

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-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">GO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:1116px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1435.92px;left:1729.67px;white-space:nowrap">Obligation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1696.4px;left:0px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:1116px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:1729.67px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1696.4px;left:2112.09px;white-space:nowrap">Note</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">MANAGED
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">INCOME
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">TRUST</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">35</div></div>
</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">Important
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1329.26px;white-space:nowrap">Information
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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, 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:408.64px;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:908.64px;left:1950.91px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2251.14px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1926.91px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2727.6px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:860.45px;white-space:nowrap">Management
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2261.07px;white-space:nowrap">generally
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3041.54px;white-space:nowrap">distribute
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3821.92px;white-space:nowrap">amounts </div>

<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:2158.64px;left:2517.89px;white-space:nowrap">plan </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3558.78px;white-space:nowrap">requirements
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">prescribed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:890.42px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1130.54px;white-space:nowrap">excise </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1690.75px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1980.88px;white-space:nowrap">rules </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2421.04px;white-space:nowrap">and </div>

<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:0px;white-space:nowrap">Internal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:650.39px;white-space:nowrap">Revenue </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1420.93px;white-space:nowrap">Code. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1948.01px;white-space:nowrap">The </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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3391.79px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3832.12px;white-space:nowrap">month </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2021.22px;white-space:nowrap">discount
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6991px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7191.12px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7651.41px;white-space:nowrap">distributions.</div></div>
</div> </div></div>

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

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

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:432px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1470.08px;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:2326.48px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2969.47px;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">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1001.25px;white-space:nowrap">Meeting
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2133.63px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2461.99px;white-space:nowrap">Shareholders:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4365.88px;white-space:nowrap">April
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5038.42px;white-space:nowrap">25,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5530.96px;white-space:nowrap">2025
</div>

<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>
</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">36</div></div>
</div>

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

<div style="height: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">Semiannual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:729.38px;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 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12312px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:350.24px;white-space:nowrap">Annual </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:960.73px;white-space:nowrap">Meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1651.11px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1851.24px;white-space:nowrap">Shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2971.93px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3172.06px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3842.4px;white-space:nowrap">Managed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4643px;white-space:nowrap">Municipal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5453.35px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6090.38px;letter-spacing:-1.11px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6543.72px;white-space:nowrap">(the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6903.9px;white-space:nowrap">&#8220;Fund&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7544px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7914.11px;white-space:nowrap">held </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8304.43px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8504.56px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8804.79px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9391.82px;text-rendering:optimizeLegibility;white-space:nowrap">offices,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">100 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:350.33px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1010.65px;white-space:nowrap">Street, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1590.91px;white-space:nowrap">Boston, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2251.32px;white-space:nowrap">MA, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2621.34px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2861.63px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3271.73px;white-space:nowrap">25, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3571.96px;white-space:nowrap">2025. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4069.16px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4429.34px;white-space:nowrap">purpose </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5129.82px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5630.19px;white-space:nowrap">meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6320.57px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6690.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6890.8px;white-space:nowrap">elect </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7317.77px;letter-spacing:-0.74px;white-space:nowrap">Trustees
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2467.26px;left:5226.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:5173.05px;white-space:nowrap">Present
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:6166.02px;letter-spacing:-0.18px;white-space:nowrap">Withheld</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2275.26px;left:7582.27px;white-space:nowrap">%
</div>

<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:6977.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:7386.33px;white-space:nowrap">Shares</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:8466.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2659.26px;left:8413.05px;white-space:nowrap">Present
</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:2862.14px;left:3422.03px;white-space:nowrap">54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3054.14px;left:2799.22px;white-space:nowrap">32,009,688</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3246.14px;left:2799.22px;white-space:nowrap">31,675,012</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3438.14px;left:2799.22px;white-space:nowrap">32,030,651</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3630.14px;left:2799.22px;white-space:nowrap">31,459,446</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.14px;left:3422.03px;white-space:nowrap">54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4014.14px;left:2799.22px;white-space:nowrap">32,022,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.14px;left:2799.22px;white-space:nowrap">32,009,951</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:4226.33px;white-space:nowrap">3.25%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:4137.34px;white-space:nowrap">95.55%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:4137.34px;white-space:nowrap">94.55%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:4137.34px;white-space:nowrap">95.62%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:4137.34px;white-space:nowrap">93.91%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:4226.33px;white-space:nowrap">3.25%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:4137.34px;white-space:nowrap">95.59%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:4137.34px;white-space:nowrap">95.55%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:5306.33px;white-space:nowrap">3.09%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:5217.34px;white-space:nowrap">73.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:5217.34px;white-space:nowrap">72.81%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:5217.34px;white-space:nowrap">73.63%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:5217.34px;white-space:nowrap">72.31%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:5306.33px;white-space:nowrap">3.09%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:5217.34px;white-space:nowrap">73.61%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:5217.34px;white-space:nowrap">73.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:6439.61px;white-space:nowrap">1,607</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:6128.2px;white-space:nowrap">1,489,783</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:6128.2px;white-space:nowrap">1,824,459</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:6128.2px;white-space:nowrap">1,468,820</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:6128.2px;white-space:nowrap">2,040,025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:6439.61px;white-space:nowrap">1,607</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:6128.2px;white-space:nowrap">1,477,080</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:6128.2px;white-space:nowrap">1,489,520</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:7377.34px;white-space:nowrap">96.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:7466.33px;white-space:nowrap">4.45%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:7466.33px;white-space:nowrap">5.45%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:7466.33px;white-space:nowrap">4.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:7466.33px;white-space:nowrap">6.09%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:7377.34px;white-space:nowrap">96.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:7466.33px;white-space:nowrap">4.41%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:7466.33px;white-space:nowrap">4.45%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2864.54px;left:8457.34px;white-space:nowrap">91.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.54px;left:8546.33px;white-space:nowrap">3.42%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.54px;left:8546.33px;white-space:nowrap">4.19%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3440.54px;left:8546.33px;white-space:nowrap">3.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3632.54px;left:8546.33px;white-space:nowrap">4.69%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3824.54px;left:8457.34px;white-space:nowrap">91.99%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4016.54px;left:8546.33px;white-space:nowrap">3.40%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4208.54px;left:8546.33px;white-space:nowrap">3.42%</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:3737.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6161.43px;left:4146.33px;white-space:nowrap">Shares</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:5226.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6161.43px;left:5173.05px;white-space:nowrap">Present
</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">31,279,320</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:2888.2px;white-space:nowrap">1,634,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:3021.64px;white-space:nowrap">587,217</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6364.31px;left:4137.34px;white-space:nowrap">93.37%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:4226.33px;white-space:nowrap">4.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:4226.33px;white-space:nowrap">1.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6364.31px;left:5217.34px;white-space:nowrap">71.90%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6556.31px;left:5306.33px;white-space:nowrap">3.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6748.31px;left:5306.33px;white-space:nowrap">1.35%</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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">Managed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">37</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">

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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">Dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3117.66px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3692.29px;white-space:nowrap">Cash
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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:2791.14px;white-space:nowrap">(each, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5969.53px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6599.79px;white-space:nowrap">dividends
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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>

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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
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1410.64px;white-space:nowrap">reinvested
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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: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:820.28px;letter-spacing:-4.64px;white-space:nowrap">P.O.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:1207.18px;white-space:nowrap">Box </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4268.64px;left:1567.35px;white-space:nowrap">8383, </div>

<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>

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<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>

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

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(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:-21.41px;left:674.31px;letter-spacing:10.5px;white-space:nowrap">Managed
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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">Semiannual
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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="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:6627.61px;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:7301.92px;letter-spacing:10.5px;white-space:nowrap">MANAGED
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8097.69px;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:8954.09px;letter-spacing:10.29px;white-space:nowrap">INCOME
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">TRUST</div></div>
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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Important </div>

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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:1373px;white-space:nowrap">program</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1914.48px;left:0px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1914.48px;left:930.5px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1914.48px;left:1230.73px;white-space:nowrap">2024. </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2490.75px;left:0px;white-space:nowrap">Important </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3186.08px;left:200.13px;white-space:nowrap">accordance
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3186.08px;left:2741.48px;white-space:nowrap">Exchange
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3186.08px;left:3592.09px;white-space:nowrap">Commission
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3436.08px;left:0px;white-space:nowrap">(SEC) </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3436.08px;left:1520.6px;white-space:nowrap">Putnam </div>

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</div>

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)"></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:8630.28px;left:3482.14px;white-space:nowrap">investments
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8630.28px;left:8274.55px;white-space:nowrap">Like </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8630.28px;left:8654.77px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8630.28px;left:8994.99px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8630.28px;left:9915.38px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:0px;white-space:nowrap">securities, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:860.27px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:1160.51px;white-space:nowrap">value </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:1840.96px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:2141.19px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:2728.21px;white-space:nowrap">portfolio
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:5089.48px;white-space:nowrap">risk </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:6399.67px;white-space:nowrap">market, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:7049.79px;letter-spacing:-1.34px;white-space:nowrap">currency,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:7826.66px;white-space:nowrap">economic,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:8697.04px;white-space:nowrap">political
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.28px;left:9347.34px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9070.28px;left:0px;white-space:nowrap">factors. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9070.28px;left:636.94px;white-space:nowrap">The </div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9070.28px;left:7080.12px;letter-spacing:-1.1px;white-space:nowrap">manager.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9070.28px;left:7877.37px;white-space:nowrap">Therefore,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9070.28px;left:8757.77px;white-space:nowrap">investors
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9290.28px;left:0px;white-space:nowrap">cannot </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9290.28px;left:3421.85px;white-space:nowrap">shares </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:1510.93px;white-space:nowrap">provide </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:2491.52px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:2861.63px;white-space:nowrap">quality </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:3431.95px;white-space:nowrap">service,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:4102.12px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:4332.22px;white-space:nowrap">calls </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:4742.31px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:4942.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:5292.77px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:5702.78px;white-space:nowrap">our </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:6012.95px;white-space:nowrap">service </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:6633.11px;white-space:nowrap">areas </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:7133.38px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:7443.54px;white-space:nowrap">monitored
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9690.28px;left:8293.97px;white-space:nowrap">and/or </div>

<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">Semiannual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10416.46px;left:4152.5px;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">Managed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:4579.06px;white-space:nowrap">Municipal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:5361.33px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10619.35px;left:5965.94px;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; text-align: justify">
    <td style="width: 50pt; text-align: left">ITEM 2.&#9;&#9;</td>
    <td style="text-align: justify">CODE OF ETHICS.</td> </tr>
  </table>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></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">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; text-align: justify">
    <td style="width: 50pt; text-align: left">ITEM 3.&#9;&#9;</td>
    <td style="text-align: justify">AUDIT COMMITTEE FINANCIAL EXPERT.</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">&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 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">Not applicable.</P>

<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" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top; text-align: justify">
    <td style="width: 50pt; text-align: left">ITEM 5.&#9;&#9;</td>
    <td style="text-align: justify">AUDIT COMMITTEE OF LISTED REGISTRANTS.</td> </tr>
  </table>

<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">Not applicable.</P>

<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" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top; text-align: justify">
    <td style="width: 50pt; text-align: left">ITEM 6.</td>
    <td style="text-align: justify">SCHEDULE OF INVESTMENTS.</td> </tr>
  </table>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&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; margin-bottom: 0pt; width: 100%">
  <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 36pt; text-indent: 36pt">&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: 0pt 0pt 0pt 50pt; text-indent: 0pt">&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 36pt; text-indent: 36pt">&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 36pt; text-indent: 36pt">&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>

<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 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">&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 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: 0pt 0pt 0pt 50pt; text-indent: 0pt">Not applicable.</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" 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 14.</TD>
    <TD>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 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; border-bottom: Black 1pt solid; padding: 4pt; 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</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plans or</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Program*</FONT></P></TD>
    <TD STYLE="text-align: left; padding: 4pt; border-right: Black 1pt solid; 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">Maximum</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Number (or Approximate Dollar Value)
        of Shares that May Yet Be</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Purchased</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Under the Plans</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">or 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">244,781</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">6.27</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">244,781</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">4,114,263</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">398,504</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">6.20</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">398,504</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">3,715,759</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">475,394</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">6.16</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">475,394</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">3,240,365</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">177,748</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">6.27</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">177,748</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">3,062,617</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">184,829</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">6.19</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">184,829</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">2,877,788</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">196,242</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">5.84</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">196,242</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">2,681,546</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">1,677,498</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">1,677,498</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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; 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 4,715,013 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 4,478,188 of its shares.</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: 0pt 0pt 0pt 50pt; 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.</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 72pt; text-indent: 0pt">&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 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; text-indent: -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; text-indent: -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 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 principal 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 0 0 90pt">&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>

<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; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">ITEM 17.</TD>
    <TD>DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR>
  </TABLE>

<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">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="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">&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 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) (1) Not applicable.</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;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt"><A HREF="pmmit-efp16103_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 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="pmmit-efp16103_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="pmmit-efp16103_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">&nbsp;&nbsp;SIGNATURES</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 16pt; margin: 0pt">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned,
there unto duly authorized.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Managed Municipal Income Trust</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
        Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 16pt">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
        Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
        Christopher Berarducci</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Berarducci</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 26, 2025</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>pmmit-efp16103_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 Managed Municipal Income Trust</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 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 STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Date: June 26, 2025&#9;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
    Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;<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" 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: 22.5pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Managed Municipal Income Trust</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 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" 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: 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" 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: 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>

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<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">b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22.5pt">&nbsp;</TD>
  <TD STYLE="width: 18pt">c)</TD>
  <TD STYLE="text-align: left">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: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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" 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: 21.6pt">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>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22.5pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; 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>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22.5pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; 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: -14.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Date: June 26, 2025&#9;&#9;</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher
    Berarducci</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Berarducci</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>pmmit-efp16103_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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 906</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.906CERT</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jane Trust,</B> Principal Executive Officer and <B>Christopher Berarducci,</B>
Principal Accounting Officer, of <B>Putnam Managed Municipal Income 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">&nbsp;</P>

<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>
    <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 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 Managed Municipal Income 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 Managed Municipal Income 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: rgb(51,51,51) 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 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">&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="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;</P>

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<DOCUMENT>
<TYPE>EX-99.19C
<SEQUENCE>4
<FILENAME>pmmit-efp16103_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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<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>

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)"></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>

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)"></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: 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<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>

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<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: 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<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>

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<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: 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<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>

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<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: 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<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>

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<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: 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<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>

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<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: 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<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>

</div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
